Hi everyone, I'm here for some help, thank you in advance for reading.
Long story short, last fall due to medical reasons I was incapacitated for a period of time. When the situation lasted more than a few days my mother became afraid that my mortgage might be going unpaid or that unpaid bills would ruin my credit, but could not access my accounts. She asked the court for power of attorney so that the financial institutions I have accounts with would provide her with access.
The court granted the power of attorney. Unfortunately I am not thrilled with that decision - while Mom means well, she is NOT financially savvy. In addition, I had everything either paid ahead or set on auto pay and the medical issue lasted less than two months, so realistically everything would've been hunky dory if she'd left it alone. However obviously mom was scared, and the court had limited sight into the situation, so it is what it is. Mom frantically tried to manage my finances - she triple paid my mortgage, complained to the trash company that they hadn't sent a bill (because it's billed quarterly..) etc. Nothing serious, just overkill.
Now here's my problem: I haven't been paying attention to my federal student loans because they are still on pause for COVID. I recently logged in to take a gander and lo and behold - my loans are all marked paid off. I call Mom, lots of crazy back and forth, and four days later it turns out that she had my federal student loans refinanced to a private servicer.
From what she's said, it sounds like I got something in the mail from this company that seemed urgent and basically said "you only have until this date to do this!" and promised it would save me money and offer better protection blah blah blah. Mom is not financially savvy and is gullible, so she treated this like a bill and rushed to do it because there was a deadline on the paper. Within weeks of that happening I was back in action, but like I said - my federal loans are on pause for COVID, so I wasn't worrying about them or checking in on them.
Part of this is on me. I did receive mail from this company, but it looked like spam - I receive crap in the mail about student loans at least twice a week that I just junk because my loans are federal and I have no plans of going back to school. So they were sending me notices and I was tossing them.
My two biggest concerns right now are:
(1) They are actually much higher interest rate than my original federal loans
(2) If there is any time of forgiveness, now that they are private they won't be eligible
In the short term I have reached out to the company in hopes that they will help me on the grounds of the missed payments, but in the longer term - is there anything I can do to reverse this? Or anything I can do at all?
The court order for power of attorney was pretty broad and from what I can tell wouldn't have excluded this. Seems like it was totally in her power to do so I can't just say it was fraudulent or something.
Submitted June 29, 2021 at 09:23AM by finpowhelp https://ift.tt/3Add0Zg
