Private student loan was sold to a poor-rep company
I have two private student loans with Wachovia, and recently they were both given to different repayment servicers, one to Wells Fargo and the other to ACS Education Services. I have been very impressed by Wells Fargo as their website has all the info I need and they have already sent me various letters about my repayment beginning soon, balances etc. However, ACS has been the opposite. I have received nothing at all from them, and when I tried to register on their website to view my account, I get a 'this service is currently unavailable - try again later' message every single time.
The company just reeks of sketchiness - to access any of their contact information (even an address) you have to enter your social security number first despite the fact that the site is unsecure, there are no phone numbers available for them at all, and when I finally found an email address for them on another site, the auto-reply email I got was full of spelling errors! If I had not gotten their website link directly from Wachovia, it would be screaming 'scam!!' to me. I googled 'ACS compaints' and found this link right away
http://www.complaintsboard.com/compl....html#comments
which does not make me feel better in the slightest. My loan is due to enter repayment in May/June and it worries me that such a large amount of my money, and my credit score, is involved with these people. One comment on the link I posted above suggested borrowers have the right to ask their original provider to re-sell the loan to someone else. Is this something that might be possible? If not, is there any kind of legal protection on my side if (when?) this company messes up?
Thanks guys!
*stressed*
Re: Private student loan was sold to a poor-rep company
^^^ very soon you won't have to worry. A provision of the new national health care law calls for all such privately held student loans to be resold to the US gov't. However, it is not known what the US gov't intends to do with 'loan servicing' companies.
Re: Private student loan was sold to a poor-rep company
At this point I almost feel like I#d rather anyone had my loan but this company. Already I'm running into trouble with them; since I couldn't register to access my own account at all, I sent them an email to their unsecured email address (ugh) and they got back to me saying that they have no record of my loan or any information. I emailed them back telling them the information came directly from Wachovia and that it's due to enter repayment soon, and their only reply was 'Check your records'
Ummm kthanx ACS.
I emailed Wachovia about the possiblilty of it being transferred to a different repayment servicer. :-\
Re: Private student loan was sold to a poor-rep company
Quote:
Originally Posted by
Miss_McKenna
At this point I almost feel like I#d rather anyone had my loan but this company. Already I'm running into trouble with them; since I couldn't register to access my own account at all, I sent them an email to their unsecured email address (ugh) and they got back to me saying that they have no record of my loan or any information. I emailed them back telling them the information came directly from Wachovia and that it's due to enter repayment soon, and their only reply was 'Check your records'
Ummm kthanx ACS.
I emailed Wachovia about the possiblilty of it being transferred to a different repayment servicer. :-\
It could be that your loan just "disappeared". This happened to someone I knew. She tried to get in touch with her new loan holder (her loan was sold to another company) and they never had record of it! She did the right thing by contacting her previous holder. Basically crossed all her Ts and dotted all the Is so to speak. The loan disappeared and nothing showed on her credit report-EVER!
Keep track of your credit reports and most importantly keep all documentation of your attempts to contact these people. That way if anything shows up on your credit report you have proof of what you did and can fight it.
Re: Private student loan was sold to a poor-rep company
^^^That would be freaking sweet!!