Original loan $20,501& Keep your eye on this, By the time I'm done $111,000
First and foremost let me assure you I know I went to default on my loan, No question. My fault yes. And this should be fair warning. If you are close to having your loans purchased by HESC... Do Not. I repeat, Do Not send money to your lender (in my case Salliemae) thinking it will help you. It will not. It will harm you in more ways than you can imagine. Just let your loan get purchased by HESC and live with it. The Default will eventually clear, and it will cost you in collection fees, but the damage you can do by sending that money is unbelievable. If there isn't' a law there should be one! Just like in Foreclosure. Once the process starts the lender cant take any money.in the case of a loan going into default they can take it to the day the loan is purchased. Ok... You say that is the Law. I don't know. But here is my Story, I sent a letter to HESC to get my $3000 plus dollars returned to me. Where Does Sallie Mae come In well here's the letter in full just as I sent it to HESC. You tell me! The Lies, the hurtful lies, Who is accountable for the representative statements? If all of this is a lapse of paperwork then it is my very reason for believing no money should be taken once the process starts.
Please try to live through the first paragraphs. It gets to the point a very sharp point at that.
I have several concerns regarding Salliemae's handling of my account and the subsequent default and purchase of my loan. I acknowledge my lack of consistent payment history on the loan that was purchased, However I did make an attempt to bring my account current and stop the default on my loan.in fact on 12/28/09 I entered verbal agreement with sallie Mae that was to keep my loan in their possession
At this time the default was processed and I have entered repayment agreement w / HESC I am asking that the monies I sent in interim of the default process be refunded to me. To my knowledge the anticipated amounts you are to receive are $3000.00 and $325.00 in two separate refunds.
On or about 11/4/09 I contacted sallie mae to ask how I might bring the account current I was told I would have to send an amount of roughly 1500 before they could work out a new payment plan. At that Time I told the representative I did not have that amount of money, but that I would plan to send a large payment in December also making reference to the fact that i have done this in past years when my loan has fallen behind. I scheduled a payment of 325.00 to be taken from my account. This was 11/6/09.
As I had intended I took a loan from my retirement on 12/8/09 (I was not eligible before that date) As soon as the check was available to me I sent payment to sallie Mae in the amount of $3000. That was drawn from my account on 12/15/09. I had a plan, I used the money to free up some small credit card debts, pay for Christmas anticipated stopping the default and saw the light at the end of the tunnel so to speak.
On 12/28/09 I contacted salliemae to continue effort to clear the default on my loan. I referred to the $3000.00 payment that was recently made and mentioned intention to send another 400.00 on 12/30/ I remarked I would make the payment online so the rep could see my payment and I offered to enroll in automatic debt I asked if this would keep my account w / Sallie mae. It was agreed that a balance of 1598.00 would go to the back of the loan and that my account would stay with Sallie Mae. My call was disconnected and I immediately called back to verify that I was accepting the offer. That I had scheduled the payment and would enroll in auto bill pay I was told it would have to reach them in 48hrs. When I got off the phone I attempted to enroll, but could not because my account was not current and was shaoing my payment of 400.00 (my payments should go back to 308.00 I called again and the representative told me to wait until the 400.00 was withdrawn from my account on the 30th and then I could get into the bill pay at my regular amounts and my account would be current under the new agreement.
Boring so far? Here is the real begining of the nightmare
When I went into my account on the 3000th all that showed was 00.00 and no applicable due date. I suspected the worst and in a call placed to sallie mae was informed they received your (HESC) payment on that date. I argued that I had made agreement to bring my loan current and subsequently argued that if I had know I would end in default, I would not have sent the 3000.00 and 400.00 payments, the rep just apologized and said they had received your payment. (Breach of verbal contract?)
With no other apparent options I contacted HESC 1/5/10 to discuss the terms of my default. I questioned why the amount of 33,000 dollars when my account should have been reduced by 3000.00 and also made reference to the recent 400.00 payment. The rep did not have answer to that as far as he knew the amount he paid to Sallie Mae was what i owed. He reviewed the my account and could not see where I had made those payments. We discussed I had 14days to enter Payment agreement. I mentioned I would look further into my money and why it was not credited. I agreed I would call back to provide information needed to enter repayment. I also mentioned to him that I was surprised to find out my loan was purchased as I had been told the default would stop. I called on 1/6/10 and entered payment agreement based on the greater ampunt of 33,000.00 dollars I have met my agreement my first payment being received 1/14/10 ($355.00)
As if it wasnt bad enough.
