NCO Financial and Student Loans

by Glenda
(Illinois)

NCO has been contacting me for the past several years and have been collecting my tax refunds for th Dept. of Ed. I called Dept. of Education in April/May 2010 to see if I could start voluntarily making payments. I was given the number to 3 different offices. All told me they had no record of my student loan debt and that I was no longer in their current database or archives.

NCO is planning to take my taxes this year. How can I stop them. My loan is over 25 years old and they have collected almost $20,000 on $5,000 loan.

Comments for NCO Financial and Student Loans

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Jun 11, 2015
student loan collector with 15 yrs exp.
by: Anonymous

The way student loan collections work is simply like this; There is no statute of limitations on federally defaulted student loans.
if you have any questions feel free to call the US Department of Education.

There are different programs available, most go by your income and can be easily set up by a simple phone call. (again if in doubt call the USDOE)
The DOE, the IRS, and the treasury dept. are the ones offsetting your taxes.

They can also offset your social security and garnish your wages. Your best bet as a "borrower" would be to make the call to the department of ed and they will confirm all that has been stated in this comment.
the new rehab programs come with a lot of benefits that are given to you by the usdoe not by their collection agencies. Keep in mind if your income is higher than what you stated when you gave your financial disclosure than the payment will increase and the other payments that were made simply go towards the balance that YOU owe and you will be required to restart the program.
BOTTOM LINE IS IF YOU DON'T PAY THEY WILL TAKE IT!! YOU AGREED TO IT ON YOUR ORIGINAL CONTRACT!
GOOD LUCK!!

Oct 14, 2013
My loan was 21 years ago and the school went out of buesness
by: Abbie

NCO had me fill paperwork for a loan of $9500 that now is $28,900 this is crazy. I graduated in 92 went back to update my computer programs and the school was closed.

Reply from DebtCollectionAnswers.com:

It is possible that debt is outside the statute of limitations (if it is a private loan.) We would really encourage you to talk with TheStudentLoanLawyer.com to find out if what they are doing is legal.

Oct 14, 2013
My loan was 21 years ago and the school went out of buesness
by: Abbie

NCO had me fill paperwork for a loan of $9500 that now is $28.900 this is crazzy. I graduated in 92 went back to update my computer programs and the school was closed.

May 15, 2013
Bait and Switch tactics
by: Anonymous

Last year, we had, in writing an agreement to pay student loan debt to NCO. In that agreement, we lived up to our end of the agreement. For a year, we paid almost $900 a month to help get in to a recovery program, that probably doesn't exist, but today, after we called them to make arrangements, someone at NCO told us that the amount we had been paying wasn't good enough...Not good enough??? Really? This is what THEY proposed...so they lure us in, only to later on, change the terms without our consent. They claim that they didn't have any contact information for us...but yet, when they threatened to garnish our wages, they had every phone number for us and all of our family members...but they magically lost our contact information? If you don't have it, mail a letter!!! If they are trying to get us to pay more money after we agreed to a proposal put together by THEM, can we sue them for breach of contract and harassment?

Reply from DebtCollectionAnswers.com:

Please do talk with a consumer law attorney to find out whether those actions may be illegal. You can call 888-747-6242 to get a free consultation with a consumer law attorney.

Nov 06, 2011
Get help
by: Anonymous

Run, don't walk, to a consumer law attorney. This is just incredible.

I should note that I just read another story on this site where NCO misrepresented itself as the Dept of Education. http://www.debtcollectionanswers.com/nco-claiming-to-be-the-department-of-education.html

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