Hey,

Is there any reason why a credtor would not validate a private student loan that they say that I owe? Just curious, because while all my federal loans are now in rehabilitation programs (just made my second payment), my private credtors continue to hold out. The reason I'm requesting validation is that I'm not able to find any records of where these loans are coming from. I got private loans from my school, but when I checked with the school they say that this is not the same loans.

So, I asked the private creditor for validation so that I can find out if this is the same loan, whether the loan was sold or something else happened because like I said, I've got no record of this loan. Why would it take 90 days (this is what the credtor's CA attorney is saying) for them to get the records to me as this is set to go to trial on Mar 20th, I made the request on Jan 15th after filing an answer, and I've agreed to make the payment arrangement that they seem agreeable to when I receive validation of the debt.

Essentially, I'm trying to figure out is there some rational for them to hold off on proving that I've got the debt. What's in it for them? To cover myself, I've documented everything that's happened thus far. What do they get by going to court since I've agreed to sign a stipulation agreement for payment, and they are limited in their fees to a certain percentage so going to court seems like a waste of additional time since they can use the stipulation to the same effect in my state as a judgement. They wouldn't be able to garnish more money in than I'm offering considering my income. Am I missing something?

Also, one other thing- the number keeps shifting. It's gone from 25k last month to 30k in a month. The 25 k included the set fee, so how can they add an additional 5k fee?

PS- one other point- when I called the CA they not only said that that it will take 90 days, but they will adjourn the case while they wait to get the paper work. I've read here that they would have all the records already- why would they not send me the forms when I ask so that I can start making payment? Again I dont understand whats it for them to hold out

The CA would not have any of the paperwork, so I don't know where you would have ever read that. Everything is transfered to to CA via electonic transfer.

CA's don't file suit, so they would have no need for any true documents. The CA would contract with an attorney. The attorney would have the paperwork as would the guarantor.

Sorry- I'm referring to the law firm as the CA. The law firm is claiming not to have my records. I'm seeking to understand what would they get out of dragging this out because like i said I'm trying to figure out where this loan is coming from, and why it is different from the one that my school has on record , but which the school claims isn't the same loan. Also in one letter they claim I owe for two loans, but in the second, they claim its two- again confusing . I just wanted from them the promisory note/s so that I can see these are my loans before signing the stipulation agreement to begin payment. I dont see what,a gain, anyone has to gain from waiting which is why I'm asking. Another point, I contacted the guarantor, and they claimed to have not received any request from the law firm regarding my request for validation of the debt.

Who are they suing on behalf of?? Have you received a copy of the prom note yet?

No- that's the thing. I keep asking, and they claim it will take 90 days. When i contacted the guarantor, they said they haven't received a request from the law firm in question. the whole process is a little confusing because as I mentioned in my edited response- they have claimed in teh first letter that I owe on two loans, and then in the second it says one loan. I've also requested the prom note from the guarator. They claim that I got the loan from them. I'm going to confirm with my school this week is that true. The amounts keep changing, and I can't find any record of the loan/s. I suspect the debt does exist, but before I agree I want to make 100 percent sure since the stipualtion is binding, and they are being so confusing.

If they're taking you to court over it they'd better have p-note(s) and payment histories. I know very little about collections, but in regular servicing when loans change hands (outside of through consolidation) those documents (at least scanned copies) change hands along with them.

I would think that the actual holder of the loans would have them, and would be more than willing to supply them to their legal counsel if needed to help collection.

Unfortunately, this is not my area of expertise.

At this point, I'm not signing anything until I get the prom note. I called the guarantor who claims that they can fine only one, but not the other loan that they claim that I owe. They kept trying to get me with comments like "don't you remember taking out this debt." "You did go to school then, didn't you." However, honestly I don't remeber because it was 10 years ago when I last took out any loans, and I don't remember each loan, especially from this lender. When I asked, she claimed that the loan orginated with them. She made some comment about having to do research to look in the archives or something like that. She claimed that although they promised 10 business days the reason they had not sent it out was that they were researching it- not sure what that means. What I do know is that my friend a lawyer who has more experience w/ landlord tenant creditor disputes in the state I am in says I should go to court and plead my case. That the judge won't just ingore the fact that I've been asking for this documentation for almost 2 months or the fact that I've agreed to pay them starting back in Jan if they give me the promisory note. He will push for the parties to come together to complete the agreed upon an amount of monthly payment. Her point is that I won't really be worse off to wait to find o ut what's going on with the promisorynote because they should have it, and shoudln't expect me to sign to agree to pay for the alleged debt without it. I don't like the uncertainty, but I also don't want to pay for a debt I don't owe either especially considering I am rehabbing loans I do owe.

Keep on the CA (the actual CA if there is one) because they should at least have the prom. notes. I went through this with Zwicker & Associates, then the attorney that sued me. I was contacted by Zwicker "on behalf of" TERI (The Educational Resources Institute), so I requested validation, as I had consolidated my loans, and didn't have TERI listing on my CR. So, they (after my second request), sent me copies of the promissory notes through the Access Group (further confusing me LOL). Long story short, they had the info as TERI was the guarantor of the loans, but I had to have the prom. notes to find out that info (calling Access Group). Those prom. notes were the only evidence the attorney had as well. They would have to have some type of evidence or they wouldn't be able to prove that the loans are yours....but, that's just my thinking