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Subject:  Re: Mismanaged Student Loan Date:  3/17/2013  7:40 PM
Author:  Dhiana Number:  306849 of 312189

The Next Chapter - Received the written line by line accounting of what Mohela has done since March 2012 with my Student Loan which was consolidated with the Dept of Education almost 10 years ago.

My consolidated loan is subdivided into 4 different loans labeled Sequence One, Sequence Two, etc. This wasn't a problem for 9 years and each sequence received a bit of the single payment as per Standard Repayment Plan with the DOE.

Mohela decided to "Resequence" my loans. So they have chosen to Electronically withdraw the amount due for Loan Sequence Three and Four but completely stopped for Loan Sequence One.
Loan Seq Two's required payment withdrawal amount was stopped in November.
What a mess.
The only information I could find regarding financial resequenceing is about banks resequenceing checks to maximize insufficient fund fees.

This resequenceing of my DOE consolidated loan really shows how far this scummy servicer will go to maximize interest payments and fees.

I had less than a year to go to pay off my loan at the contracted Standard Payment Plan. The DoE website specifically states, "Monthly payments..a fixed amount of at least $50 each month and made for up to 10 years."

Their request for a payment outside of the Electronic withdrawal contract is also a violation:
"Direct Consolidation Loan
A federal loan made by the U.S. Department of Education that allows you to combine one or more federal student loans into one new loan. As a result of consolidation, you will only have to make one monthly payment on your federal loans and the amount of time you have to repay your loan will be extended."

Progress. Ugly. But progress nonetheless.

Will be working on my response to Mohela this afternoon. I would like to make an offer to pay the loan off with the written condition that no additional interest, no additional fees will be attached and absolutely no negative information will be sent regarding any of these loans to any of the credit reporting agencies.

Wish me luck :)
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