I recently found out that I had a student loan in default with judgment. I thought that this was taken care of in an earlier consolidation agreement and that my last payment was completed back in 2007 for a different loan.
It is 2010 and I applied for college. Low and behold there was a very old loan, that apparently for some reason was completely over looked by both the state and the IRS and as I had received my letter stating I was paid in full with no further contact for years, I thought that my loan days where behind me . Regardless, I now have a student loan in default.
I contacted ECMC and there sub contractor, Premier Credit to find out what could be done and how this might have happened. I was basically shut down and simply told that it was not there concern and to pay my bill. I completely dislike both companies immensely, however, they said I had no choice but to work with them… and as I wanted to go to College, I orally complied. I decided to make two good faith payments but did not sign there documents. It was only after reading about there reputations, in regards to both Companies and there practices, that I decided it might be better all together to consolidate my loan completely outside of either company and try to finish working with the William D. Ford Direct Loan Program without placing these two companies anywhere in my future program or re-payment.
Since then, I have been looking for a real Consolidation Company that has a real history, a real background and something tangible that is not going to cost me $500.00 in up front fees. I know consolidation companies have there fees and I don’t mind that but really need your help in finding an actual real Company.
Each of the Establishments I have researched has come up with no background, there BBB pages claiming the official stance and stating, that the most noted sites on the internet for handling such affairs are ” not an accredited member of the BBB ” – most of these sites I found are coming out of Florida and having no legitimate history… at all. Nothing short of there site and I cannot even confirm or find one legitimate actual real company, that I feel comfortable working with.
Does anyone have a good experience with a Defaulted Student Loan Consolidation Company ~that can write in and tell me about there experience and/ or a good company that I can trust with my finances?
Does anyone out there know of any way, I can get rid of ECMC ’s claims that if I want to be out of default that I specifically – ” HAVE TO SIGN WITH THEM “~ any ideas? I don’t mind paying back my loan but I just don’t want those Companies involved. If anyone has worked with ECMC before and has a good / bad response, please feel free to tell me.
I would love to hear all of your comments… thank you.
I too had a defaulted student loan from many years ago, and I ended up doing the loan rehabilitation to get it out of default, and then consolidated them with Direct Loans, which is Direct Loan Servicing from the Dept of Education. It was a very long process from the time I began the loan rehab till it was finally all done and consolidated (about a year), but it is all completed and it went without any issues.
There website is here:
https://www.dl.ed.gov/borrower/BorrowerWelcomePage.jsp