Van Ru Credit Corporation / Makes it impossible to get ahead of debt
When I found out that my $4K tax refund was intercepted due to my school loan being in default I immediately contacted Sally Mae to find out what I needed to do to get on top of this. I was told that my loan was now being handled by Texas Guarantee Student Loan who told me that they sent the debt to Van Ru. I contacted Van Ru and the rep that I spoke to, Nadia T., informed me my new balance and also let me know that I had been approved for $80 per month payments and that I could make arrangements to have this payment deducted from my bank account each month. I told her that I would call her back when I had time to look at my budget to see which day of the month would be the best time for the payment to go through.
One week later I called back to have the payments set up. I was helped by a new agent by the name of Hope. I explained to Hope that I wanted to make $150 payments each month, but I wanted to specify that the overage I would be paying would be applied to my principal. Hope informed me that they could not do that and that the majority of the money I paid would be applied to my interest and a small amount would be applied to my principal. I told her that if that was the case, I would just make the $80 payment each month. She then tells me that Vn Ru will need over $500 as deposit before they can begin processing the $80 payments. I informed her that Van Ru just took $4K from me under a month ago and that because of that, I did not have $500 to give them and I further explained that I thought it was ridiculous that I was calling to try to arrange payments to them and they were refusing to take my money. She told me that the only way to get on a "repayment" plan was to pay the deposit. I asked her if I mailed them a check for $100 each month were they going to refuse it. She stated that the would accept it, but my loan would still be considered in default and my ssn would still have a lien on it. She also said that my balance was collecting interest on a daily rate and this would not be in my best interest. I asked her if getting on the "repayment" plan would keep the interest from accruing and she said that it would not. So I asked her why was she trying to make it appear that if I paid them a $500 deposit that I would be helping myself when in actuality, being on a "repayment" plan would benefit no one but me. The more I questioned her, the more attitude she displayed and she eventually began to speak over me and cut me off before I could finish. She then said "You either want to get on a repayment plan or you don't, so which is it" I told her that since I did not have an additional $500 to give them after just giving them $4k, that I guess Van Ru was leaving me with no options to do anything other than mail them a payment each month and not get on the "repayment" plan.
Obviously they do not want to make it easy to pay your debt because they want your accout to collect as much interest as possible. They make it impossible to pay it off and they know this. I guess I will need to take out a small loan from my bank to pay this off so that I don't get eaten alive with interest. Certainly there is something that can be done to stop this. It's not like I just decided one morning I was going to stop paying my loan. When you're struggling and you have to decide between paying the electricity bill or paying your student loan payment, logic has to come in to play...
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