ignyc
Ok, here's the deal. I have 5 loans from the federal government. 4 of them are stafford loans that are in fine standing (they were rehabed at some point but that is irrelevant now). I also have a Perkins loan through my school. The perkins loan is defaulted and has been since 7/2001. In fact I have never made a payment on it. Sometime last August (2008) I decided to finally try to do something about the Perkins. I applied to have all 5 of these loans consolidated with Federal Direct Consolidation Loans. The five stafford loans were processed immidiately but the Perkins still hasn't gone through (it's been 6 months now). I have called Direct Consolidation Loans numerous times without any success. I have called the school but they refer me to the loan servicing company (ACS). Direct Loans says they need an LVC (loan verification certificate) in order to process the loan. My representative at ACS claims that she sent out twice now, but when I call direct loans they say they haven't received it (one time someone there said that they received it but the amount came back as zero?? ). In the meantime the other four loans have been consolidated. I have since filled out an add on form at direct loans.
Now a couple of days ago I went ahead and checked my credit report. The Perkins loan is no longer on any of the three credit bureaus!? It has been over seven years since it went into default.
So here is the question. Can anyone shed some light on what's going on here? Should I cancel my add on applications and forget about this debt?
Now a couple of days ago I went ahead and checked my credit report. The Perkins loan is no longer on any of the three credit bureaus!? It has been over seven years since it went into default.
So here is the question. Can anyone shed some light on what's going on here? Should I cancel my add on applications and forget about this debt?