Tuesday, December 22, 2009

Why don't I just pay everybody I can think of?

Like many of my cohorts, I have student loans. Recently, I got a letter in the mail from the original servicer of two of my three loans. This letter said that they had sold my loans to a bank I've never heard of, and that XYZ bank would now be servicing the loans, and I should send all payments to them.

Now, I understand that this type of sale is not terribly unusual in the loan/mortgage/banking industry. (Isn't this part of what got us into the economic mess we're in in the first place, though?) Anywho, when I read the letter, I just had an overwhelming sense of ickiness, to quote Cher. It was like they were saying, "okay, we've gotten our money out of you, now we're going to sell you to someone else, and they'll take their cut, and they'll sell you to someone else in a year...." You get the picture, and it's not a pretty one.

Don't get me wrong, I know this is how these companies make money, and I suppose they're entitled, but it just seemed...wrong, somehow. Know what I mean?

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