student loan consolidation fraud advice?
Saturday, May 29th, 2010 at
2:29 am
J B asked:
My wife was having seizures when a student loan consolidator called and tricked us into thinking he was aes. His company is only one letter off and she thought he was having us go online to check her loan. She told him she was not with it and having seizures at the time, but he had her go through the web site and electronically sign a consolidation document. We didn’t want to consolidate the loan and when we figured out what happened we called back and had it canceled.
My wife was having seizures when a student loan consolidator called and tricked us into thinking he was aes. His company is only one letter off and she thought he was having us go online to check her loan. She told him she was not with it and having seizures at the time, but he had her go through the web site and electronically sign a consolidation document. We didn’t want to consolidate the loan and when we figured out what happened we called back and had it canceled.
It has been 3 months now and we just received a consolidation package from another company in the mail. The first company sold our loan to another company even though they told us it was canceled. We never got a hard copy of the loan cancelation from the first company, and the second company isn’t letting us out of the loan.
Is there anything we can do? We have no evidence that we canceled the loan. We talked to an attorney and he said we didn’t have any options. Please help us come up with something we can do.
Tagged with: Loan Company • Seizures • Student Loan Consolidation
Filed under: Student Loans
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I had a student loan through AES and accidentally consolidated it with ACS. It kinda ****** because they raised my interest rate. But once I signed up for Checkmate II to set-up automatic payments withdrawn from my checking acct, my interest rate went down from 7.25% to 7.00%. And after I make 12 consecutive payments on time in a year, then it will go down to 6.25%. But at least it is a fixed rate now. The whole thing is a hassle. When I originally got the student loan in 2004, my rate was only 3.00%. You might have to just deal with the new company, that’s what I have to do. I hear some states will only allow you to consolidate your student loans 1 time only for the life of the loan. Good luck!
Without offering any legal advice, you may have issues of “diminished capacity” – your wife was having seizures and not fully able to comprehend, and “fraud in the inducement”- misrepresentation by the man on the phone of what company he really worked for.
This is a great reminder of the important lesson, NEVER do anything “over the phone” tell them to put it in writing and mail it to you.
Anyway, if you did call to cancel, most states allow a three day recission period for you to change your mind. Contact your states Consumer Affairs department for advice.
Also, have you advised, in writing, the original holder of the loan of your problem and that you were tricked into the consolidation, that should get some results.
good luck.