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What should I do regarding a defaulted GC Services student loan?

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I have been contacted regarding a defaulted GC services student loan. For the past three years my tax were taken. I find the people at GC services to be very rude, unprofessional, uninformed, etc. The Dept of Ed said I have to deal with them in order to rehabilitate my loan. What are the steps I need to take and do I have to deal with GC services? I read so many bad things about them online? I borrowed $6,000 thirty-five years ago and it is now $21,000. Should I ask for a validation letter? Is it true that after I pay the required payments to rehab my loan they can then put my monthly payments up to whatever they want? What if I can't afford that then? Help! I do want to rehab this loan to the Dept of Ed.




SOAPLADY


Debt Samaritan
Posts: 17181
Credits: 474368.58869987

Sub: #1 GC services student loan is a separate division to most of the b
Tue, 12/23/2008 - 12:43

GC services student loan is a separate division to most of the bad stuff you read online.


Why would you need to send a DV?? You know you owe it...you obviously have spoken with the DOE and they told you that GC is collecting. By simple math, you have accrued a ton of interest...30 years without capitalization at 8% you are looking at $17,000. Plus up to 25% in collection fees.

Yes you have to deal with the CA. You are looking at payments of $210 per month to qualify for rehab...your payment may or may not go up after your new loan has funded. No they do not put it up to whatever they want....payments are based on what you owe.




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Sub: #2 Gee, I wonder who's working for a colletion agency?
Fri, 07/23/2010 - 11:59

Gee, I wonder who's working for a colletion agency?




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Sub: #3 nope call gc services back and ask about the hardship program...
Wed, 11/03/2010 - 10:20

nope call gc services back and ask about the hardship program... it will help and it is a step further than the rehab ........ its fast




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Sub: #4 my attorney has tried to get in touch with GC Services because i
Fri, 11/19/2010 - 18:21

my attorney has tried to get in touch with GC Services because i have case pending v. the education institution that billed me for the amount they are seeking; a large part of which is bogus (paper documentation reflecting the court filing, that we are waiting for court date since 2007). my attorney is waiting for GCServices to serve papers so that we can counter-sue; we tried to avoid this/counter-suit strategy but again GC Services absolutely will not acknowledge the documents that the attorney sent and that have been filed with NYState Court; more, today when i called to verify that GC Services had received the papers, they told me that they did not care about NYCourt. Then the GC Services woman told me that they would not speak with my attorney and that if i didn't agree to a payment plan today that they would garnish my wages and federal income tax returns. In addition she -and this was the part that had me googling the company to see if they were for real and she just wasn't some con-artist trying to get credit information from me- she started laughing hysterically and continued to do so as she asked my social security information and told me 'we don't care about your attorney or the nycourt'. Then she told me that she had never spoken with me before (I had to remind her that we had spoken October 31 and that is how i received the address to send the NYCourt documents to). I find it hard to believe that this is a US Company; if it is, it's clearly - from my experience with this woman - employing the 'least' of the population.




SOAPLADY


Debt Samaritan
Posts: 17181
Credits: 474368.58869987

Sub: #5 Ok.....sounds like you a a federal loan. You are suing the scho
Fri, 11/19/2010 - 18:55

Ok.....sounds like you a a federal loan. You are suing the school or your guarantor? Personally it sounds like your attorney knows squat about federal loans. GC services a a third party CA wouldnt even be party to your suit.

GC services can garnish you without a court order.




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Sub: #6 Collection agency lies
Thu, 02/10/2011 - 06:47

THAT IS NOT TRUE THEY CANNOT GARNISH YOUR PAY WITHOUT COURTS APPROVING IT. YOU CAN ALWAYS NEGOTIATE WITH THEM THEY BOUGHT YOUR LOAN FOR PENNIES ON THE DOLLAR SO THEY PAID MAYBE A SMALL PERCENTAGE OF THE ORIGINAL DEBT AND THEN TACKED ON ALL THE EXTRA. THEY WAITED TILL IT WAS SO BIG OF A LOAN THAT NOW YOU ARE PANICKED AND YOU WILL DO ANYTHING. YES YOU SHOULD PAY BUT YOU HAVE THE BALL IN YOUR COURT. THEY WILL MAKE A DEAL IF YOU HAVE THE MONEY FOR A ONE TIME PAYMENT OF A FEW THOUSAND. ALSO DONT GIVE THEM YOUR ACCOUNT NUMBER OR ACCESS TO YOUR MONEY. OH AND GET IT IN WRITING AND ONLY WHEN YOU HAVE IT IN WRITING THEN YOU WILL PAY. THEY WILL SAY ITS NOT THEIR POLICY BUT YOU CAN SAY ITS NOT YOUR POLICY TO DEAL WITHOUT PROOF OF THE DEAL. THESE COLLECTION AGENCIES ARE A RIPOFF MOST OF THE TIME. THEY WILL LOSE YOUR PAYMENT RECORDS AND COME BACK AFTER YOU DO THE DEAL AND SAY YOU OWE THEM AGAIN. SO HAVE IT IN WRITING ON RECORD. THEY WAITED THIS LONG WHAT MAKES YOU THINK THEY WILL STOP. LOOK UP DAVE RAMSEY HE HAS TONS OF TIPS ON THESE PEOPLE(SCUM OF THE EARTH) :p




SOAPLADY


Debt Samaritan
Posts: 17181
Credits: 474368.58869987

Sub: #7 Please do not yell...you are just showing how ignorant you are c
Thu, 02/10/2011 - 16:08

Please do not yell...you are just showing how ignorant you are concerning student loans.

Yes....student loans CAN and Do garnish without a court order...it is called administrative wage garnishment and it is authorized by Congress.

Student loans are NEVER bought for pennies on the dollar. Federal and private loans are held but guarantors. CA's simply work them assigned.

The ball is NOT in your court...nor will they put anything in writing that contradicts the prom note that you signed when you borrowed the loan.

Do your research....maybe read the department of education website. And if you post again, use upper and lower case...typing in upper case is considered yelling and is rude.




Unregistered

Sub: #8 Julia D
Sun, 05/29/2011 - 19:45

Hey Soapgirl,

Question for you...AES and Pheaa says I owe them money for student loans...When I go to the NSLDS ..the Gaurantor(KHEAA) says I am paid in full with a ZERO Balnace ....Like I said on th NSLDS KHEAA is listed as my gaurantor and they have also verbalyy stated I have a Zero Balance.......AES and GC Services is trying to wage garnish me for a loan that accorrding to NSLDS reports has been paid off.....How can that be....I do have reason to believe this loan may have been paid by someone who is no longer living, but I have no proof.

Thanks!




SOAPLADY


Debt Samaritan
Posts: 17181
Credits: 474368.58869987

Sub: #9 Could this be a private loan? PHEAA and AES both do private loa
Sun, 05/29/2011 - 20:26

Could this be a private loan? PHEAA and AES both do private loans. Have you asked GC services what type of loan they are collecting on? Stafford? Perkins? Or Private?




Unregistered

Sub: #10 On the original consolidation paperwork I signed said that PHEA
Mon, 05/30/2011 - 18:20

On the original consolidation paperwork I signed said that PHEAA is the gaurantor...But since that time,,,From AES i received paperwork that BK NY ELT SLMA TRST has paid the loan from AES.....KHEAA still is reporting to the NSLDS that there is a Zero Balance,,,Is a Private Company not responsible to report themselves as my Gaurantor to the NSLDS??
Thanks Again




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