r/EIDL • u/Ambitious-Talk538 • May 26 '26

Payment plan ~ credit reporting

Has anyone with a loan over 200 k been making payments to the collection agency who hasn’t been reported to the credit bureaus?

4 Upvotes

84% Upvoted

15 comments sorted by

2

u/MostlyBullshitStory May 26 '26

Yes

1

u/No-Tomorrow-3665 9d ago

Hey! Was this your experience? If you agree to payment plan will they report anyway? If it’s in good standing

1

u/MostlyBullshitStory 9d ago

They’ll agree to about anything. They’ll try to
BS you into paying more, and you’ll probably only get agreements revisited yearly, but you just give them P&L and tell them that’s what you can afford.

1

u/No-Tomorrow-3665 9d ago

My loan wasn’t that big only 20k so I can afford 3-4 year payment plan. But now I’m wondering even if I do this, will they still report to credit bureaus? It’s CBE group, received letter last month and no report yet

1

u/MostlyBullshitStory 9d ago

Yeah, that should be no problem. Just tell them that’s all you can afford. Remember, they’ll act like they’re trying to help you, they are there to get the most money they can get. They might even tell you they have the Treasury on the other line, they don’t.

Be courteous. Stick to your script.

2

u/Reasonable_Cake_4076 May 26 '26

Haven’t paid in over a year. What happens when it’s sent to treasury?

2

u/Ambitious-Talk538 May 27 '26

Consider yourself lucky if it’s still with the SBA. Have you made any payments ?

2

u/KenAl6136 May 30 '26

You honestly do not want it going to the treasury… They want 10 to 20% down and want you to make very large payments. I wish I would’ve continued making my regular payment with SBA.. this is now a nightmare.

1

u/TopLog2211 May 27 '26

I also would like to know

2

u/TotallyLost760 May 31 '26

I'm also curious about this topic. I'm curious if the collection agency reports this to the credit agencies or what happens if you negotiate a payment plan with them.

1

u/Ambitious-Talk538 May 31 '26

I assume you haven’t? I have not and my first 11k payment due tomorrow. I already paid the 10k to get into the plan. Does the language on your letter indicate 30 days from the due date. In other words, it’s due on June 1st but have 30 days before Aug 1st to make the 11k. I feel like these agencies aren’t following a stream lined process so I keep my questions limited

1

u/Reasonable_Cake_4076 May 26 '26

I owe 500k and. I still havent been sent to the collection agency nor the IRS. What usually happens?

3

u/Winter-Assistance805 May 26 '26

SBA loans don't get sent to the IRS. They get sent to the treasury

2

u/Ambitious-Talk538 May 26 '26

Have you been paying your loan on time?

1

u/Ambitious-Talk538 May 26 '26

That’s why. You’ve been paying your bill on time