Update #6- Sallie Mae Calling others..
Posted by RepulsiveSea2174@reddit | studentloandefaulters | View on Reddit | 18 comments
So it begins. Sallie Mae “account manager” has started calling the people on the loan application when you first apply lol which were my brother and father. They left a voicemail for them yesterday saying “This is an urgent business matter, if you happen to know how to get in contact with them let me know and call Sallie Mae corporate back”. Of course they did not answer the phone and they blocked the number. I have about less than 30 days before the loans default so I expect them to increase their harassment right before it officially defaults. I know this is standard practice so there is no need to change my phone number I typically never answer calls I don’t know regardless so when Sallie Mae calls I let them keep calling and it goes straight to voicemail, I listen to it and it goes straight to block and straight to the deleted trash.
So anyone who is around the 96 past due payment expect them to start reaching out to people on your loan application. I recommend locking any social media or linkedin profiles.
This is my default story and I’m telling it in real time for others in the same position as I am. Any questions leave them below.
cluelessmoons@reddit
Tomorrow I believe I’m going to hit the 96 day mark. I’m really anxious about them contacting my family and people around me or contacting my work. Is there any way I can login to my account and try and change things? I’m very anxious about it all and it would be absolutely humiliating to have people I know be contacted.
RepulsiveSea2174@reddit (OP)
You can go on your Sallie Mae account and change your phone number. However they use skip tracing to find people related to you so it’s inevitable. Tell close ones around you to just hang up the phone and don’t give any information about you. Don’t be embarrassed. Make up a lie. Sallie Mae can’t tell them they are trying to collect a debt from you. They usually say “business matter”. If they do contact your job most jobs don’t provide info about their employees. That’s a safety issue. If your job does ask you about it. Just lie and say “oh they started collecting student loans and I’m trying to get into a program” if they call again please tell them not to provide any information about you. They won’t trust me. no one really cares I won’t be so worried about it. “Or you can use this lie and say this “I co-signed for a family remember and they’re not paying so they’re calling me now” simple. Good luck! You got this! From what I heard once they sell your loans the phone calls/letters slows down.
Aggravating_Storm493@reddit
Hey there u/RepulsiveSea2174 - thank you for sharing your journey, it’s been really helpful for my own journey. Apparently my default will happen Sept 30, so I’m waiting for that day.
Do you have any updates on your end?
RepulsiveSea2174@reddit (OP)
You’re welcome. No currently updates as of right now. My loans will default in about a week. I still receive calls only once a day but their number is blocked so I go to my blocked voicemails they usually just send an automated voicemail message. I listen and delete it. I have never spoke to anyone from Sallie Mae after missing payments and I plan not to. I heard from default threads it’s good to stay quiet and wait it all out. I’m trying to wait out the sol which is 4 years or if they sue me before the 4 years I’ll have an attorney settle with them. But hoping for going past the sol because I don’t want to give them another dime! In the meantime I don’t answer calls I don’t know I let it go to voicemail. Sallie Mae is known for using different numbers and your own specific area code number to call so just becareful who’s calls you pick up. Any letters I receive from Sallie Mae I read it and put in a box I don’t respond- unless it’s a court summons of course. I save the money I’d be giving them every month. And I enjoy and I live my life without fear. These loans are predatory.
Aggravating_Storm493@reddit
I have a Firstmark loan for $47,000, and it’s a bit of a weird situation in that we stopped paying it last November, but it’s taken until this August for anyone to reach out. And it still hasn’t gone into default yet, though Firstmark said it’s 256 days past due. They even said they had no understanding why it hasn’t defaulted yet but I’m assuming it has something to do with my bankruptcy. But when I check the credit reports, it’s 120 days past due?
My lawyer is handling my part of it as I’m the one who filed for bankruptcy. The loan in question is the one loan my dad co-signed for me so whatever settlement we can get, I’ll be paying for, since the bankruptcy cleared my loan debts but not this one co-signed loan for my dad.
My lawyer recommended that my dad just let it go and let the SOL run out because he’s older and she was like, what are they even going to come after your dad for? Nothing, he’s fine because of that etc. So we are contemplating that route too, but he’s justifiably nervous because he doesn’t want this following him around. And honestly, I would rather pay up a settlement than let my dad get anxiety over this since I got him into this mess, you know?
