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jls16845

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jls16845 last won the day on December 1 2009

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  1. Lynn, You are wrong.........The SOL clock starts from the DOLA.... not when it goes in default. I proved it in court........where is yours. This attorney for Wells-Fargo knew what he was doing but there was nothing he could do. I used the date of last payment in court and the judge agreed. How did you come up with " When Loan goes into Default "
  2. I'm having the same problem with my Wal-mart Card. I guess that's the new trick that Credit Cards are using now......Letting Consumers run up their credit cards then raising APR on them. I also want to close this account before Nov but not sure how it will affect my Score. Barclays Bank did the same thing to me 3mos ago. Raised my rate from 8.9% to 15.9% but only after I made charges on account. I'm to the point where I don't want any of them.......I'll pay cash or do without. They know you will accept or it will hurt your Credit Score. I'ld like to see the SOB all go out of Business.
  3. Private Student Loans have a SOL of 4 yrs from date of last payment here in PA and also must come off your Credit Report after 7 yrs of Date of last activity. Wells-Fargo took me to court for 2 private Student loans that I had not made a payment on since 6-2001 that I owed them a total of over $24,000 on. In court I brought up the SOL defense and the judge asked the attorney for wells Fargo the date of last payment I had made on these accounts, Well guess what, He didn't have it..... But I did. Judge ruled in my favor Debts out of SOL.......I owed them nothing. So the lesson here is...Keep all your paperwork, Don't believe anyone that's tells you Private Student Loans don't have a SOL because they do. I'm living proof of that ( the sol would depend on what state you signed the loan papers in, most states are 4 yrs ) and if after the sol has expired and your are sued make sure you show up at the hearing to contest the suite and if it's out of sol the judge has to rule in your favor, that's the law. It saved me over $24,000 I had no attorney... just myself...and all I said was these 2 loans are out of the SOL of 4yrs here in PA, your honor. I had a lot of people tell me that there was no SOL on Private Student Loans, Wells Fargo, Attorneys, People on the internet but the judge here in Central PA told me there was and he was the only one that mattered. That was over a year ago..... have not heard from wells Fargo since.... would love to....they would be in defiance of a court order and these 2 loans are no longer listed on any of my credit reports either
  4. Some are,Some aren't You need to contact your lender and ask for any paperwork you can get on the loan, loans. Once you have this paperwork it should be gone over thoroughly by an attorney that is experienced with consumer law, Student Loans, Bankruptcy Laws. This is when it pays to spend a few bucks on an attorney because DO NOT believe everything your lender will tell you, They want you to pay 3-Times what you borrowed, Back. Collections agency's are by far the worse of the pack, They will say anything to you just to get you to pay. Not one Bill Collector would ever pass a lie detector test, All they want is your money also. Like the article I posted said, " If the truth was told, They wouldn't get their big fat commission. And that's the problem with sites like this, Bill collectors come into these sites hiding as Good Samaritans, giving out information that they know full well is not true but what they are really trying to do is fatten up their or one of their co-workers paychecks by telling people on these sites, There's no way you will ever get out of paying a Student Loan, they like to scare people. Well some of that is true and some of that is not true but they don't want you to know the part that's not true because they look at it as doing a service to their chosen line of work. In other words, They would make good Wal-Mart employee and believe me I see them on this site. They know who they are. So here it is in a nut shell, When you post something on a site like this, " What did it cost you? Nothing so what you get in return is going to be worth? Nothing it's just one person option on your question and I don't think I would want to rely on any information I received on this site. If someone answers a question for you, ask them, How they came up with that answer, How you can research their answer to find out if that's really what the law states or is this just this person's opinion or hearsay. Show me prove Prove your answer to me I don't want to hear about something you heard at work, give me something that proves you are right. Give me something I can research, How did that person come up with that answer to my problem? Could this have been maybe a Collector for SallieMae working for Arrow who is telling me the wrong information hoping that I won't look any farther thinking this person gave me the right info and I can't get out of paying this Loan. Remember, Collectors on these sites, Will try anything and will say anything so be careful what you believe. Try that once and see what you get. Too many people think they know what their talking about when they really don't have a clue.But then I guess its makes them feel important. It's better to take it to a professional and that way your sure.
