S
sdavis
Guest
michigan
i went into default on a non-federal(not issued by government)student loan in "99" that was originally issued by norwest bank. once in default i was sent to nco collection company. they were charging me 42.8% interest so i filed a complaint against them with the federal trade commission. once i did that, servus financial who issued the loan to me written by norwest bank took the loan back and placed me in the "cure process". they issued me a letter dated 1/11/01 to pay three consecutive payments of $140/mo on 2/19,3/19, and 4/19/01 and they will remove the collection status from my loan and began to issue me monthly statements again and my loan will no longer be in collections. The letter stated that failure to do so will cause the term and agreement of the letter to be null and void.
Well, I paid my last cure payment 4/7/01 and they received it 4/10/01. I got a call 4/13/01 from wells fargo recovery center informing me that my loan had been written off 4/11/01 by servus financial and that the balance in full is due. I called servus 4/14/01 and spoke with a supervisor who informed me that servus financial decided a month ago to write off all defaulted loans regardless of any previous commitments they had made to borrowers. i said,"if this is so then why was it written off on 4/11/01 the very day after they received my payment and was not written off a month ago when the decision had been made. On top of that I received no written or verbal correspondence informing of their plans to do this.
Can I sue them and if so will I need a lawyer that is located in Virginia since servus corporate office is located there? And what shall I do about wells fargo recovery center who wants the balance in full right now? is wells fargo obligated to live up to the promise servus financial made to me in writing or am I obligated to comply to wells fargo while I fight it out with servus? Please advise.
i went into default on a non-federal(not issued by government)student loan in "99" that was originally issued by norwest bank. once in default i was sent to nco collection company. they were charging me 42.8% interest so i filed a complaint against them with the federal trade commission. once i did that, servus financial who issued the loan to me written by norwest bank took the loan back and placed me in the "cure process". they issued me a letter dated 1/11/01 to pay three consecutive payments of $140/mo on 2/19,3/19, and 4/19/01 and they will remove the collection status from my loan and began to issue me monthly statements again and my loan will no longer be in collections. The letter stated that failure to do so will cause the term and agreement of the letter to be null and void.
Well, I paid my last cure payment 4/7/01 and they received it 4/10/01. I got a call 4/13/01 from wells fargo recovery center informing me that my loan had been written off 4/11/01 by servus financial and that the balance in full is due. I called servus 4/14/01 and spoke with a supervisor who informed me that servus financial decided a month ago to write off all defaulted loans regardless of any previous commitments they had made to borrowers. i said,"if this is so then why was it written off on 4/11/01 the very day after they received my payment and was not written off a month ago when the decision had been made. On top of that I received no written or verbal correspondence informing of their plans to do this.
Can I sue them and if so will I need a lawyer that is located in Virginia since servus corporate office is located there? And what shall I do about wells fargo recovery center who wants the balance in full right now? is wells fargo obligated to live up to the promise servus financial made to me in writing or am I obligated to comply to wells fargo while I fight it out with servus? Please advise.