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  1. #1
    Join Date
    Jun 2005
    Location
    Kentucky
    Posts
    1

    Default Truth in Lending / Fair Credit Billing

    I have a private student loan that was taken out 05/98. All payments have been made electronically from my checking account- never refused; never dishonored.

    I am fighting with the lender who states that the loan is in default. They state: pmt #1 was late; pmt #2 didn't include the late fee for pmt #1 and as such was late; pmt #3 didn't include the late fees for either pmt #1 or #2 and as such the loan defaulted.

    I have never received any billing statements and have lived at my residence since 1997. They claim "our database says we mailed them."

    Since I have paid all my bills electonically, I have never worried about whether or not I received any billing statements.

    The only way I found out that they had put me in default was the record showed up on my credit reports while trying to get a security clearance. It is the ONLY bad thing on my reports.

    I honestly don't know what my rights are in this matter. I am still paying them electronically and they are accepting the payments. I want the "default" gone off of my reports. Yesterday I received a letter from them stating not to send any more letters about this matter as they wish to do all business over the phone. This scares me...

  2. #2
    Join Date
    Mar 2005
    Location
    Michigan
    Posts
    28,906

    Default Dealing With Them By Phone

    Have you tried to resolve the issue by phone?

    You may wish to try trying to resolve the matter by phone, then (assuming you can't verify their compliance with the agreement online, or they don't send you documentation) sending them a letter commemorating your understanding of the agreement.

  3. #3
    Join Date
    Jul 2006
    Location
    PA
    Posts
    3

    Default Re: Truth in Lending / Fair Credit Billing

    I will be posting about segments of a complicated issue, but I am interested in how to handle GraceUnderFire's situation of not receiving bills. I am facing an Arbitration Hearing (their complaint and my answer filed) where in my answer I state that I never received itemized bills, after repeated phone calls requesting bills and giving my correct address. Still, eight years later, I called and persisted, this past spring, and they said my address was in California, not PA, where I have lived for 14 years. Do I, or does GraceUnderFire, have any defense against their statement that they mailed out the bills that never got to her or to me?

  4. #4
    Join Date
    Mar 2005
    Location
    Florida
    Posts
    435

    Default Re: Truth in Lending / Fair Credit Billing

    Screw talking on the phone. if it's not in writing, it didn't happen. what does your contract for the loan say about when your first payment should have been made? when was it made?

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