Help, is this a student loan

[drowningindebt1]

http://www.upromise.com/6006.do

[dingdong]

I believe YouPromise acts more like a savings account/rewards program. If you buy certain products and use certain services they pay you small dividends ( cash) and put in an account. If you start very early, say when your child is a baby, you actually have a chance of saving a bit of money that you can use for college.

You can even use it at the grocery store on certain products and get kind of a "cash back" bonus that they put in an account, which I believe is a 529 account.

Not a student loan, though.

[drowningindebt1]

Thank you GOD!!! I have a large loan with them, $800 month/ I am hoping to discharge through bk

[jribe]

Thank you GOD!!! I have a large loan with them, $800 month/ I am hoping to discharge through bk

what was the loan for? $800 a month is a large payment. Do you have any more info besides the website? Why/When did you get the "loan".

[dingdong]

HI,

I don't really understand how you get a loan through UPromise, did you borrow against the 529?

I know that you can use funds in the Upromise account to pay for Sallie Mae loans.

You will have to check your loan docs before you are sure, as I am not an expert on Upromise.

Don't rely on my info. You have to check and see what kind of loan you had from them and how the money was used before you go forward.

[dingdong]

I just found this in their terms and conditions, are you sure you have a loan through them?

UPROMISE IS NOT A MORTGAGE BROKER OR LENDER
Upromise is not a mortgage broker or lender, and does not solicit, offer, place, find, endorse, arrange, recommend, negotiate, originate, process, or assist anyone in obtaining any mortgage loan products. Upromise is not an agent for any lender or for any person seeking a loan.

DISCLAIMERS AND INDEMNITY

[dingdong]

Hate to be blunt, but this isn't affiliate phishing is it?

[drowningindebt1]

I have a loan with Bank of America, they sent me something saying they will contribute $20 towards any college and that it is for non-student purchases (what ever that means), well, we got into financial trouble, ending up borrowing $40,000 about 7 months ago. Both lost our jobs, we used it to pay some small loans and the rest we basically lived off of. My husband did get a job but we are just in way over our heads here. I went online to get some statements and realized it said UPromise Gold Loan, and I freaked out thinking it may be a student loan. I do have a private school loan with Chase, but I am hoping that this isn't one as well.

[DaisysMom]

It looks like a credit account that gives rewards for purchases. Like some credit cards give cash back. Only these rewards go to a special savings account that can only be used for educational purposes. Otherwise it is a typical BoA credit account with all of the negatives as a regular account of theirs. It says in the terms that they can raise your interest rate at their discretion (YUK!!) and if you miss a payment your interest rate will skyrocket.

Just the type of account that needs to be BK'd. I think some of these cc companies are getting away with legal robbery.

D...

[dingdong]

That sounds like a BofA loan which gives you a little bonus to your Upromise account. I am pretty sure UPromise doesn't make any type of loan, just a rewards program. You should be ok BK ing it.