Very Illegal collection from Sallie Mae!

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Latest post 10-24-2012 5:09 PM by Student Debt. 11 replies.
  • 08-21-2012 1:52 PM

    • tlow78
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    Very Illegal collection from Sallie Mae!

    I am aware that many people have debt issues, probably over 80%, and I accept that I will never rid myself of student debt BUT Sallie Mae has just collected $15,000 from my 74yr old Father-in-law AND given him all of my info INCLUDING my total debt of $250,000 WHICH is over 60% interest accumulated since 2007! I don't know where to start but I am embarassed & humiliated, my privacy has been seriously violated & my elderly inlaws have lost a very large sum from their retirement funds. They also call them about 3x a day including weekends & send them our mail. Does anyone have a similar story or advice on the first step I should take? I would like to call them and threaten them but I feel that might be a mistake. Kindest Regards

  • 08-21-2012 5:08 PM In reply to

    Re: Very Illegal collection from Sallie Mae!

    Wait a minute.

    There's got to be more to this story.

    Exactly how did Sallie Mae collect $15,000 from your 74 year old father-in-law?

    And why would he even pay it if he wasn't contractually obligated to?

    Was he a cosigner on your loan?

    And why wouldn't you'r inlaws just ignore the phone calls or let the answering machine screen them and then delete them?

    Your first step here is to answer the questions so we know what happened and how it happened.

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  • 08-21-2012 5:41 PM In reply to

    Re: Very Illegal collection from Sallie Mae!

    tlow78:
    ...Sallie Mae has just collected $15,000 from my 74yr old Father-in-law AND given him all of my info INCLUDING my total debt of $250,000...

    If your father-in-law cosigned the loans at issue, then of course the lender may contact him to collect since as a co-obligor on the loan, he'd be just as liable for the debt as you are. And, if he's a co-obligor, he has the right to know how much he's on the hook to pay. If your father-in-law did not guarantee the loan, he was under no obligation to pay and should simply have refused to do so.

     

  • 08-21-2012 5:51 PM In reply to

    Re: Very Illegal collection from Sallie Mae!

    tlow78:
    my total debt of $250,000 WHICH is over 60% interest accumulated since 2007!

    Ok, so that would mean the principal portion of the loan in 2007 was $100,000. Assuming no payments were made on the loans over a 60 month (i.e. 5 year) period, the loan would reach $250,000 total if the interest rate was an annual rate of 18.47%, assuming monthly compounding. You ought to verify the interest rate that applies to your loans and get the account transcript to verify the lender's computation of the balance due. If the computation is not correct, you'll want to get that fixed.

  • 08-21-2012 6:55 PM In reply to

    • tlow78
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    Re: Very Illegal collection from Sallie Mae!

    Full story is that I went overseas to school. I brought my boyfriend of 7yrs with me and we were married there. My father in-law was an accountant, he is a do-gooder and thought he was helping his sons credit because my husband cosigned on my last term so that I could graduate. 75% of the loan is mine alone with no cosigners. Before we left the states we put my in-laws address and phone number down as our permanent residence since you are obligated to give that info. I have told Sallie dozens of times to change our info and remove them which they say they do. My in-laws are a very organized family with absolutely no debt. They have never been harassed by collections, they are removed from all telemarketing lists and spam. They will not stand for their home to be intrude upon and that's why he thought he could end the constant harassment with a settlement payment. We moved back from the big city to small town living due to my families health & so my big career dreams were squashed & we now make minimum wage and cannot afford the $2000+ per month. I tried to settle with them but even .33cents on the dollar up front are to much plus my credit was murdered so I wouldn't even be able to get a loan anyways. I hope this helps with understanding the scenario.

  • 08-21-2012 7:01 PM In reply to

    • tlow78
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    Re: Very Illegal collection from Sallie Mae!

    I believe we borrowed a little under $100,000 and I finished school a year early by overloading credits as to keep the costs down. I did 2 forbearance and then started making payments for about 2yrs. There were 13 loans spaced out over 2.5yrs so when they came out of forbearance and went into payment it kept adding to the monthly amount until I could no longer afford it and they would not except my minimum amounts any longer. I have lost all of my paperwork in the flood and do not log onto their site because any activity seems to trigger the harassing letters and phone calls.

  • 08-21-2012 7:08 PM In reply to

    • tlow78
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    Re: Very Illegal collection from Sallie Mae!

    Note that this is only the private loans. The federal ones are also out of control and they take our tax returns which I am fine with. The amount we borrowed was under $100,000 private AND federal. The private alone is $232,000+ and the federal is $60,000+ just so we're clear on how ridiculous things have gotten. The lawyers I tried to get help from years ago told me you can't get blood from a stone and let them circle the wagon... so I know there is no sympathy for debt, even the "good" kind.

  • 08-23-2012 8:31 AM In reply to

    Re: Very Illegal collection from Sallie Mae!

    But it sounds very likely nothing was very illegal about the collection.  As far as I know, as a co-signer, he is on the hook for the loan every bit as much as you are.

    When you talk to this lawyer, did you mention your father in law had cosign,etc?

    If you don't pay back the loan, there are consequences to that.  Unfortunately, your father in law appears to be the one paying (literally) for you not paying your loan(s).

    Good luck!

     

  • 08-23-2012 3:47 PM In reply to

    • tlow78
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    Re: Very Illegal collection from Sallie Mae!

    Please read thoroughly before chiming in, as I stated before my husband and I are the ones that have the loans! My father in-law has nothing to do with my finances because I am smart enough to not drag other people down with me, thank you. I also keep attempting to pay my loans but Sallie will not work with my low income. I would like it to come to judgment but do not know how to push that forward instead of this 7yr drag out. I am moving this discussion and re-posting so that it will be read properly and hopefully someone can give useful feedback. Thank you

  • 08-23-2012 4:05 PM In reply to

    Re: Very Illegal collection from Sallie Mae!

    The rules of the site are to keep all responses on a topic in one thread, so "moving this discussion" is neither helpful nor productive.  It's also unlike to change the response. 

    Apparently, your father-in-law voluntarily agreed to this settlement. Should he have thought about, gotten professional advice from attorney, and/or consulted you before he did so, since it didn't eliminate the debt?  Absolutely.  None of it illegal unless you are trying to claim that 1) he is incompetent to manage his affairs and didn't know what he was doing or 2) that the collectors violated the Fair Debt Collection Practices Act (and state guarantors for student loans are, I believe, exempt from it).  If you believe that your father-in-law is incompentent and was taken advantage of, your recourse is to report the collector to whatever agency in your county or state deals with adult protective services.  If you believe that this was a violation of FDCPA, your recourse is to report the collector to the Federal Trade Commission, which oversees its enforcement. 

     

  • 08-23-2012 4:33 PM In reply to

    • tlow78
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    Re: Very Illegal collection from Sallie Mae!

    Thank you very much Carol757! I apologize for the double post, just need answers and frustrated. Thank you for taking the time to actually read and understand what I was asking. That is what I was afraid of, that my f.i-n. would look incompetent (which he is not), if I would have called Sallie ranting about them giving my info out to anyone that calls & asks. I will take your advice and contact FTC. Kindest Regards

  • 10-24-2012 5:09 PM In reply to

    Re: Very Illegal collection from Sallie Mae!

    Do you know if they are federal or private loans?

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