I think the last person who should be blamed is DH. He literally helped me save my family. The guy has the biggest heart of anyone I know.
He still checks in with me to make sure I'm taking care of my family. If there is someone else like him at this company I haven't met him or her.
Zenith was a major gamble but it was done for all the right reasons. He said from day 1 that he wanted to help people. I'm proud to know him. I miss him.
Once someone with a business mentality figured out it would save hundreds of billions of dollars to drop these collection companies and attach the defaulted borrower's wages and income tax return companies like ECMC are history. This is a win for the American tax payers and the students.
Zenith may not have worked out very well, but we got a lot of loans to collect on from our friends at departnent of education. I still think people need to pay back there loans but spending a career hounding people for money they don't have gets really old. I am proud of us for trying something mewnt to help people. Sometimes it just doesn't work out.
DH was a total A-hole. He talked a good talk but as soon as things got a little messy he jumped ship. His waste of hundreds of millions of dollars on Zenith Education was his down fall. He ruined hundreds of lives with that experiment.
I think the Premiere contract is in trouble to. The courts will have to settle it.
What is status with ECMC's subsidiary collections company, Premiere Credit? Will all the loans just flow over to them?
It is definitely time for this. I feel bad for my job and for my friends here but this gravy train has been going for a long time. It's time to move on.
The talk is of doing away with all the outside collection companies. After doing a study on waste and fraud of tax payer funds at the Department of Education it was determined that using independent companies like ECMC was costing the tax payers $38 for every $1 these companies recovered. President Trump feels this is not in the interest of the American tax payer and it would be more cost effective to have the IRS garnish the wages and income tax returns of those in default. The new administration is also looking into abolishing the student loan forgiveness policies of the Obama years. All these changes will impact companies that prey on student loan defaults to make billions from the American tax payers. It looks like someone is finally going to put a stop to the gigantic waste of tax money that's been happening for decades.
I think it's a safe bet that we won't be getting anymore GA portfolios, but I can't imagine Betsy taking our current default portfolio. Right? That would be really really bad.
Betsy Devos is about to take the money tree away from ECMC and companies like it.
Cool note about Dave. He is one of a kind. We took him for granted.
On the other hand what is going on here. Communication is not good. My manager says the executives don't like each other and are arguing over what the company should be doing.
I agree that the company has changed a lot. I still appreciate employment, but the culture of the org is far from what it was like while DH was here. I think I took him for granted. He cared about people. He called me by my name. He sent me a birthday card. He called me when my mother was sick. He heard that my son got into trouble and called me to see if there was anything he could do to help.
Now he's helping struggling people every day while we whine about little stuff. I miss him but I'm so proud of him. No one here holds a candle to him. Not even close.
The decline will take decades