NCO Financial Systems Informative - Defaulted Student Loans - Rehabilitation
NCO is now defined by my handle ... NewCrimeOutfit.
Just as my wife and I were first meeting, certain personal things occurred that led to the unfortunate delinquency and subsequently default of her student loans. As things began to settle down, we both began trying to get the loans back into active/current status, only to get the runaround from the original lender and guarantor leading to a world of acronyms for programs and worse: collection agencies such as DCS and NCO.
That was 7 years ago and I am almost ready to give up on trying to find any reasonable solution for repayment of these defaulted student loans.
After opening communications again with Great Lakes Higher Education Guaranty Corporation, I find myself being forced by GLHEC back into the choking hands of NCO Financial (a/k/a group, services, etc.)
For the second time now they have done on AWG on my wife for her as yet unfinished degree. She is in a debtors' prison, unable to obtain her academic records to see how she might continue school and cannot even enroll because of the huge black ball of shame attached to a noose around our necks.
Fortunately, my wife's employer has volunteered to HOLD the AWG payment checks at corporate office until a reasonable repayment agreement (that we have requested) is offered to us.
I openly asked reps of both GLHEC and NCO the other day if it is the God's honest truth that the ONLY way to get into the "Balance Sensitive Loan Rehabiliation Program" is through NCO. They both affirmed "YES".
That doesn't ring true to me.
WHY is the government still directly or indirectly contracting with this outfit already fined $1.5-million by the FTC and under scrutiny of many State Attorneys General?
How many of you here know of NCO being "kin" to OSI and offspring of SST -- all previously placed in the safety net of none other than JPMorgan Chase?!
I am communicating with attornies to see if I have been lied to by GLHEC and NCO ... and I will post here if there is any genuine path for people who want to get back on track under the Federal Loan Rehabilitation Program.
I am also contacting various elected officials, including a State Rep, U.S. Rep, U.S. Senator and especially Attorney General of Florida, Bill McCollum.
If there are other student loan defaulted borrowers from Florida that see this, please post comments below. We need to make sure that this company is dealt with by an AG that does NOT tolerate abusive, deceptive or misleading practices by any business, especially collection agencies and moreso -- one outside of this State!
Here is the Florida AG website: http://myfloridalegal.com/
Select "Consumer Protection" from the left side menu and then click on "File A Complaint"
Keep a look out for more info here soon.
All consumer input welcome!