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Warning Signet bank consolidations

Nurses   (1,455 Views 5 Comments)
by frann frann (Member) Member

frann specializes in medical/telemetry/IR.

5,902 Profile Views; 251 Posts

Hi,

I hope there are others out there with my problem.

Here's my story.

Ok

Consolidated my Signet bank loan 9,000 back in 93.

Signet went out of business.

Someone named AFSA Data Corporation took over.

my origional loan was for 144 payments-12 years.

Well I was looking at my loan stuff this jan. and I'll be done paying in 3 years, so I thought it was strange that my balance is

now 7,000.

So I call them up several times. according to there records I'm paying this thing off in 21 years! MY promissary note says 12 years.

So every one that had/has a signet bank loan that is now with AFSA check your balance. According to them this is all perfectly legal. And it looks like I will have to get a lawyer.

unless there are more out there then the FTC-Federal Trade Commision will do a investigation-there number is 1-877-382-4357 or email me at fran4@va.prestige.net

These people aren't regulated by the usual banking authorities like fdic, etc. they are regulated by the dept of ed. -which can't help me.

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1,326 Posts; 9,603 Profile Views

Frann,

My student loan was sold to AFSA Data Corp. a number of years ago and then this past month I found out it was sold to Sallie Mae.

I will definately go over my documents because of what has happened to you.

I will tell you this. I did not like dealing with AFSA one bit and am glad that my account was sold. I was not allowed to pay even a few dollars more a month on my monthly payment. I was also laid off from my previous job and so I took a 6 month deferment on my loan. After the deferment period I still did not have a job and told them that I was unable to pay. You should have seen all the paper work I had to go through to beg them to let me not pay, which they ended up denying anyway. I had to give them a list of phone numbers, names and addresses for every place that I had sent my resume to.

When I called them to plead with them a second time they told me that I should either join the military or get pregnant. NO LIE!

We're in a recession for Goodness Sakes!

This all sounds rediculous. I mean, the loan company could extend this til lord knows when. You could be paying this thing off til your 60!

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frann specializes in medical/telemetry/IR.

251 Posts; 5,902 Profile Views

I'm Scr*wed.

Because I was on a "graduated payment plan" back in 96the payment was supposed to increase to 98$. I think AFSA had the loan then, I guess they assumed I wanted to keep the payments at 79$. Basically it was up to me to call afsa and tell them to increase the payments to 98$. Ahh excuse me but I was a little bit busy with a new baby

Beware of your consolidations!

Its basically my fault for not paying attention. I thougt when you signed a promissary note, it meant something.:(

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1,326 Posts; 9,603 Profile Views

What I wouldn't give to pay $98.00 a month.

They have me on a graduated plan too. It increases every two years. I'm supposed to pay it over a course of 10 years. The last two years my payment will be $350.00 a month.

Who in the world can afford that?

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frann specializes in medical/telemetry/IR.

251 Posts; 5,902 Profile Views

I just did some calculations adding what I should have paid etc, etc. and according to my figures I caught this right in time.

I calculated what I was supposed to pay them according to the origional agreement. that figure is 500 more than what I actually owe them.

So it looks like I am saying good bye and good ridence to AFSA

Data Corp. Gonna put the whole thing on my home equity, Ah maybe. I'm not staying with AFSA anymore.:chuckle

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