Oh, money. You're so stupid.
I don't know if any of you out there have had a similar experience out there, or know someone that does, but about a week ago now, my student loans got bought/sold to another vendor.
I had no idea. Got no letter, no email, no message in my account. Nada. The Department of Education just...passed the loans along. I was under the impression they weren't supposed to do that, but even if they were, a little notice would have been nice. YES? I had no idea when I went to check my account randomly out of the blue that that was what had happened. All I could see on my account (and every other page in my account/their FAQ and policies, etc.) was that my balance was suddenly zero.
Of course, a tiny part of me was like, yay, maybe my loan was forgiven or something, but I was not holding my breath - mostly I was just freaking confused! I called and found out about the buying/selling from a recording - and then from a recording on the new place's phone tree that I am supposed to wait for my letter saying that it's happened. I cannot get to my new account. I cannot make a payment. On my old account, my due date is in the middle of the month, but how can I trust that it's going to be the same? I don't want to default on my loan because they screwed up some paperwork somewhere. Not to mention I have no idea why this suddenly happened.
And the real thing that's pissing me off? I would have had no idea that this was happening if I hadn't made an extra payment last month. I have automatic payments, I would have continued on until I noticed they weren't happening anymore. Which would have been TOO DAMN LATE! I really just cannot get my head around the idea of why this seemed like a good idea. If they're passing on all my payment information...that doesn't seem particularly right/legal to me. I would also not be surprised if my interest rate gets screwed up in the process.
And so the saga continues. It'll get sorted, I'm sure of that, but... What a crappy way to do business. I am not a pleased customer. I want to give them my damn money and be done with it, not get screwed over!
I had no idea. Got no letter, no email, no message in my account. Nada. The Department of Education just...passed the loans along. I was under the impression they weren't supposed to do that, but even if they were, a little notice would have been nice. YES? I had no idea when I went to check my account randomly out of the blue that that was what had happened. All I could see on my account (and every other page in my account/their FAQ and policies, etc.) was that my balance was suddenly zero.
Of course, a tiny part of me was like, yay, maybe my loan was forgiven or something, but I was not holding my breath - mostly I was just freaking confused! I called and found out about the buying/selling from a recording - and then from a recording on the new place's phone tree that I am supposed to wait for my letter saying that it's happened. I cannot get to my new account. I cannot make a payment. On my old account, my due date is in the middle of the month, but how can I trust that it's going to be the same? I don't want to default on my loan because they screwed up some paperwork somewhere. Not to mention I have no idea why this suddenly happened.
And the real thing that's pissing me off? I would have had no idea that this was happening if I hadn't made an extra payment last month. I have automatic payments, I would have continued on until I noticed they weren't happening anymore. Which would have been TOO DAMN LATE! I really just cannot get my head around the idea of why this seemed like a good idea. If they're passing on all my payment information...that doesn't seem particularly right/legal to me. I would also not be surprised if my interest rate gets screwed up in the process.
And so the saga continues. It'll get sorted, I'm sure of that, but... What a crappy way to do business. I am not a pleased customer. I want to give them my damn money and be done with it, not get screwed over!