We were approved for a repayment plan in November 2008 and the repayment plan is for 4 months which is due to expire April 2009 and making our first payment due in May which will include the unpaid amount's that were not paid during the 4 months.
We have two loans with
CW. We were able to decrease our 1st loan from $2700 a month to $2300 and the second loan we managed to modify to a much affordable amount.
My question to anyone and everyone who visits this forum is whether or not anyone has had any luck with getting their loan modified permanently after going through a repayment plan for a set amount of time. How difficult was it to get it modified?
When we initially set out to request assistance from
CW in August of 2008 we also got the run around and we also spoke to someone different and each person also gave us a different response to the same questions we asked them. After going through all that I came across this forum which provided several e-mail addresses to write to and forward the hardship letter which I did and within a week I had a call from the Office of the President informing us that our loan doc's were being sent to our negotiator and they would be calling us within a few days. She also provided me with the negotiator's contact information and I made the initial call to find out our status. Needless to say that negotiator didn't last, we have been given at least 5 different negotiators during this whole time. We managed to work out the rate and payment on the second loan which was alot of going back and forth negotiating the terms of the loan. So now we're almost at the end of our 4 month repayment plan on our 1st loan and I would like any advice or input anyone may have as to what steps we need to take to avoid being turned down for a permanent modification.
We would definitely not be able to pay back what we couldn't pay during the 4 months....it's over $10,000!
Any advice anyone can offer would be great. Thank you all, this is a great forum!