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Collectcorp

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Johnny View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Johnny Quote  Post ReplyReply Direct Link To This Post Posted: 07/June/2009 at 6:31am

If the agency is calling you, someone in the student loan sector assigned an account with them. So, that is what you have to figure out. If you want help let me know. I have some space left if you want to become a client.

Solve Student Debt specializes in solutions for students and graduates in student loan default, and those at risk of defaulting.

solvestudentdebt.com
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Post Options Post Options   Thanks (0) Thanks(0)   Quote bufferfly81 Quote  Post ReplyReply Direct Link To This Post Posted: 12/October/2011 at 11:40am
I have been recieving phone calls from Collectcorp Inc for the last month, only I didn't know it was from them, They would call state my name in an automated voice and say if i was this person to press 1 to speak to a representative, I did this and would end up waiting close to a half hour to speak to someone.....They did not state who was calling, so eventually after 20 mins and having a 5 year old running around (being a single mom you can imagine) I would hang up.  I received my first letter in the mail today from them, so to find out what this was about I called, spoke to a woman who said I owed 5400.00 between 2 accounts. She started asking me if I rent or own a home or if I live with my parents....I asked her what a payment plan option would be, she asked if I worked full time, I said no part time....She told me that after repeated attempts for them trying to get a hold of me that there were no payment options for me anymore that I would have to pay it in full.....I told her my situation (going through a divorce), she states "this is not my problem". Which I understand its not....She says well I can drop the amount down to 3600....your only option is to get a loan from the bank, I stated how can I get a loan from a bank when I don't have credit...she says get a co-signer.....She was very quick with her remarks and was very rude...I said "the way you are talking is not very professional and is quite rude"....Her reply " you think I am being rude, well that 1800.00 I knocked off your payment well its back on there its now back up to 5400.00..hows that for being rude", she continues with "Have you ever had your wages garnished, well I can also do that, also that car loan you have, we can reposess your car and put the money towards the loan, so you thought i was rude before, how about now?, I am not hired for customer service, I am hired by the company to get there money back." I was appalled I have never been spoken to like that....I tried not to let her hear me cry, It was bad, all I could think was how does she sleep at night!!! I told her I could see what I can do, and plan to come up with something by the end of the week.
very stressed out that is for sure.
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Johnny View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Johnny Quote  Post ReplyReply Direct Link To This Post Posted: 12/October/2011 at 10:01pm
Do you require help with this?
Solve Student Debt specializes in solutions for students and graduates in student loan default, and those at risk of defaulting.

solvestudentdebt.com
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Post Options Post Options   Thanks (0) Thanks(0)   Quote bufferfly81 Quote  Post ReplyReply Direct Link To This Post Posted: 13/October/2011 at 6:18am
I have an appointment with the bank on friday with a co-signer to see if i can get a loan to pay this debt off....
I have a few questions though:
 
1} do i call and tell then i will pay them once i find out I can get the money?
2} should i get them to send me a letter stating this has been paid?
Any info would help..not really sure what my rights are and since they told me that they knocked the amount down to 3600.00 from 5400, but that was only over the phone and not in writing, should i request that it be put in writing?
 
HELP!!!
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Post Options Post Options   Thanks (0) Thanks(0)   Quote brendonh Quote  Post ReplyReply Direct Link To This Post Posted: 15/November/2011 at 6:50pm
I'm sorry to see that no one has responded to this yet. I'll try to help out.
 
You basically have two options here. A) Get a settlement (in writing), then pay the agreed amount, or B) Wait out the statute of limitations which is two years from the last time you agree to ANY sort of commitment to repaying the debt or acknowledging that this debt exists.
 
By this point, you don't have to worry about your credit getting any lower since the act of your debt going into collections means that it is already shot. If you have any future plans to get a car or property, it is still advisable to try and repay your existing debts in order for your rating to go up (so you can get accepted for loans etc). However, given your situation, you must tread with caution.
 
As long as you don't give these collection companies an outright "No" (ie giving them hope that you *may* be able to repay them), they will unlikely file a lawsuit. In fact, most cases don't get to that point. $5400 is chump change and they won't make a lot of money doing so when they have to pay court fees etc to try to make you pay. It's almost always not worth their time. As for repossessing your car/garnishing your wages, they need a court order to do so (again, same likelihood as them filing a lawsuit). I wouldn't worry about it.
 
Personally, I'm about done my statute of limitations in my situation. I just don't answer any 1-800 numbers and/or unknown callers. If it's really that important, they'll call again. If you see a pattern emerging over the next few days, it's most likely a collection agency trying to contact you. You just get used to it. And when the statute hits, they CANNOT contact you about that debt again.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote brendonh Quote  Post ReplyReply Direct Link To This Post Posted: 15/November/2011 at 6:54pm
Addendum: Never give any sort of information over the phone. What kind of work, pay, living situation, etc. Even your name if you can help it. They cannot collect if they cannot verify that they are in fact calling the right person on the phone. The best they can assume at that point is that you are next of kin, and since they're only allowed to contact next of kin ONCE to ask for the debtor's whereabouts, you're good to go.
 
And again, log the amount of times they call per day, per week, on weekends etc. You can use that evidence to counter that they did break regulation numerous times, in case they do push for a more forceful solution.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote administrator Quote  Post ReplyReply Direct Link To This Post Posted: 17/November/2011 at 9:24am
They are not supposed to contact you, but they will do so anyways.... dont get involve in a conversation with them. They are very manipulative.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Johnny Quote  Post ReplyReply Direct Link To This Post Posted: 17/November/2011 at 3:24pm

`

Originally posted by brendonh brendonh wrote:

Wait out the statute of limitations which is two years from the last time you agree to ANY sort of commitment to repaying the debt or acknowledging that this debt exists.

Then what happens if the student loan provider sues the borrower to prevent that from happening?

 

`

Originally posted by brendonh brendonh wrote:

By this point, you don't have to worry about your credit getting any lower since the act of your debt going into collections means that it is already shot.

 

For some people this is not the case at all.

 

`

Originally posted by brendonh brendonh wrote:

$5400 is chump change and they won't make a lot of money doing so when they have to pay court fees etc to try to make you pay. It's almost always not worth their time. As for repossessing your car/garnishing your wages, they need a court order to do so (again, same likelihood as them filing a lawsuit). I wouldn't worry about it.

 

You are clearly not aware of how CRA and provincial ministries operate,  or those collection agencies in Canada that are more aggressive than others. Some agencies are VERY active in the litigation of CIBC, Royal Bank, and Bank of Nova Scotia student loans. The most active provinces in that regard are Newfoundland, Quebec, and Ontario for provincially guaranteed student loans.   

 

If you are riding out a limitation issue on your student loan(s), that is your choice. However, if you are able to pay them, and are benefitting from the education you received, then you should pay them regardless of any limitation issues.  

Solve Student Debt specializes in solutions for students and graduates in student loan default, and those at risk of defaulting.

solvestudentdebt.com
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Johnny Quote  Post ReplyReply Direct Link To This Post Posted: 17/November/2011 at 3:25pm
Forgot to mention that the limitation period in respect of student loans is 6 years, not 2 years.
Solve Student Debt specializes in solutions for students and graduates in student loan default, and those at risk of defaulting.

solvestudentdebt.com
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