NO Student loan interest Statement on all that money???
I was concerned about the money I had sent to Sallie Mae and sought to get a refund on the payments made. I contacted sallieMae and questioned why they would accept payments greater than the amounts owedI asked that the 3400.00 be refunded to me. Salliemae informed me they had 30days to refund the moneyto HESC (now I'm getting angry, They took my money and are making interest on $3400.00 while I lose interest on 3400.00) I informed them that I would incur interest on a greater amount that was actually owed (to HESC) and that my collection fees would be based on a greater amount, and revisited that my payment had been received by them prior to the actual default and shouild have been reflected against the default balance. I expressed that this was my money and because it had never reflected when payment was accepted from HESC, that the funds need to be returned to me. He Stated they had 30days to issue a refund and most likely they would not go to me.
At that point I start looking forward to my 1098E Student loan interest paid statement From Sallie mae. I anticipated receipt of this as it was needed for me to receive a tax refund this year, and would reduce my gross income. I checked online for a statement 1/9/10 and a message appeared indicating that although I may have made payments in I would not be eligible. (not eligible, anything over 600.00 is eligible).. I contacted Salliemae and they indicated I will not get a statement because they do not consider that my payment was made to them 2009. I contacted HESC and the rep there informed me that they would not send the statement either, that if a refund is sent to them it will reflect as an adjustment.
I continued to review my account w / Sallie Mae online, There was nothing ever noted to reflect refund amounts and nothing had been received by HESC.
On 1/15/10 I sent an Email to Sallie Mae in anger and expressed my concerns. I requested a complete payment history, I was confused by the various dates reflecting payment activity on my account and specifically with the improper dates noted as payments received for 3000.00 and 325.00 (this was also discussed in numerous phone calls placed before, I continuously told them they were noting wrong payment dates and duplicate payments) I noted it had been 30days since my payment had been sent to them. I asked that they adjust my dates and stop conveniently switching them to suit whatever needs they found. I informed them to be sure and send HESC the full amount of refund (I believed this was the only option I had) and I wanted interest to be accruing on the lesser amount as soon as possible. I expressed my concerns w / not receiving the 1098E I did not receive response to my e-mail I have not received a complete payment History as requested.
On 1/19/10 I again contacted Sallie mae and asked about my refund noting it had been greater than 30days. I referenced my E-Mail and all of my concerns and that I have not received a response. (to this date) I have not received a response.)
The rep informed me that they Had been incontact with HESC on 1/18/10and were awaiting approval for refunds of an undisclosed amount. I asked if they were being refunded to me and was told yes.
On this same dateI contacted HESC To ask about the refunds, She looked at my account and told me there was never any contact made by Sallie Mae and that I should not expect to get a refund, she said they generally send it to the guarantor. At a complete loss I discussed my immediate financial circumstance. That sallie Mae had misled me in the past. Breaking my agreement and now not sending my 1098E I expressed that the outcome has not been changed in any way by my payments that were sent, and that because I had already entered repayment I felt I was entitled to a refund, That I had taken money from my retirement, defered vehicle repairs and paying off my vehicle to send that money to Sallie mae and now was to face adverse effects on my income tax return not to mention the loss of interest and the use of 3000.00 to free up debt and allow me to meet other expenses (eating is fun) as well as those just mentioned. She was kind in understanding, but said she would be surprised if I got the refund.
Okay!!! The check is in the mail... Not! Who is accountable for the rep statements. Who is accountable for the lies... Who is accountable for the consistency? Who is accountable for the result of it all.
Poor customer service
On 1/20/10 I called sallie mae to question the status of the refunds and to let them know I had spoke w / HESC and that no arrangement or conversation took place on 1/19/10 I was insistant I find out exactly what happened to my money. On each occasion I have spent the greater of an hour being transfered put on hold and giving out security info to every person I get pushed off to I was informed that the refund was mailed to me. I questioned this and I was informed that a refund for 3000.00 was mailed to me on the 19th, I askeD "TO ME?" not HESC. I was told "Yes, to you." I questioned the 400.00 amount and at that time the rep informed me she would process the refund right there. (this was after speaking to her supervisor) I asked again about the 3000.00 and she said I could expect it in 7-15 days, and she reitterated the check was sent on 1/19/10.
