Sandy asks…
Can bank refuse payment, claim loan isn’t ours & then sue us? 2 yrs bank knew loan was fraud- Ontario Canada
Canadian bank claimed a loan on our home was not ours for 2 years. Bank didn’t consult us, and eventually cancelled the direct payment from our account Nov 2005. This account was paying them and servicing the loan for almost 2 years. We sent fax and mail to bank to tell them they need to take money out ASAP. The bank refused our money for payment at teller in Ontario Bank Branch in Dec 2005. They did however take 2 or 3 payments.. Now 6 months later April /May 2006, the bank through a legal firm claims in a law suit that we refused to pay them. They are working with the fraud artist to try to take our home away from us. Note, the bank didn’t do due diligence and neither did the lawyfirm who set up the loan. Person used different names to evade problems and this impacted us badly. We went to bank omnbusdman and they said an investigation was being done, but nothing took place. A bank agent contacted us after we called them, said, bank couldn’t talk to us. We are not on loan
Nagesh answers:
That is a complex situation with lots to be sorted out. The best approach would be to take one step at a time. Work on each step of the process. Overall, the bank can take action and then it is up to you to show why the action was not proper and defend your actions. It is a difficult mess, but hang in there, make sure you can show and prove your facts and it can be resolved in time. At best, mediation may be the answer for your situation.
Mark asks…
Student Loan Rehab Programs whats next?
Hi! I started in two rehab programs (GRC & GC Services) in March 2008 and was told I would complete the term in November. But I just received a letter from GC stating they recently received payment towards completing my agreed rehab program and on behalf of NSLP, thanking me for timely payments etc…Doesn´t it last 9 months? What is the next step? Should I request a loan consolidation thru Direct Loans? Are these legit, have been reading a whole lot of info regarding complaints, harrasment and no credit to account
Nagesh answers:
I would not consolidate – i would keep paying on the loans directly!!!
Chris asks…
Will H and R Block give Xmas loans to people who havent used their service in about 5 yrs?
I havent used H and R Block in about 5 yrs…Does anyone know if it is possible to still get a Christmas loan.I have been filing myself online and using a RAL loan direct deposit in my bank account
Nagesh answers:
You can call them and see i think they do old and new people
Betty asks…
student loans & interest rates….?
I have two student loans – the first one is serviced through direct loans, in the amount of 33,090 and has a 6.875% interest rate. My monthly payment are now 257.00 per month. it was consolidated in 2000.
The second loan is a combo of sallie mae stafford sub and unsub loans in the amount of 103,057.00 with a 3.610 interest rate, scheduled for payment of 1057.00 per month starting 10/09.
I’m wondering if it’s best to consolidate all of them and when I should do that. If I consolidate, I will begin payments immediately at a 4.5% interest rate and I will pay between 500 and 700.
I’m concerned that I may not be able to consolidate in the future, given the nature of the market now….
Thank you!
Nagesh answers:
You have already consolidated each of these loans once already. You can try, but usually you can’t consolidate them more than once.
Nancy asks…
Does anyone know anything about Educational Direct?
I keep getting calls from this place. They are rather pushy to get me to fill out an application. I dont even know if this place is legit, because I believe Student Loan Consolidation Program is the most legit place there is. Is there a way I can get them to stop calling without talking to them? I dont really want to pay for a service just for one number.
Nagesh answers:
Generally, the loan companies that call you out of the blue are the ones that you shouldn’t trust — they’re engaging in a practice called Direct Marketing, which is usually a sign that their company isn’t strong enough to get its business in a more “low-pressure” way. Most good companies won’t call you unless it is (a) on your school’s behalf or (b) you are already their customer.
You can listen to what they have to say, but don’t apply for anything or give out your personal information unless YOU called THEM. (Even if you do trust them, it’s often easier to consolidate online or on paper — that way you can cross your “t”s and dot your “i”s and keep a record of the transaction).
If you decide to consolidate, whatever you do, make sure you’re getting a “Federal Consolidation Loan.” I’ve encountered some companies who have VERY sneaking ways of convincing people that their consolidation product is the same as the Federal Loan Consolidation program, when it really isn’t — so be careful or you could lose all the benefits of the Federal program.
The Federal Trade Commission’s “Do Not “Call” registry applies to cell AND home phone numbers. You can register for free and if someone DOES call you, you can lodge a complaint here: https://www.donotcall.gov/Complain/ComplainCheck.aspx
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