Student Loans
Date: Fri, 01/29/2010 - 04:20
Student Loans
Okay, I hired an attorney that advertised resolution of student loans. I paid a $500 retainer and agreed to pay 10% of my student loan debt in the event that he resolved the debt.
He worked on the file for 60 days (the only variable is the fact that it was during Nov-Dec and during this time weird things happen with debt because the creditors, debt collectors, and credit reporting agencies are all on dope from the holidays and they let stuff slip by.)
Anyway, he discovered that the promissory notes evidencing the debt had been intentionally shredded by the university when the Notes were securitized and sold to investors on the bond market.
The Trust is the SLM Private Education Loan Trust. The lawyer told me that under the UCC 3-604, my payment obligation was discharged when the school intentionally destroyed the note.
Wait, it gets better. The lawyer sent the U.S. Department of Education a demand letter and a repudiation letter citing the UCC and some case law where people sued the US DOE and won damage awards.
The sent the letter discharging the student loan. I told the attorney that ethically I wanted to execute a new one but on my terms. I offered the US DOE 15% with a payment plan. So, for 25% of the debt my credit is good and i am paying back the student loan at a discount.
Is this a fluke or has anyone else had a similar experience?
He worked on the file for 60 days (the only variable is the fact that it was during Nov-Dec and during this time weird things happen with debt because the creditors, debt collectors, and credit reporting agencies are all on dope from the holidays and they let stuff slip by.)
Anyway, he discovered that the promissory notes evidencing the debt had been intentionally shredded by the university when the Notes were securitized and sold to investors on the bond market.
The Trust is the SLM Private Education Loan Trust. The lawyer told me that under the UCC 3-604, my payment obligation was discharged when the school intentionally destroyed the note.
Wait, it gets better. The lawyer sent the U.S. Department of Education a demand letter and a repudiation letter citing the UCC and some case law where people sued the US DOE and won damage awards.
The sent the letter discharging the student loan. I told the attorney that ethically I wanted to execute a new one but on my terms. I offered the US DOE 15% with a payment plan. So, for 25% of the debt my credit is good and i am paying back the student loan at a discount.
Is this a fluke or has anyone else had a similar experience?
Dont quite buy it.....A...the school would have to send the note
Dont quite buy it.....A...the school would have to send the notes to Sallie Mae since they are the lender. The loan would not have even been processed without Sallie Mae receiving the paperwork. B...school keeps a copy, Sallie Mae get the main copies of the notes so there is a huge paper trail.
Many a time I saw students held responsible for their student loans even when the prom notes were destroyed.
I'd like to know who he is, too. Something just doesn't ring tru
I'd like to know who he is, too. Something just doesn't ring true, and I'd like to do a little digging.
