Collections ?'s
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Topic: Collections ?'s
Posted By: 2Shy
Subject: Collections ?'s
Date Posted: 05/February/2007 at 5:34am
My husband (before we were married) had a student loan that went into collections, my question is...
Am I now tied down to this loan because we are married and will it affect my credit rating?
He is unemployed and is unable to payoff the loan and I have my own
student loans that I am working at repaying so I am really unable to
help repay his.
His loan ended up with NCO before he could even think of repaying it.
Before it went into collections he was waiting for some forms for
interest relief and such but never did get them and the next thing he
knew we were getting like 4 phone calls a day from NCO. The people
calling were very rude and unfriendly. He asked them why his loan was
there because it shouldn't have been and they said that they would send
him information and never did but continuously called day in and day
out (even on weekends). Finally he told them that, if they needed to
contact him that they do so by mail and did not want anymore phone
calls. He did tell them that all he could afford was $40/month (this
was a year ago when he was on EI but now he has no income) they flat
out refused and said it was not enough. Can they do that?
I don't mind helping him pay it off (I obviously knew about the loan
before actually getting married) but I can't pay it off in one lump sum
and can't pay more than $50/month (and in reality this is more that I
actually can afford to pay) because I have my own, almost $1000/month
student loans to pay off.
I guess I am just looking for some insight as I don't know much about
collections and all this stuff. Any help would be greatly appreciated.
Thanks
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Replies:
Posted By: Hetman
Date Posted: 08/February/2007 at 3:56am
Sorry to hear about your situation. I'm not an expert but perhaps some of my suggestions will help you out. First of all a collection agency is only interested in one thing and that is to get the most money out of the debtor so they can get their slice. Go to your provincial web site and find your provincial Collections Act. That is a law that all provinces have. It dictates a number of things regarding collecting debts but most importantly it clearly spells out how a collection agency can and can't collect. Things like time of day when it's ok to phone, threatening phone calls, harassassing and phoning too often are usually mentioned in the Act. Know your rights. Next keep as much detail as you can about how the collection company acts. In a notebook write down dates, times and who called you (if talking to them, ask for their name) and also what was said. You can record your own phone call, if you are able. I'm not sure if you have to inform the caller that the conversation will be recorded. Keep all letters they send you and make copies of anything they send to you. Collection companies like phone calls because they can break the rules and get away with it.
Regarding your husband's loan. Contact whoever the loan belongs to. The collection company only collects on behalf of whoever the loan is owed. It could be a bank, provincial or federal government. They are usually helpful. Explain your situation and find out the history of the loan itself. Ask about interest relief and debt reduction repayment. Arrange any payment schedule through them and not the collection company. Also, if the collection company has been breaking the Collections Act, mention that too.
Lastly, your credit rating won't be affected by his student loan status. Student loans are treated differently, one big difference right now is that if a person goes into bankruptcy, the student loan doesn't get affected.
Good Luck
Glen
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Posted By: SolveStudentDebt
Date Posted: 08/February/2007 at 11:58am
"Lastly, your credit rating won't be affected by his student loan status."
Not correct. Each case is unique, and that is something that one has to factor in. In many cases, credit bureaus tie married couples together. This cross referencing issue causes problems for many.
2Shy, if your husband is unemployed and unable to repay, he can have the account held until such time when he is able to. If you woudl like help getting this done, let me know. This will solve your problem.
Johnny
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Solve Student Debt specializes in solutions for students and graduates in student loan default, and those at risk of defaulting.
http://www.solvestudentdebt.com" rel="nofollow - solvestudentdebt.com
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Posted By: administrator
Date Posted: 08/February/2007 at 1:22pm
Sorry Hetman, wrong on the interest relief and debt reduction...if its in collections, its in default....no interest relief or debt reduction is available if in default.
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Administrator
Mark OMeara
Author of Let Go and Heal: Recovery from Emotional Pain
https://LaughSingWrite.com - http://bit.ly/heal2024
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Posted By: 2Shy
Date Posted: 08/February/2007 at 4:09pm
Thanks for the responses guys.
It is kinda nice to somewhat know what I am dealing with...and scary at the same time.
What really ticks me off is that it never should have went to
collections, the student loan center place was supposed to send him
some forms for interest relief and never did, the next thing he knew he
was getting calls from NCO and when he confronted them about how the
student loan center was supposed to get back to him, they said they
would sent papers explaining and never did.
How is this right?!?
Johnny - if he can get the account held until he (or I seeing as how
it could be affecting me) is/am able to pay...would this still affect
his/my credit rating?
Thanks again
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