With that understanding I scheduled an appointment to get my taxes done, I would be able to get my vehicle fixed get it inspected and pay off my car loan. My loss in income tax would not have as great an impact, I breathed again My money was coming to me.
I looked everyday for payment, I expected delivery in a few days, not 7-15, if the check was mailed on the 19th it would be here soon, the mail is pretty good these days.
When the check had not arrived on 1/25/10 I called to question and verify the information I had been given on the 20th. I asked in several ways to be I was understood, and that I also understood questioning The check is being mailed to me? (yes Maam), It has not been sent to higher ed? ("No Maam the check is being mailed to you") to my home? (yes Maam). It was clear, the check was mailed to me, at my home and should arrive soon. I questioned and the 400.00 as well? I was told yes Maam I was reassured once again I thanked her for her help, and the call ended.
On 1/29/10 I had not received any payments I called to verify once againthe disbursement and mailing. I record names at this point. * Stated to me that the check had been sent to the guarantor. I became very upset and stated I knew something was wrong. I repeated the past conversations regarding my refund and it being mailed to me. I reitterated all of my losses and the fact that Sallie mae had backed out on their agreement. I was angry and most of all depressed. * Ronnie transfered me to Claims who in turn transferred me to a supervisor*. I discussed this with her and she informed (actually interrupted me as I was upset and being told the money went to the guarantor) She interrupted nicely and Said "MaaM the checks are in fact being mailed to you and continued saying 3000.00 was sent on the 19th and 325.00 on the 25th (my payment from 11/6/09) She offered transaction numbers so I could check my bank, I did not get the numbers due to side track in my conversation. I wasn't even aware of the 325.00. I asked about the 400.00 as well and she said that was sent on the 20th. I asked "these were not being done by transfer?) due to previous reference to transaction numbers) SHE specifically stated NO these are checks, MAAM you will receive a "physical check in the Mail, Once again I feel reassured and even more so by reference to a "physical check"She also made reference to the fact that I had already entered repayment. I certainly believed her, it made sense to me, and how could she have known. She wasn't asking me, she was telling me.
Later on 1/29, I went into my bank account and noted that a 400.00 refund was deposited in my account on the 28th.
Here it comes, Bad New BEARER
On 2/2/10 I had not received any checks, It is now 14days since I was first told the checks were sent, and now I have 400.00 in my account. I have to ask why they didn't send the other money that way, and why wasn't it here? I contacted Sallie Mae and spoke w / *, I asked "At what point do I become concerned w / not receiving the payments/checks. He put me on hold to research my account and returned with the words " I hate to be the bearer of bad news maam, but you will not be receiving any checks" Those payments went to your guarantor. $3000.00 on the 19th and 325.00 on the 25th. You cannot immagine how I feel at this point, I flew through the entire history of my account and expressed my upset with the events as well asking "Why would I be told those payments were coming to me?" I did not receive a response from him and ended the call remarking "because that's just cruel"
BACK TO SQUARE 1 AND HOW $3000.00 Cost me the world.
Back to square 1, because I was told my 3725.00 was being refunded to me, I had my taxes done on 1/26/10. I could not expect a student loan interest statement and was more than happy to accept the refund VS an interest statement. All of my paperwork was complete so I did not hesitate to schedule my taxes to be done. I had to claim the money I took from my retirement (the money I used to pay the loan). And because I didn't have loan interest to claim I ended up having to pay in. I would have held off getting my taxes done and continued to seek the student loan interest statement if I had not been told I would be receiving the 3725.00 in my mailbox. The tax paperwork has not been E-Filed because I was holding for the refund to pay the fees ($250.00) and I can't afford to have the paper work redone even if I get the statement. Like I said I would have waited, Putting that money against my car repairs (estimated $1000.00), Thats after the 1000.00 I put in in January would have taken precedence over Taxes. I won't be able to get my vehicle fixed and have been pulled over twice for no inspection, I cant get inspected because I cant get repairs. I will be pulled over again because I have no other way to work. Certainly can't look for a new car (I'm in default) and don't want to, I want my vehicle fixed and paid for so I can be without payments and get out of debt. It will free up my money to help pay the HESC loan as well as the increased payments on my retirement. My Daughter is going to college in the Fall. I won't qualify for any Loans (default) and My income won't get me any breaks (increased income because of the retirement loan) I have been paying loan interest to HESC on a higher amount of money than is owed since 12/30/10. I won't get any loans to help with my immediate financial needs (default). I can't get a new retirement loan because I won't be elegible for another year. My repayment w / HESC is higher than it was w / Sallie mae and I increased my monthly retirement payment. Bottom line is I never should have sent that money to sallie Mae.
