This week, many our our clients received letters from AES stating that they do not have to begin making any payments to AES. This is a 100% reversal of the position taken by AES in late March when it issued payments demands to most of its SSH student borrowers. Here is an exact quote of one of these new letters from AES:
"On March 25, 2008, we sent you a letter regarding your outstanding loan and your repayment schedule. Please disregard that letter. It was sent to you in error.
We are in the process of reviewing the current situation and options, and, until you receive further information from us, your outstanding loan will be treated as it it is still in the grace period. During that time, interest on your outstanding loand will accrue, but you will not be required to make any payments.
If you have any other concerns please contact at the address or telephone number shown above. Our office hours are Monday though Friday 7:30 A.M. to 9:00 P.M., Eastern Time
American Education Services"
Who or what is responsible for this 100% change in AES' position? When AES says that it is "reviewing the current situation and options," does that include the fact that we now represent 999 former SSH students and have unequivocally proclaimed our intent to sue AES to void these bad loans? Gail and Georgeann believe that we are what caused AES' change of position. I can only say that we welcome AES's change of position. Our advice not to make payments on these loans while they are in dispute is now easier for everyone to take.
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Information about major bankruptcy cases that I am handling and important developments in bankruptcy law.
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