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Home > Brain about to explode with irritation

Brain about to explode with irritation

February 1st, 2013 at 04:58 pm

I feel so enraged right now. I just need to vent.

I set up a payment for NT's Direct Loan debt, over $1100, to hit his account today. I log in to his account and it shows his loan balance is $0! Instead of $1100, it looks like the last payment was $18,079, the full amount of his loan. WTF?

So I call the automated line to see whether the balance is the same there. I get a message that the loan has been transferred over to Sallie Mae. WTF?

I call Sallie Mae, and they have no loan under NT's name. They say it may take up to 30 days to even get to them. WTF?

So then I call Direct Loan again, and they say the same thing. When I ask what happened to my $1100 payment, they say that when they receive it (they haven't yet!), they will send it to Sallie Mae. Could take up to 30 days. WTF??

The money is gone from my account. I don't have it anymore. But neither does anyone else, apparently. And I assume that phantom loan is still gathering interest as it continues its month-long journey through the ether??

I'm so outraged because had I known they were going to switch the loan over, I would NOT have drained my checking account to send a payment that wasn't going to do any good for a month.

I'm also furious because a similar thing happened last year; I sent off a huge payment not knowing they were going to completely change over their computer system. That time, they were not able to process my payment for about 3 months.

The only (ONLY!) bright spot right now, which hopefully I will be able to appreciate when my blood stops boiling, is that Sallie Mae seems to be a much more competent loan administrator, so hopefully whenever this switchover happens, I won't experience any more problems. I'll be glad to be shut of Direct Loan.

But still...

WTF?!?!?!?!??!

Posted in Uncategorized | 14 Comments »

14 Responses to “Brain about to explode with irritation”

  1. Carolina Girl Says:
    February 1st, 2013 at 05:04 pm 1359738290
    1359738290

    I feel your pain. I despise student loans. At one point we had all of ours with only 2 lenders - one for NC, one for SC...and before it was all said and done with the buying/selling/transferring of these, I think I am up to 6 companies to deal with. Good luck with Sallie Mae. Smile

  2. creditcardfree Says:
    February 1st, 2013 at 05:06 pm 1359738373
    1359738373

    Of course that is VERY upsetting. Sallie Mae is decent to deal with. I hope it is less than 30 days...so you can see your progress much sooner.

  3. scfr Says:
    February 1st, 2013 at 05:15 pm 1359738927
    1359738927

    Yikes! I understand your frustration ... having that much of YOUR money just floating around in the ether is unsettling. Is there any possibility of cancelling the $1100 payment?

  4. ceejay74 Says:
    February 1st, 2013 at 05:21 pm 1359739275
    1359739275

    Thanks guys! scfr, I doubt it. With the last round of problems I had with DL, I asked if they could refund my payments so I could use the money somewhere else. They couldn't or wouldn't do it. The payment has cleared my checking account, so I don't think my bank could do anything about it either.

  5. twest Says:
    February 1st, 2013 at 05:47 pm 1359740828
    1359740828

    I hate this for you. Hope it gets resolved sooner rather than later!

  6. CB in the City Says:
    February 1st, 2013 at 07:17 pm 1359746269
    1359746269

    GRRR!!!! I'm mad, too!

  7. snafu Says:
    February 1st, 2013 at 07:56 pm 1359748599
    1359748599

    Is that legal? Did Direct 'sell' NT's student loan to Sallie Mae? Does the initial contract give permission to do that? Does Sallie Mae give a better interest rate? Is there anything that benefits YOU to ask them to monitor the transfer and the time it takes for your payment to reach it's designated a/c. You pay their salary and their staff's wags so you might as well attempt to get some benefit.

  8. snafu Says:
    February 1st, 2013 at 07:59 pm 1359748775
    1359748775

    [Congressman/Senator] to ask them to monitor the transfer and the time it takes for your payment to reach it's designated a/c. You pay their salary and their staff's wags so you might as well attempt to get some benefit.

    [sorry, computer glitch

  9. ceejay74 Says:
    February 1st, 2013 at 08:03 pm 1359749003
    1359749003

    As far as I know, it's legal for loan companies to sell debts to each other. I know my mortgage was sold at least twice. I've never had it happen with a student loan, but I don't see any reason they wouldn't be able to do the same thing. What's crazymaking is that they didn't even notify me, as far as I know, unless NT got an email that I wasn't aware of.

    Sallie Mae told me I'd be getting a letter when the transfer was complete and the account opened. What they don't know is I'll be calling them at least once a week until that happens -- and calling Direct Loan every few days until they acknowledge receipt of my payment! Then bugging Sallie Mae until THEY confirm that DL has sent them said payment.

  10. MonkeyMama Says:
    February 1st, 2013 at 08:59 pm 1359752391
    1359752391

    @ceejay - I never replied to your last post about deciding to prepay this, but was thinking you may want to hoard up cash and send in less often, even if you chose to pay TD off sooner. I HOPE this means Sally will be easier to deal with. But if they give you any problems, I'd probably avoid pre-payments except maybe once or twice a year (chunks) to knock down the interest. Or even once a quarter, just to lessen the frustrationg factor.

    As to the above, How FRUSTRATING!!

    I think a lot of times people think that being debt-free is bad math, but I think what is often missed is that being debt-free means not dealing with this crap. You are SO CLOSE and I know you will appreciate that aspect more than most when you get there. !!

  11. FrugalTexan75 Says:
    February 1st, 2013 at 09:56 pm 1359755795
    1359755795

    Wow, I'm sorry you're having to deal with this. I hope it clears up much more quickly than 30 days. I wouldn't have any fingernails left if it were me...

  12. Homebody Says:
    February 2nd, 2013 at 04:25 pm 1359822343
    1359822343

    Oh my.....I am stunned!

  13. Caoineag Says:
    February 3rd, 2013 at 07:19 pm 1359919168
    1359919168

    I feel your pain. Direct sold mine to Aspire and it basically took 60 days for them to get their act together and they didn't tell me until part way through the transfer process. Yuck. I look forward to paying mine off this year and never having to deal with student loans servicing issues again.

  14. Foxie25 Says:
    February 6th, 2013 at 02:34 pm 1360161257
    1360161257

    I have to tell ya that this is just another way that big people like to crush on the little guys. If you don't stay on them, they don't care what happens to your money, you may not see that payment. I agree that making a weekly call to Sally and a daily call to the loan company is needed. Maybe in your endeavours you might contact someone that cares and will help search the payment and stay on top of the transfer for you.

    Be strong, be aggressive, and by all means DON'T GIVE UP!!!!!!!!!

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