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Student Loans- a little risky, but might be worth it?


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First- I want to thank this site for giving me the tools to fight and win a claim against me for $9,000 from Mainstreet on a reposession. I had no idea these options were available and now I refer everyone to this site.

 

Ok-Here's my losing dilema (I do think I can get a partial win, though:):

 

- I have student loans dating back to 1996 and totalling 37,776. I've been in default for a long time and it's gone from lender to lender to lender and now the guarantee collector (ACS contracted by doe) is after me. ACS is trying to collect $122,634.

 

- I sent a debt validation letter asking for a complete history of the account (original creditor, payments made, balance when ACS got the account, interest charged, fees charged, who the recipients were of the funds, ect, ect).

 

**Please note- my request is a genuine attempt at getting details- I am planning to declare bankrupcty and I will ask for a discharge on my student loans through an adversary petition. I'm simply taking a chance for it all to be discharged, but I'm most likely going to get two things:1) a discharge for the portion of the loans that are not qualified student loans ($20,000 to a non accredited school; and a portion that went to non qualified expenses) 2) I will be liable for paying the amount that I can't get discharged.

 

- What ACS provided to support their claim was:

Their Description-

Debt from Colorado College Assist
Debt amount as received from Colorado College Assist totals $122,634.00
$0.00 interest
$0.00 fees

 

Supporting Documents-

Two loans paid to Denver Technical College totalling $13,025
Six loans paid to Colorado Technical University totalling $24,652
Two Master Federal Stafford Promissory Notes dated 12/15/2000 and 03/31/2002
 

What I need help with is how do I get the rest of my original validation request? How do I get the details that show payments made (payments were made)? How would I get details on charged interest and from which loans the interest is generated from, details for any loans associated to the Master Promisory Notes, and why there is such a huge discrepancy from the actual amount borrowed and what is being collected?

 

I know I'm dealing with the good ole guv, so I don't have a whole lot of faith that I'll get much more, but what rights do I have and what obligations do they have? What rights do I have if they can not provide proof of the amount being collected?

 

Thanks for reading and I appreciate any help anyone can provide!

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They do not have to provide any of that documentation. They have verified as far as the law is concerned and so they can start collection activity. They might be forced to provide more information in the adverse hearing if the BK judge requests it and allows for discovery but that needs to be discussed with your BK attorney (and I would not do anything like this without an attorney).

As for the amount, $37K with interest for 15+ years, it actually seems a little low considering interest rates in the 90s so I think the current amount owed is correct.

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