Matthew Leffler (kymatt19) wrote,
Matthew Leffler
kymatt19

NCO Financial fromerly OSI

break from my miniseries of exes......

A suggestion for those dealing with NCO Financial or OSI

hoping that google will find these and pull them up under two keywords:  NCO Financial fromerly OSI  this organization is a collection agent for student loans.  Great Lakes Financial is a private organization I consolidated my student loans with ($24,000) they apparently sold the debt to Citibank and now only service the loan but have since contracted out to NCO Financial formerly OSI to handle the loan.  Anyhow I was going back to school this fall but out of inaction on my part I ended up with this company charging my 3.8% interest compounded daily.  Daily.  NOT annually ... daily.  I've since paid them 640 dollars and am now sending them another 254 dollars today all in the past two months.  You'd think that paying nearly a thousand dollars would get me back into the nice category but not for another 8 months.  They came up with the low low payment of 254 tailored for me....that isn't low.  It boarders on pushing a borrower into default and is pushing off my ability to go back and finish the degree at WKU where I began the debt.  Anyhow...they never really mentioned this better option...(in fact the first person I talked to was extremely rude and from the moment she answered the phone.)  

http://loanconsolidation.ed.gov/ it appears the federal government allows for consolidation of privately held student loans into their direct loan service.  You end up oweing the government and not a company.  I really think the governement is probably a better entity to work with...plus rather than paying OSI or NCO thousands of dollars on a 3.8% daily interest I can move my debt to them get my credit looking better pay a fraction of the payment I am being asked by NCO / OSI and get back to school.  William D Ford is the program name.  

So to anyone dealing with a private loan and a situation like I am talking about ... check out the Direct Loan system and kick OSI / NCO.

The other thing hoe mortgage companies....you people here how this lady killed herself and her suicide note was faxed to her lender??   I wonder if PHH Mortgage is going to add this to their customer testimonials that they have on their homepage?  Sadly they are a "private label mortgage outsourcing" organization.  I really think that we need to get back to when lenders were the servicers and not able to sell your debt to another company.

Each of these examples demonstrates a climate where say ... I loan you 100 bucks and then sell your loan for 90 to someone else but you keep paying me (this also allows me to repeat the process again and loan the same 100 to someone else) ... you pay me my 10 that i am still out and then I get a servicing fee from there and so I really don't have any reason to work with you from this point.  It pushes lenders to make bad loans that they know will fail ( ARM ) because they know they'll get there money from selling the debt and still make a profit.  I would have no incentive to really help any borrower out.  And who gets hit with the end default???  The people who are getting hit with it now.  Borrowers lose there homes because I don't care anymore and the big banks who are buying the mortgages (IndyMac, National City) lose too ... but there so big that the federal government will step in and the FDIC will bail them out thus transfering the bad debt and the costs back to us ... the borrowers.

What a racket.  End idea here ... I'd get your loan from the big bank first.  Not a servicer who is so small they need the "liquidity" provided by big banks buying their loans to be able to continue to make loans.  Be weary of borrowing from some smaller organization.  In my case if I had originally borrowed from Citibank I bet they'd be more interested in working with me.  Best yet ... borrow from the government.  I know I sound like a socialist ... but this is an example of poor regulation and bad free market greed.  AND it didnt used to be like this, used to be that you went to your neighborhood bank and borrowed from it and dealt with them.  OH THE GOOD OLE'DAYS.



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