Hey PF,
When I went to college my parents agreed to pay for a certain portion of my student loans. They were in my name in order to get better rates, but they created the online accounts and were sole possessors of the logins/passwords, and the bills and phone calls went to their contact information. I admit I should have taken more responsibility here and looked after my own finances, but they said they were taking care of them and that was enough for me.
A few years out of college, I got a call at my work from a lender saying my loans were in default and wanting to work out a payment plan. I got the login information from my parents and sure enough, I had $14,000 in student loans that hadn't been paid in over a year. My parents didn't have much of an excuse other than they didn't have the money to pay them, and didn't think it was a big deal.
I took over paying for the loans and rehabilitated out of default (just finished up last month). My credit score was in the low 500s when I started this process, but since I've gotten out of default and paid off all my credit cards, I'm up to the mid-600s. The only blemishes on my credit history now are those many, many missed payments.
My question is, is there anything I can do to repair my credit further, other than just waiting for the missed payments to fall off? Should I write a goodwill letter? If so, should I send it to the Dept. of Education who originally gave me the loan, or Nelnet, who own the debt now? Have any of you ever gotten this many missed payments wiped from your records?
Submitted February 03, 2017 at 11:30AM by InuitOverIt http://ift.tt/2kpGBs0
