- Report: #474315
Complaint Review: EdFinancial Services - Knoxville Tennessee
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EdFinancial Services
Po Box 36014 Knoxville, 37930 Tennessee, U.S.A.
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EdFinancial Services Took my money! Knoxville Tennessee
I had my student loans being repaid through EdFinancial. I had been making payments up until October. I skipped payments due to lack of fund until April. In April I paid $200 and in May I paid $200. Edfinancial took both payments, didn't credit them to my loan, then gave my loan over to collection. The collection letter states I owe more than I do.
This company took my money!!
Lissa99a
fpo, Georgia
U.S.A.
This company took my money!!
Lissa99a
fpo, Georgia
U.S.A.
1 Updates & Rebuttals
brookland81
Knoxville,Tennessee,
United States of America
no they didn't :)
#2General Comment
Wed, May 26, 2010
The amount paid most likely went to the interest you accrued while you did not make a payment, since you accrue interest everyday. Edfinancial's student loans are not turned over to a collection agency, once you have hit 270 days delinquent you begin the default process. If you have not made arrangements during that time to resolve your delinquency through payments, deferments or forbearance, the guarantor on your loan will pay your loan and then you get to deal with them, the guarantor. They may use a collection agency, but Edfinancial does not.
If your loan is more now than it was, it could be because of interest capitalization due to a forbearance or a deferment ending. If you did not pay on the accruing interest during the forbearance or deferment then it will be capped onto the original balance, less any payments. Another thing that could happen, is that there is extra cost associated with defaulting your loans. If you are sent to the guarantor because you did not make a payment or other arrangements to bring them current, you will have fees and interest capitalization.
I am pretty familiar with Edfinancial and I do owe them a lot of money myself. It is very important that you educate yourself on what loans you take out. Also, it is always good to call any place you owe money to that you are unable to pay. It could keep problems from coming up in the log run.