  5. How many people have been sued in the past year by Collections agency's or attorneys that have defaulted on their Private Student Loans? I'm just trying to get a rough number. All I need is:Total Amount of Loan: Date Filed: Outcome:Settled/Judgment entered
  6. Here's a link to that article http://studentloanslave.org/node/91
  7. And if you read what Cynic posted, private loans is exactly what he was writing about. TERI is a non profit PRIVATE LENDER. Citibank, Wells....they all have non profit divisions and backing for their PRIVATE LOANS. So then what you are telling me is that ALL PRIVATE STUDENT LOANS are protected by non profit divisions, Is that what you're telling me or are you telling me that some of them are????
  8. So this is how you reply to a Post....... By name calling????????? This forum is going to turn out just like the rest of them, the minute someone doesn't like what you put on, they start calling you names. For your info, I did not mean to list that twice, How that happen I must have hit the send button twice, SORRY but in my defense, you did not have to open it twice, nor reply to it twice. So you must have enjoyed reading it.So I guess, for your benefit I'm glad I did put it on twice. What the person that wrote this article is talking about is FOR PROFIT PRIVATE STUDENT LOANS, not GOVERNMENT BACKED OR NON-PROFIT STUDENT LOANS, the company's in the article have both
  9. Here’s an excellent article I found, Heard from collection agencies that student loans have no statute of limitations? They leave out an important part - that is only true for FEDERAL student loans. What is a statute of limitation? It is a law passed in your state that tells creditors they have a certain number of years to sue on debt. Without statutes of limitation, you would have to keep every receipt, every bank statement and every credit card statement for your entire life. Society simply could not exist without them. A statute of limitation on a written loan usually ranges from 3 to 10 years, depending on your state. This means that 3 to 10 years after your last payment on that loan, the lender must bring suit to enforce it otherwise you have an affirmative defense should you ever be sued in court. In other words - it becomes legally unenforceable. Then comes along the "student loan crisis" a few decades back when everyone was horrified that students were taking out billions in loans, become millionaires after college and then refusing to pay back their loans. Because of the exaggerated stories, Congress decided there should be no statute of limitations on these loans, and passed the appropriate law. Since Congress takes precedence over the state's own law, any federal student loan has no statute of limitation today. But private student loans - loans offered by private banks and NOT federally insured - do NOT fall in this category. The collection agency will not tell you this. The lender will not tell you this ( SallieMae, Wells Fargo, TERI ) . You have to find this out yourself. How can you tell if it's federal or not? Call the Department of Education and ask them. They will tell you every federally insured loan you have. Any loans they do not have in their system is a "private" loan and can become unenforceable after 3 to 10 years. And you can ask the DOE operator if statutes of limitations apply to loans not in their system - they'll tell you they do. So why don't collection agencies tell you this? Because there are hundreds of thousands of these loans in their systems that are "private" and unenforceable. If this knowledge was available to the public, they would lose millions in commissions that would otherwise be uncollected.
  10. Let them Sue, If a person's got nothing to lose, So what. Suing like buying a hunting license here in PA, just because you bought a license don't mean you're going to kill a deer. It just gives you a license to hunt. If there no deer in the woods, guess what you come back M/T. I begged them to sue me 6mos before the SOL ran out on my Student Loans. I told them is was about to run out. All they did was make their threats. No one of them would haul me into court, Why I have no idea. Maybe because I had nothing for them to get but then I did tell one attorney I had $25,000 hid in my backyard so get your judgment, then call me in for a " examination of the debtor " and find out where that $25,000 is hid. So unless they have really got off their a** in the last couple of months I know for a fact 6mos ago they wouldn't come after me for $15,000 and believe me if it would have been me I would have. I'm going to make a post on that it would make a good one. But on $154,000 something tells me, I think their going to come after that one. But if it more then 1 holder then, maybe he will get, maybe, away with some.
