nutterbutter

going to be sued for lending club loan

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Found this website while searching about debt collection lawsuits ,

Oliphant Financial is going to sue  me  ohio for a lending club loan. They dont have my current addy. So i doubt i get served for awhile . Court returned  summons from my old addy

This is the documents they have provided in the   complaint.  I am going to try and be pro active  Should I got for arbitration ? or attack there standing of not proving they own the debt

1. Who is the named plaintiff in the suit? Oliphant Financial

2. What is the name of the law firm handling the suit? (should be listed at the top of the complaint.)Sander Law group

3. How much are you being sued for?  $8435

4. Who is the original creditor? (if not the Plaintiff) lending club web bank 

5. How do you know you are being sued? (You were served, right?) they went to my old addy freind told me

6. How were you served? (Mail, In person, Notice on door) not served yet 

7. Was the service legal as required by your state? Yes.

8. What was your correspondence (if any) with the people suing you before you think you were being sued? They sent me some letters, I did not respond

9. What state and county do you live in? Cleveland ohio

10. When is the last time you paid on this account? (looking to establish if you are outside of the statute of limitations) 2019

11. When did you open the account (looking to establish what card agreement may be applicable)?  march 2017

12. What is the SOL on the debt? To find out: 15 years.

13. What is the status of your case? Suit served? Motions filed?not served 

14. Have you disputed the debt with the credit bureaus (both the original creditor and the collection agency?) No.

15. Did you request debt validation before the suit was filed? Note: if you haven't sent a debt validation request before being sued, it likely won't help create FDCPA violations, but disputing after being sued could be useful to show the court that you dispute the debt ('account stated' vs. 'breach of contract'). No.

16. How long do you have to respond to the suit? (This should be in your paperwork). If you don't respond to the lawsuit notice you will lose automatically. In 99% of the cases, they will require you to answer the summons, and each point they are claiming. We need to know what the "charges" are. Please post what they are claiming. Did you receive an interrogatory (questionnaire) regarding the lawsuit? 30 days once served . 

 

18.  How did you find out about this site? Google

 

 

 

 

lendingclublawsuit.pdf

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First I would note that the SOL in Ohio has been changed for accounts in writing, from 15 years to 8 years.  Accounts not in writing are still at 6 years.  Also, Ohio has a borrowing statute.  The OC here is a Delaware company, where the SOL is 3 years.  Ohio would honor Delaware's SOL, if that is where the payments were sent.   I know, it's immaterial here as the debt is not that old.  But I thought I would point that out for anyone else from Ohio who sees this thread.

Second, the JDB did you a favor by attaching the loan agreement to the lawsuit.  Said agreement contains an arbitration clause, which includes JAMS.  Arbitration is the best way to beat a JDB.  See the details here:

 

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Was this a personal loan or a business/commercial loan?

If the loan was taken out for a business, and the loan documents indicate the funds are to be used for commercial purposes, you won't be able to file a consumer arbitration case.   Filing a commercial arbitration case will involve a much larger financial investment on your part (typically a 50/50 split).

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7 hours ago, nobk4me said:

First I would note that the SOL in Ohio has been changed for accounts in writing, from 15 years to 8 years.  Accounts not in writing are still at 6 years.  Also, Ohio has a borrowing statute.  The OC here is a Delaware company, where the SOL is 3 years.  Ohio would honor Delaware's SOL, if that is where the payments were sent.   I know, it's immaterial here as the debt is not that old.  But I thought I would point that out for anyone else from Ohio who sees this thread.

Second, the JDB did you a favor by attaching the loan agreement to the lawsuit.  Said agreement contains an arbitration clause, which includes JAMS.  Arbitration is the best way to beat a JDB.  See the details here:

 

Thanks for the info i  i can study abritartion and wait for service !

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11 hours ago, nutterbutter said:

Thanks for the info i  i can study abritartion and wait for service !

You didn't answer this very important question from @LaneBlane

18 hours ago, LaneBlane said:

Was this a personal loan or a business/commercial loan?

If the loan was taken out for a business, and the loan documents indicate the funds are to be used for commercial purposes, you won't be able to file a consumer arbitration case.   Filing a commercial arbitration case will involve a much larger financial investment on your part (typically a 50/50 split).

Before you can study arbitration, you must first determine what type of arbitration forum rules (consumer or business) you would be subject to. The cost to you is very different and is vital to your strategy going forward. 

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On 2/15/2021 at 1:38 AM, nutterbutter said:

They dont have my current addy. So i doubt i get served for awhile

You'll want to be careful here. Ohio has rules allowing service by pubication in limited instances. It's been several  years but I remember seeing this done on a couple of occasions. Theoretically, your plaintiff could obtain a judgment and  you'd never be the wiser.

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23 hours ago, RetiredJD said:

You'll want to be careful here. Ohio has rules allowing service by pubication in limited instances. It's been several  years but I remember seeing this done on a couple of occasions. Theoretically, your plaintiff could obtain a judgment and  you'd never be the wiser.

If the OP monitors the case through the online docket, it should be possible to avoid this.

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