I co-signed on my daughters student loan; the loan was sold but I continued to pay the original lender. Now I.n past due with the new loan holder. Can this money be transferred to the new loan holder?
I co-signed on my daughters AES student loan and have been paying on time as agreed upon. In September I received a call from Wells Fargo advising the payment for the student loan was 7 days late; I apologizes and made the payment on the spot. I never thought twice about the call from wells Fargo; as I’ve been under a tremendous amount of stress. The following month I paid AES as I normal. Yesterday I received a call from Wells Fargo advising me that I was two months past due. I never realized the loan was sold; so I continued to pay AES. I paid both AES and Wells Fargo in September. Times are really difficult right now and I try to meet my financial obligations; can I have the money I paid AES after the sale of my loan transferred to Wells Fargo? Thanks in advance for your help.
The lender that sold the loan cannot benefit from ill gotten gains and should have transferred the payments to the new lender or refunded them to you.
It would benefit you to contact Wells Fargo and explain the situation to them. Just remember they are under no obligation to fix this problem for you but if you can get them to understand what is going on maybe they can give you some additional time to get your money back.
Next, call AES and ask for an immediate refund of payments paid to them after the date the loan was sold. Give them a few days to make the refund and if they don’t make it or say they can’t make it, then send them a certified, return receipt requested, letter through Post Office and state your case in writing, provide as much evidence as you can, and give them a week to refund the money.
This will give you a paper trail to show you attempted to get your money back and gave them a chance to fix the mistake.
If they don’t fix the mistake within the new deadline then consider suing them in your local smalls claims court or contact a local attorney for legal assistance.
In the meantime, let’s just hope Wells Fargo is willing to wait.