DgtlShadow
New Member
Hello,
My name is Jeremy and I am a 25 year male in Colorado. I have a few questions that need some help with. Brief rundown of me, I am engaged and trying to create a wonderful life for me and my fiance. In the past I made some mistakes with my credit. Got an auto loan in 2002 which ended up getting reposesed (sp?) due to not finding a job after moving to a new city. Since then i have not had any loans until 2006 I believe. I enrolled in college with the understanding that i could get federal funding (the school guaranteed me). They started me in classes before funding was fully taken care of. I stopped classes after i found out that i could not get approved for loans to pay for the school. I got an auto loan in 11/2006 which i have been paying more than minimal payments and every payment has been on time. I am trying to get good credit so that I can buy a house in the future with my fiance and have a family. I am currently paying on Sallie Mae (the loan i actually got for school). However, I still have a balance with the school itself for "charges" of the schooling. I attended classes for under 2 months. I have talked through email with a representative of the school and explained the situation. She informed me that a whole new staff is in place and that the policy is not to start students unless funding has been taken care of. Today i receive a letter stating i owe roughly $3000-$4000 to my original auto loan in 2002. After viewing my credit report i see that the report states that this account was "Charged Off as Bad Debt". The credit report shows that the account was closed in 12/02. And that is also the update date on the report for that account. The letter states i can make a one time payment of $2853.89 or 3 monthly payments of $1331.81. I cannot afford to pay that amount of money. So now, my questions.
1. Am i responsible to pay the school even though i was started before funding was taken care of?
2. It has been 5 years since i had my reposesion. Can they require me to pay even though my credit report says it was charged off and balance on the account is $0?
3. If I am responsible for above mentioned, what are my options?
I know i screwed up in the past and it is affecting me now. I have grown up a lot and want my life to be good and know good credit is a major player in the equation. Thank You in advance.
My name is Jeremy and I am a 25 year male in Colorado. I have a few questions that need some help with. Brief rundown of me, I am engaged and trying to create a wonderful life for me and my fiance. In the past I made some mistakes with my credit. Got an auto loan in 2002 which ended up getting reposesed (sp?) due to not finding a job after moving to a new city. Since then i have not had any loans until 2006 I believe. I enrolled in college with the understanding that i could get federal funding (the school guaranteed me). They started me in classes before funding was fully taken care of. I stopped classes after i found out that i could not get approved for loans to pay for the school. I got an auto loan in 11/2006 which i have been paying more than minimal payments and every payment has been on time. I am trying to get good credit so that I can buy a house in the future with my fiance and have a family. I am currently paying on Sallie Mae (the loan i actually got for school). However, I still have a balance with the school itself for "charges" of the schooling. I attended classes for under 2 months. I have talked through email with a representative of the school and explained the situation. She informed me that a whole new staff is in place and that the policy is not to start students unless funding has been taken care of. Today i receive a letter stating i owe roughly $3000-$4000 to my original auto loan in 2002. After viewing my credit report i see that the report states that this account was "Charged Off as Bad Debt". The credit report shows that the account was closed in 12/02. And that is also the update date on the report for that account. The letter states i can make a one time payment of $2853.89 or 3 monthly payments of $1331.81. I cannot afford to pay that amount of money. So now, my questions.
1. Am i responsible to pay the school even though i was started before funding was taken care of?
2. It has been 5 years since i had my reposesion. Can they require me to pay even though my credit report says it was charged off and balance on the account is $0?
3. If I am responsible for above mentioned, what are my options?
I know i screwed up in the past and it is affecting me now. I have grown up a lot and want my life to be good and know good credit is a major player in the equation. Thank You in advance.
