I cosigned a private school loan for someone, and upon being due she defaulted and I have been paying the payment now for about 1 1/2 years each month to the prior loan servicer AES.
She never paid a payment, and has recently filed Chapter 13, and when I went into the AES site to make this month’s payment the loan was “zeroed” out.
I called AES and they told me that in a situation where the borrower goes Chapter 13, the loan gets returned to the originator, and they informed me that it is TERI. They also said that “NCO” was handling the loan, but I called them and they had no record of either mine or Dvorak’s SS numbers for any loan. TERI’s email and phone number on their website are bad.
I have been paying this loan every month to safeguard my 815 credit rating. I want to keep making payments, but I do not know where or to whom I should send payment.
Since the borrower has gone Chapter 13, I fear that the new loan handler will not contact me as indicated by law, and I will ultimately “miss” payments and endure a negative credit report.
Since it is a private loan there is no national database like there is for federal loans. The best bet is to pull a consolidated credit report and see who is reporting the loan. If the loan was recently moved it might not be updated but that will at least be your best shot at tracking it down.
Additionally, you could call AES back and ask them for the TERI contact information they use.
What’s interesting is that if the loan holder filed a chapter 13 bankruptcy the student loan would have to be listed as part of their debts and the court might have included that as part of their payment plan.
We obviously need to find the servicer now and solve the mystery.
Please post your responses and follow-up messages to me on this in the comments section below.
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