#20
Sat, May 19, 2001
There were a couple of errors in my initial report that I need to correct. 1) NELA was not involved in my loans (to any significant degree in 1992). 2) I was actually between 60 and 90 days past due depending on how payments are applied to interest when my loans were accelerated (they jumped the gun by at least 60 days) 3) NELA assessed an upfront collection fee of 31.13% and an additional 18.5% collection fee upon consolidation of the loans (not 31.13% and 25%). But here is the dastardly deed. I paid the loans off in June of 1995 including a 2000.00 collection fee. They have since admitted 2000.00 was all I had to pay. However, they never reversed the 3488.45 entry to my account. Even though my account was paid in full, they consider it settled and it is coded as paid in their system. However, to them the paid only refers to principle. So, when they reported to the credit bureaus over the years outstanding balances and past due status kept on popping up on my credit reports related to the overcharged collection fees on my account that they tell me I don't owe. However, after deposing a witness this week, I found that when the balance on my account reaches zero, the status is supposed to become PF (paid in full including collection charges). So, the point is, they wanted the extra 3488.45 all along. I sent them a payment for the 3488.45 which they cashed. I was told they would refund the money (because I didn't owe it) but the status would revert to PD. What sense does that make? They need to reverse the false entry to my account to fix it. You would think after a lawsuit that has dragged on against them since March of 2000, they would have figured the problem out and fixed it.