After filing Chapter 7bk on 2/2/12 my Sallie Maestudent loan account has been updated in Experian to a charge off. They are in a deferrment at the moment. I have excdellant payment history before this. Any idea what I can do?
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sallie mae
Be careful with that. I don't know exactly what your situation is but a while back I had the same thing happen to me and I thought it was all set and was so happy. Then I had the US Dept of Education after me. Sallie Mae had just turned it to them and my bank accounts were wiped out and tax refund taken. It wasn't part of a bankrupcty because I have yet to file and it was quite some years ago (paid off now). I would just investigate it further to be on the safe side.60K in debt??
Ch 7
No Mortgage No assets -
I don't know what happened either. I never been late with them and ended up doing a deferment. NO problems until I filed chapter 7, Then all of a sudden they show a 0 balance and a charge off. Guess I need to call and see what they say.Originally posted by creditgone View PostComment
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Its probably just a coding issue - transferred to another department while you're in active bankruptcy. More than likely it will straighten itself out after your case is done. If not, you can work on disputing it & getting it corrected then.~Staci
Not an attorney, and never played one on tv. My responses are based on my own experiences & personal opinions.)Comment
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Unfortunately, some private student loan companies will "default" the loan in the event that the borrower files for bankruptcy--even if the payments are being paid on time each month. Upon "default", the loan will be sold to a collection agency or guaranty agency, so the original lender will show a zero balance on your credit report. Unfortunately, the entity which buys the debt is allowed to report it as a charge-off as long as the loan is still outstanding, and may also add collection fees and penalties. Why this is legal, I really don't know.Comment
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