My loan used to be serviced by Discover before going to Firstmark, and it’s been hard finding comments/posts from people dealing with Firstmark to see if they’re the litigious sort or not.
All of this is to say : looking forward to your next update + I’m wishing you all the good energy to get through this, fuck these criminal predators. As if an 18 year old knows shit to be signing up for loans esp with a non English speaking parent who just wanted to give their kid a good education. Sending you the power to fight and thanks for responding. Looking forward to hearing your updates
RepulsiveSea2174@reddit (OP)
Yes please follow my journey! And keep me posted on yours. So I would have to agree with your attorney and wait out the sol. Others that defaulted also say the same thing because when you pass the sol the debt is dead. They can no longer sue you for it. So it’s better to do that. So just sit back and live your life and save money each month that you’d be giving to the loan company. Good luck! Wishing you all the best!
Aggravating_Storm493@reddit
Will absolutely keep you updated. And I have to be super honest - talking to you and a number of folk on this subreddit have made me feel a lot less hopeless, embarrassed, and scared. It’s a really lovely community so thank you for sharing your information with me and I’ll share with you and the sub too. I feel less scared and I’ll try to live my life. It felt hard to do so before finding this sub, I felt so hopeless. But the stories being shared have really boosted my will. Hope to hear good things for you! All the best
TerminallyChill94@reddit
Thanks for the transparency through your process. What's your end goal? Default then use a company like Yrefy to get better terms? Or just total disregard for the system?
Do you have any cosigners to be cognizant of?
RepulsiveSea2174@reddit (OP)
I’ve tried to refinance many times to no avail. My credit is bad. I also tried to get better rates with Sallie Mae to no avail. I wrote countless of hardships letters to no avail. They laughed, told me to get another job etc. I’ve paid faithfully for a long time to not see the amount change only raise and I’m done with it. I will not pay them any longer. I am waiting the SOL which is 4 years or they can sue me and I’ll have my attorney settle for half the amount.
TerminallyChill94@reddit
Got it, yeah, going through something similar. Paid over 1k a month for years without making a dent on principal. I experienced some job volatility for a few months, and by the time I reached out to set up the auto debit again, they had sold a portion of my loans to a debt collector.
I've still been paying the portion SM owns while figuring out a game plan for the defaulted ones. Was thinking Yrefy b/c they offered me a 3% interest rate and more manageable payments. Statue of Limitations where I'm at is like 10 years, so that feels like too much of a gamble.
I do have a cosigner, which is the only thing keeping me from just saying fuck em.
RepulsiveSea2174@reddit (OP)
Are you able to apply for co signed release? If you make 12 payments without any forbearance or hardships they can release the co signer. Then you can stop paying after they do. And same here paid a lot and it never went down so I said nope I’m done. It’s revolving debt so it’s a gamble either way and I’m willing to take it!
Ordinary-Milk3060@reddit
Firstmark told me because i missed a payment one time 10 years ago they will NEVER release my co-signer.
RepulsiveSea2174@reddit (OP)
Wtf wow they’re ruthless. I would try to see if you can refinance it to release your co-signer. I had my brother released after 12 qualifying payments with Sallie Mae. Then I defaulted so I didn’t have to ruin his credit.
TerminallyChill94@reddit
That’s a great idea, I had heard of that before but sort of ruled it out after my credit took a bit with the default. The one that’s still under SM has been on Auto debit since like 2020 so I tink I could def qualify .
But yeah I feel you. Up until now, I had been willing to gamble on SOL until Yrefy put a decent option on my radar. With the potential for them to take it over and release my co-signer.
Best of luck and thanks for the updates on your journey.
RepulsiveSea2174@reddit (OP)
You’re welcome good luck to you as well.
miranlopez11@reddit
please dont stop posting updates this is very helpful!
RepulsiveSea2174@reddit (OP)
Glad it’s helpful!
FearlessInflation92@reddit
Thank you for these updates!! Please keep doing them! Fuck sallie mae