Due to hardship, I went into delinquent status on a student loan account in 2009 with Lincoln technical university and it went into charge off. I set up a payment plan with the school
earlier this year after numerous calls, and the school has its own collection
department(LTI accounts receivable). Even though I have made every payment on time since starting the payment plan, they are reporting
a recent late payment on my credit
report every month. This has caused me to be denied for various credit and is causing further hardship. I also set up the payment plan for 80 payments of $150/mo. But when I went to the school, their records show that only $1 of the monthly payments I have been making is actually going toward the balance of approx $11,000 including interest
over the last few years. So there is no way I'm going to be done laying in 80 months with that structure. Meanwhile, I am making payments every month, and they are still reporting it late every month, keeping my credit down and turning away any potential lenders, keeping me from getting into a home, etc.. I spoke with an accounts receivable Rep, who goes only by "Mr. Dennon", and tried to ask if they could not continue to report late because I was paying on time currently. I was basically told NO forget about it! How is this possible, or even legal?(if so). Is there any recourse I can take so that this doesn't continue to cause hardship for me? I understand I went delinquent, my fault. But I have currently been paying as agreed for almost a year now, and it seems very unfair for them to intentionally continue causing me hardship with these practices. Please help!!!