The bank that I consolidated my loans through American Eduction Systems or something like that was bought out by Citizens bank (which happens to be the bank I have my main checking account through) because it basically went bankrupt like all those other banks out there.
Citizens bank has different rules on their student loans. I had mine deferred because i was still taking classes. They don’t allow defferments and also wasnt $469 a month versus that $175 i was paying.
That’s still absurd, Ron. They shouldnt be able to just do it like that.
I have been arguing with them for the last two days now.
They gave me two options pay the $20620.22 in full or in $469 monthly payments. Which well if i choose neither they said they will just automatically debit out of my checking and savings account anyway.
I guess like $200 of that $469 is just to pay interest
dude, if you’ve ordered from tire rack, that shits probably delivered already lol. i couldn’t believe how fast them cats ship their stuff out. of course that’s dependent on what warehouse the product is in…i always get my shit the next day even with standard shipping…
yeah tirerack is usually really fast but they didnt have them in stock at the delaware wharehouse. When I ordered. Oddly enough they do now though so IDK whats going to happen
Ron I’m pretty sure what the bank is doing to you is illegal, if you have a loan through x bank, and x bank falls through being bought out by y bank, it’s not like the original x bank’s contract with you is null and void, all of it’s terms should still hold, y bank should have been aware of the previous company’s terms and grandfathered you.
I’d get a lawyer dude, seriously.
Thats what I was thinking. My mom usually handles most of my college loan stuff cause they always said they’d help me pay that stuff but that was when it was like $150. She said the only thing she can thiink is since its been deferred and we have been making what could be considered “unofficial” payments. I.e paymets that are not required or requested that the loan has not become active and there for the new bank can write whatever rules it wants.
What bothers me the most is all this hassle and money and i still failed to ever get a degree. I can only kick myself for that but it just makes things doubly frustrating
Oh man, this is a really shitty situation, Ron. Where would one go to look up something like this?
No idea
Read the fine print on your original loan agreement. When did you stop deferring and start making formal payments, and which bank was that with?
Banks rarely do things blatantly illegal because they end up paying for it in the long run because people arent stupid. Instead, they write a lot of garbage into the agreements people sign which lets them f them left and right if they need to.
Empty your account, close it, and then tell them that you can’t afford the payments. They will work something out with you. I’m sure they bought your debt for almost half of what you owe…
I’m sure Jesse would be more than willing to go over your contract with you, what with all the help you gave him on his vinyl.
Right Jesse? :lol
I was thinking about closing the account. I had already emptied it and moved the funds to a different bank recently for a different reason.
One of my concerns is that with my account activity they know that i can afford the payments. I can afford them persay but I’d basically have no money to live on after that. Like I couldnt go out ever or do anything outside of working to pay off bills.
which means you can’t afford it… close the account before the yank another payment out of there and overdraft the account on you…
wont they get pissed at him for that and come after him and make him pay penalties and shit?
Banks want to work something out with you every time. Some money is better than no money. If you can’t afford the payment, you can’t afford it. Talk to the bank, work it out.
yeah I had two pretty high yeild account with this bank for quite sometime now. They see atleast $200,000 in activity a year and I have been with this bank for 7 maybe 8 years now. I’m sure the local branch will be upset to lose my business.
Update:
I am vinyling this on my hood.
Role model status 2009
DO IT NOW
sell this pos. buy cress. reap benefits