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I took out 6 small-ish private student loans (between 3k and 8k), the original promissory notes dating between 2005-2007. All have since been purchased by NCT. They were serviced by AES for years. Once they became due, I paid every month on all of them, to the tune of 19k total between 2009-2013. In 2013, my co-signer declared chapter 13 bankruptcy and--I just discovered last week--he was able to list the loans from NCT on his chapter 13 bk and listed me as the sole responsible debtor. I found out that my co-signer's attorney included the student loans in his Chapter 13 bankruptcy and that they are now listed on his credit report as closed and paid in full, showing all payments paid on-time, which is not the case. On mine, they show as closed and sold to collections, so they've been a negative mark on my report for 4 years. His bankruptcy list of creditors noted that the loans would be "paid by the co-signer," so I assume that's how he got out of them. I had been paying for 4 years on the loans but NCT put them into a default status automatically because of my co-signer's bankruptcy, which is an odd catch-22 for me, since I was paying was and the one who got hit with the default. I only found out they were in default back in 2013 when I tried to make a regular monthly payment and was not allowed to do so. I was informed that the bankruptcy was the reason, but at no point did my co-signer or his attorney let me know this was going to happen, and I never knew he had been able to include them in his bankruptcy. I assumed his status was also defaulted. Is there some legal requirement that his lawyer or NCT should have disclosed this information to me? I also thought I should have been protected as the co-signer and not held liable for his bankruptcy, since he filed Chapter 13. If you think there's a case here, or if NCT or my co-signer's lawyer acted improperly, please let me know. I was shocked that neither my co-signer or his attorney notified me that they were listing me as the only responsible debtor and that NCT basically forgave him the debt, especially since I had made all of the monthly payments on time and was never informed that I was suddenly going to be the sole debtor on the accounts. That situation is what began the credit problems that eventually led to my chapter 7. Largely due to the domino effect of the incidents in 2013, my credit became severely affected and my cards started closing and lowering their limits. I finally filed chapter 7 last year and my credit has been much improved since then, the 6 NCT accounts now charged off and sold to collections, as of 11/01/2013. So, I've just been keeping my fingers crossed that nothing else would happen with them. Wishful thinking. About 2 weeks ago, Weltman, Weinberg, and Reis began calling on the loans and I got the dunning letters last Monday. I have denied knowledge of the loans. I will be sending dispute letters and requesting validation. I spoke with a lawyer who last year helped me win a lawsuit against Portfolio Recovery Associates for FDCPA violations. He suggested standing and the statute of limitations as two lines of defense for my situation w WWR/NCT. It almost seems like all I can do in my case is wait for a lawsuit, since NCT/WWR will be unlikely to produce proof of ownership. Or, if the SoL is 5 years, to hope nothing happens until after this time next year, which seems unlikely. I believe the statue of limitations for written contracts is 15 years, but I've read conflicting information about Kentucky's laws regarding debt, and I've read that generally, most debt is subject to the 5 year SoL, so I'm a bit confused on that. If it were a motion for a judgment I would know a little better how things might go, but with just having this new collection starting, I want to make sure I do things to ensure I don't get more hits on my credit report. I'm kind of sick of taking the fall for this over and over again. Secondly, I'm waiting on a judge's decision for a MTD that I filed for my brother in early 2016. He has been sued by NCT for a loan that defaulted in 2006. We used standing as our reason, as I think 15 years is the SoL, and I believe his co-signer had been making small "good faith" payments on the defaulted loans. NCT answered our motion to dismiss, but the judge made no decision on our MTD for lack of standing. Instead, while we waited for a decision, NCT sent us discovery, which we answered (denied all), and then early this summer, the judge sent a notice that the case would be dismissed because NCT had not moved forward. I'm still curious as to why the judge has not decided on our Motion at all. NCT, of course, submitted a request more time and the judge granted it, so the case is still active and our motion has been ignored by the judge. I'm really confused on both of these NCT situations. If anyone has any thoughts, please let me know. Thanks so much. The knowledge and advice on this forum are the reasons why I've been able to weather so many of these challenges.
Sued by Cap One and just realized the summons was served on 03/02, so I am actually going to be 2 days late if I do answer. I'm thinking I should settle, however. Representing law firm is a debt collector, but I called and asked them to confirm whether Capital One still owned the debt and they said yes. They are representing them, is all. The amount they allege is 1,879. The amount they'll settle is 1,695. I could not remotely come up with that amount, but they will take 50/month and send the agreement to the judge. My income is INSANELY low, so I don't know how a summary judgment would work w/ garnishment, or how long it would take to go into effect. I'm guessing I'll have to bite the bullet on this one and pay the 50 bucks, knowing that Capital One won't remove it from my credit report and it likely won't do any good. My thought is that it would at least be less than a garnishment. Anyone have any suggestions? The supporting docs were a statement and the card agreement. I saw a lengthy answer from another board member that i have considered filing, which essentially says there isn't enough evidence, signature on contracts, record of amounts, etc. I don't know if that's a good way to go, but i'm already late filing, anyway. I just want to be sure I take the best approach. I am trying to avoid bk, and all of the other debts I've got are being handled by jdb firms (except one other Cap One account). Discover already dropped their suit because of the MTC arbitration, so I am hoping that will work with the other creditors. My debts are generally under 2K (2014 was a horrible year and I just couldn't afford minimum pmts anymore, and credit rating was so low anyway bc I was maxed out). Anyway, I feel like I keep coming here and bugging the crap out of you guys, but it seems like all kinds of new stuff keeps coming up that throws a wrench into my plans, so if anyone could take just a moment to let me know whether I should just start making payments, that would be really helpful. Thanks again for all your help