  11. Schnauzer Look at the post I just put on this site. There is a SOL on Private Student Loans but not Federal Backed or non-profit. I have 2 Private Student Loans with Wells Fargo. Last Payment was 2-7-2003. SOL here in PA is 4yrs was 6 but now changed to 4, Well to make a long story short, I own nothing but a 1995 dodge. I've had Collections agency's, Attorneys you name it try to collect on these 2 loans, but I never knew for sure if there was a SOL on Private Student loans and always wanted to find out for sure. So I'm telling these people the whole time " I have the money to pay these 2 accounts off, (which by the way was $15,000 for both) but I don't want to, I think I want to keep the money myself. What I was trying to do was get them to take me to court and I told them just that. " If you want your money you will need to haul me into court". This past Nov 2007 I thought they were going to do just that, I got a letter from an Attorney about 20mi from where I live saying if I did not settle or make payment on these accounts he would have me served and seek a judgment from amount owed. So I fired back a letter to him stating that because these 2 loans in question are outside the SOL in the State Of Pennsylvania I am not going to pay you one penny, you can have your hearing (and I need to Point this out You need to show up at the hearing or they will win by default) But I will show up and claim SOL on these loan. Never heard another word from him. You need to check out SOL for Michigan and also not sure of what you own now but from the Post above you need to start worrying when it's close to the SOL running out in your State. They missed me by 8mo
  12. Here’s an excellent article I found, Heard from collection agencies that student loans have no statute of limitations? They leave out an important part - that is only true for FEDERAL student loans. What is a statute of limitation? It is a law passed in your state that tells creditors they have a certain number of years to sue on debt. Without statutes of limitation, you would have to keep every receipt, every bank statement and every credit card statement for your entire life. Society simply could not exist without them. A statute of limitation on a written loan usually ranges from 3 to 10 years, depending on your state. This means that 3 to 10 years after your last payment on that loan, the lender must bring suit to enforce it otherwise you have an affirmative defense should you ever be sued in court. In other words - it becomes legally unenforceable. Then comes along the "student loan crisis" a few decades back when everyone was horrified that students were taking out billions in loans, become millionaires after college and then refusing to pay back their loans. Because of the exaggerated stories, Congress decided there should be no statute of limitations on these loans, and passed the appropriate law. Since Congress takes precedence over the state's own law, any federal student loan has no statute of limitation today. But private student loans - loans offered by private banks and NOT federally insured - do NOT fall in this category. The collection agency will not tell you this. The lender will not tell you this ( SallieMae, Wells Fargo, TERI ) . You have to find this out yourself. How can you tell if it's federal or not? Call the Department of Education and ask them. They will tell you every federally insured loan you have. Any loans they do not have in their system is a "private" loan and can become unenforceable after 3 to 10 years. And you can ask the DOE operator if statutes of limitations apply to loans not in their system - they'll tell you they do. So why don't collection agencies tell you this? Because there are hundreds of thousands of these loans in their systems that are "private" and unenforceable. If this knowledge was available to the public, they would lose millions in commissions that would otherwise be uncollected.
  13. OK thanks for the reply, that makes sense. To file a judgment would cost them about $82.50 and they could make that last forever. So they spend $ 82.50 and hope you hit the lottery. They can't lose.
  14. From the Post above, Are you sure there is no SOL on Private Student Loans. I'm sure I remember reading somewhere that there was a SOL on Private Student Loans but not federal Funded Student Loans those are your's forever unless you could get a hardship discharge which is almost impossible to have discharged in bankruptcy. Could you try a ICBP with the Dept of ED? I blame the schools and the private loan co's. (We all thought we would get a good eduction, then a good paying job and start paying back the loans) They were in bed together. All the school did was throw the loan paper's at you, have you sign them, never told you what you were getting into then before they would give you your degree, had you go to a exit interview on student loans and all they told you there was make sure 6 mos from now you start making payments on your student loans. It was a joke. I didn't go to mine and the College I went to told me that if I didn't go I would not get my degree, I told them to keep it, it wasn't worth the $32,000 I paid for it anyhow but a month later they sent it to me in the mail. I wasn't about to go to a exit interview on Student loans they should have done that when I got the loan.
  15. Your best bet is called the Income Contingent Repayment Plan, it's where you only have so much money to pay on your student loan. You have to apply for it with the Dept of ED and do a budget for the government and show all your income and also your monthly bills but your monthly payments on your Student loans can be as low as $0.00 per mo. yea, that's right you pay nothing but it's just like your making your payment every month, or it could be $10.00 mo, it depends on your income. It goes by your adjusted gross income minus what it cost you to live. Do a search on it and it will tell you all about it. If you don't make a lot of money then your payment will be low
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