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Recent loan transfer, higher monthly payment
January 19, 2015
12:55 am
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January 19, 2015
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I have 7 private loans totaling around $100k. I have been paying on time for 5 yrs. My loans have been transferred twice to other loan companies, and now a third time (Firstmark services). I noticed the automatic withdrawal was more, so called the loan company. The rep said my previous loan company had miscalculated my payment and too bad but my new payment was now an additional $88.17 higher than before. There was also a random $1.55 still owed monthly which she couldn’t explain. She stated she would look into it. I called again 2 weeks later, and this rep said the same but would have a supervisor get back to me in 2 days. It’s been a week and a half and no call back.

It seems odd to me that a mistake would cycle thru 2 other loan companies and that after 5 yrs of payment (plus I paid extra on principle for a year) that my payment would increase by nearly $100.

Any help or advice would be greatly appreciated.!!

January 19, 2015
1:09 am
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Indiana
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May 3, 2014
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It seems to me that there are a couple issues at play here, and a couple possible mistakes by your lenders. In order to more fully answer your question, I do have a couple followup questions:

1) Do you have the original loan agreement from your first company? If you don’t have it or can’t find it, can you get a copy from your current lender? This original document provides the ground rules for your loans. Even though it was agreed upon between you and the first lender, the rules still apply when the loan is transferred.

2) It sounds like these are private loans we are dealing with, but if you could confirm that first, it would help.

One thing you can start doing right now would be to make a record of all of your conversations with your lender. If you can have the conversations via email great. If you must have it over the phone, at least take notes on everything that was discussed. These records can be very valuable as you go about getting your loan issues addressed.

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