WTF Goverment.......

I found out Direct Loans had sold my loan to Mohela. I got an email from Mohela regarding my interest paid so I could print it out for my taxes. No word at all from Direct Loans... yah, they suck!

They sold mine without notifying me as well about 6 months ago. I went to double check something online and saw a $0 balance and was confused. so I did like you and called and they told me where they went. The only issue I had with it, was I was told my automatic payment (which I was set up for) didn't transfer. So I filled out the paperwork again. Well, I looked at it and it took out 2 payments. So I called and asked wtf happened and they said I authorized it AND it carried over (not matching with the other guy, thanks people) and was then told to cancel the one form and it'll only take 1. I did that. Next month, no payment came out. Fan-freaking-tastic. (I was not charged a late fee, nor did it go on my credit report, especially after I had a nice chat with them) Finally I got things taken care of so now I don't have to worry about it anymore, but it was a mess for a few months there.

Why are you freaking out.... keep records that you tried to notify someone and go on with your day. If/when this loan shows up - then pay it. If there are late fees promptly call and explain that you should not be charged said late fees b/c you tried to make a payment and was notfied your loan had been sold. Not your problem. If it hits your credit - fax a copy of your notes and efforts to pay the loan ontime and they will have to fix it.

Take that money and go shopping!! Problem solved!!

Unfortunately, it doesn't work like that. You'd think it would, but it doesn't.

wow no sense of humor and yes...it does work like that. My first student loan was sold..... couldn't find it for 3yrs..... I kept record of me calling and they removed all late fees when they finally found me (I moved about a year after the loan was sold). There was no ding to my credit and I went on paying it. I didn't owe any back payments. If you keep good records of your efforts then they will make the corrections.

But in the meantime there is no point in getting so worked up about the fact that your loan is out there. They will get it straight and it will find you again. So stop freaking about something you have little to no control over and go on with dealing with the other financial aspects.

Yup. They sold my loans off to Mohela who increased my monthly rates AND interest. And there's nothing I could do about it. And they didn't let me know they had moved my loans. So the account I had tied to the loans -- the money wasn't being taken out. Well it's not an account I normally use. I just throw some money in there every so often and never look at it otherwise. So when they bought out my loan to Mohela, I ended up not paying for two months before I caught it. Yeah, that sucked. I had to pay 2 months back loan stuff, late fees, etc to get caught up.

F'n nightmare. I hate them.

I actually asked about my interest rate going up and my payments changing... I was TOLD that nothing would change. So hopefully I don't end up going through the mess you encountered when someone decides to find my loan. Did you try maintaining the rates you had before the switch by calling customer service, etc.?

Yup. Got told there was nothing that could be done. So they're getting more money out of me in the long run. 2$ per month in payment and .25% over the life of the loan.

It is very common for large loans to be sold to different lenders. It is the norm for mortgages -- you may get a mortgage through one company and then they immediately sell it to another.

Make your payments as scheduled and it will be fine. Lenders do this all the time. You will be notified shortly that your loan was sold, and the new servicer will send you new payment information.

This. My mortgage has been sold 3 times in the last 10 years. When they want their money, they'll know how to get in touch.

Why are you freaking out.... keep records that you tried to notify someone and go on with your day. If/when this loan shows up - then pay it. If there are late fees promptly call and explain that you should not be charged said late fees b/c you tried to make a payment and was notfied your loan had been sold. Not your problem. If it hits your credit - fax a copy of your notes and efforts to pay the loan ontime and they will have to fix it.

Take that money and go shopping!! Problem solved!!

Not your problem? Go shopping? Are you freakin' kidding me?

Don't listen to this. Stay on top of it because trying to clean up your credit after something like this is a nightmare.

Damn people :grumble:

Again - KEEP RECORDS OF EVERYTHING!!! Did no one read that part?? If its out in cyber space nothing can be done about it right this moment. It will eventually turn up and the clean kept records will ensure the loan provider and/or the credit bureau does not penalize for any potential late fees or incured interest.

Welcome to the government.... don't freak out about something you have little control over. Do what you can to keep you're *kitten* straight.

Credit Bureaus are a sham also. We are trying to buy a house and the only thing I have stopping me is a $500 collection to a bank. I didn't even know this existed until I tried to open a bank account and they wouldn't let me. I called the bank and since it was from 2006, I was 18, it had been written off as a loss. They have no record of ME or anything I owed. They have no info the the $500 bill. I call the collection agency and they can't find me by SSN or DOB. No record of me. They did find me by name and explained that someone else's SSN number is tied to that collection. The only thing that I share with the other person on that collection is a former address of a place I lived for 3 months. Of course they ask ME to pay it.


So now I am stuck, the credit company won't remove it, the bank has written it off and it is stuck on my report unless I pay it. In the meantime, can't open a checking account OR get our home loan. :explode:

Yup. They sold my loans off to Mohela who increased my monthly rates AND interest. And there's nothing I could do about it. And they didn't let me know they had moved my loans. So the account I had tied to the loans -- the money wasn't being taken out. Well it's not an account I normally use. I just throw some money in there every so often and never look at it otherwise. So when they bought out my loan to Mohela, I ended up not paying for two months before I caught it. Yeah, that sucked. I had to pay 2 months back loan stuff, late fees, etc to get caught up.

F'n nightmare. I hate them.

I actually asked about my interest rate going up and my payments changing... I was TOLD that nothing would change. So hopefully I don't end up going through the mess you encountered when someone decides to find my loan. Did you try maintaining the rates you had before the switch by calling customer service, etc.?

Yup. Got told there was nothing that could be done. So they're getting more money out of me in the long run. 2$ per month in payment and .25% over the life of the loan.

Wow. :noway:

Yup. Woo student loan repayment!! :drinker:

Mine has been sold twice. Both times took a month or two to get notice from new lender. Did not get late fee or penalty either time. As someone else already said, run a credit check. www.creditkarma.com and www.creditsesame.com are both great free sites to keep track of credit numbers and accounts. https://www.annualcreditreport.com/cra/index.jsp Is the free site to get all of your credit reports, but the new lender may not be listed yet.