I contacted HESC on 2/2/10 and to date there is no refund transaction on my account. I again discussed the hardship i'm having at this tim and my concerns about the 3000.00 that has been in Lmbo for a month and a half. I was informed of my right to appeal and that I would be notified if my money and or when the refunds are found.
I contacted sallie Mae. Again, I'm almost Crazy with the transfers, disconnects endless holds and repetative security questions, I ask for the transaction numbers so thsat a search of my money can be done. I call back HESC to give my rep the numbers and am told they will not help to locate the transactions.
I really cant do this anymore. I have to ask what good would the transaction numbers have done on the 29th that they wouldn't do today? Perhaps Sallie Mae's way of getting me off the phone... We'll take your money and tell you anything We don't care about the impact We Don't care about you. Thank You for your business, Thank You for the $26,000.00 you have paid us over the years, Thank HESC for the 333,000 dollars we have received. Sorry we told yo we would clear your default and backed out. Sorry you sent us 3725.00 in payments that didn't help you and ultimately cost you. Sorry about your retirement, sorry about your car, sorry about your income tax, Sorry we told you the check was in the mail (3 times) Sorry if you have lost anything because of any information we gave you. Fact is we just don't care Have a nice day!
None of the above was actually said, but it was certainly felt.
MY REQUEST FOR HESC TO MAKE THIS RIGHT. Remember this entire letter went to HESC.
That is how things have gone so far. I am hoping that this information will assist in determining that my request for refund of 3325.00 is appropriate.
That is if Sallie Mae ever sent that amount to you. I made a Very honest and expensive attempt to have my loan reinstated with Sallie mae and they broke their verbal agreement when your payment arrived. I am currently in repayment w / HESC and it is based on an amount that does not reflect my $3325.00. At this time I think it is reasonable to leave things are and consider that all has been done and agreed upon as if I never made those payments.in other words, If I had not made those payments, I would be no worse off. I would be in default on the 33,000 dollars and I would have entered payment agreement just as I have done. I am happy to say my first payment was made 1/14/10. I hope you will find in reviewing my case that my intentions and attempts were have been sincere and that you can acknowledge that a refund to me is the most fair and reasonable solution to this matter. I hope you can imagine the amount of stress, sadness and financial hard ship I am experiencing.
So you see, If I had never sent 3000.00 to sallie mae, Mmy loan would be in default, but, I would have been able to use it to free up my debts, pay off my car loan get the repairs, do my taxes and not have them on hold (I'm so emabrrased H&R block is still waiting). I would actually have 320.00 extra per month to pay toward my 355.00 HESC payment.
I would be paying on 33,000 (355.00 month) and collection fees will get added. Since I sent the 3000.00, It did not stop my defaulted loan from being purchased. I still have my car payment, and the loan payment. My vehicle is not fixed, my taxes are not done. The amount I had to establish payment on was 33,000, (355.00) month payment and collection fees will get added. When HESC ever gets the 3000.00 they will take it off the amount I owe, but my payments won't change, and neither will anything else.
NOW please don't argue that I shouldn't have went into default and I won't argue that either, But the point is I'm in repaymment and will give them their payments as required. My point is life would be better if I had not sent that large payment to Salliemae, and if Salliemae hadn't taken more money from HESC than what was owed.
Keep your money in your pocket if you are close to your loan being purchased.
My problem may be with more than Salliemae, but I believe Breech of contract, and telling me "the check was in the mail" and holding monies is shady enough to warrant a consumer complaints. If not more.
I was also told by both Salliemae and HESC that making a verbal agreement with me and backing out was not breech of contract, guess when your a big lender you get to say what you want.
I borrowed 20,501.00,15 yrs later and with deferrments & forberances and yup missed payments, I have paid 26,000 so far. I still owe 33,000 at this time. When I'm finished in another 20 years at 355.00 a mo I will have paid $111,000... Ouch!
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