Now into my last year of graduate school I have several loans with Access Group. The first year I received a very high rate (12.75%). Initially I did not question it. However, last year I realized that a previous creditor mistakenly sent an account to collection in between the time I checked my credit (in July) and applied for credit (in August). I have since cleared the collection from my credit, but Access says that won't reassess old loans. My subsequent loans are much lower in interest and I firmly believe that I received such a high rate because of the erroneous collection. I am accruing a considerable amount of interest due to a mistake by a creditor. What can/should I do?
2007-10-26 15:54:16 · 2 answers · asked by Anonymous in Business & Finance ➔ Credit
wowzee, that is a RIDICULOUS interest rate! Tell them you're gonna change lenders and "refinance" your student loans if they don't get it to 8% or less. Give them 2 weeks, and if not... bail on them.
2007-10-26 15:57:32 · answer #1 · answered by Sugar Pie 7 · 0⤊ 0⤋
ask them if you can "REFINANCE" the higher rate loan at current rates. If they say no, advise them you intend to seek another creditor for that and all loans if they will not work with you. If they still don't budge, check out other lenders at least for the high rate loan.
2007-10-26 15:58:46 · answer #2 · answered by Mike 7 · 0⤊ 0⤋