I signed up with Debtpro123 in June 2010 to settle my student loans. I owe about $100,000 in private loans. The monthly payments were huge but they were supposed to settle my loans in the Phase 2. The end of April is my last payment but my loans have not been settled. They are in collections and I don’t believe Debtpro has contacted them at all. I have emailed and called Debtpro to get the statuses on my accounts. The only response I got was from Brian Taylor asking me to give him my last name so that he can access my account. I thought this was quite strange but I replied back with the answer. After that I have not heard back from them. I have called them and after being on hold for about 5 minutes the answer machine comes on and asks to leave a message and call back during business hours. I have left a message but I have also emailed them numerous times with no reply. I received a letter from the collection agency Sallie Mae sent my loa ns to, to call and try to settle. I mailed a copy to debtpro. The only thing is that I do not have any lump sum because I have given it to Debtpro to do for me.
I still have one more payment being taken out from my account on the 25th. My question is what do I do?? I’m so confused, upset, and embarrassed that I signed up with this company that most likely is scamming me. Should I cancel that last payment and try and go about the refund process that you provide?? I’m so lost. Please help!! And preferably before the 25th so that I can start calling my bank to stop the transaction if that is the route I need to go.
Thanks so much!!”
Frankly, I think you’ve been had unless there is some magical solution that appears from them that your private student loans have been settled in full. I’m not holding my breath though.
Private student loans are among the hardest debts to deal with. The student loan lenders have no incentive to settle for small or affordable monthly payments since they carry all the power, including the ability to garnish your wages without going to court.
How much money did you pay for this?
I’d pick up the phone and call DebtPro123 and ask them for a status update and accounting of what has been done on your account. If nothing has been done and no agreement has been reached then I’d let them know you plan to move ahead with the refund process I wrote, here.
Let them know you either want your money back or deliver the services they promised you. If they start to pull some “no refund” crap, let me know right away and get the name of the person that tells you that.
Please post your responses and follow-up messages to me on this in the comments section below.DebtPro123 Said They Could Settle My Private Student Loans and Hasn't by Steve Rhode