Re: As Paperwork Goes Missing, Private Student Loan Debts May Be Wiped Away

[Note:  This comment comes from reader Randall Head.  DLH]

From: rvh40@insightbb.com
Subject: Re: [Dewayne-Net] As Paperwork Goes Missing, Private Student Loan Debts May Be Wiped Away
Date: July 18, 2017 at 9:49:26 PM EDT
To: dewayne@warpspeed.com

Tens of thousands of people who took out private loans to pay for college but have not been able to keep up payments >may get their debts wiped away because critical paperwork is missing.

Twenty years after I graduated law school, I got a letter from a bill collector telling me I owed about $3200 on my student loan.

I wrote back and said the loan had been paid off five years earlier, and would they be so kind as to send me documentation of my account?

I did not hear back from them.

A year or so later, I got a letter from a different collector, telling me I owed about $2300 on my student loan.

I wrote back with the same request, enclosing another copy of the earlier letter.

Heard nothing.

Maybe a year and a half or two later, I got another letter from a different collector, wanting about $2800.

I sent them a copy of the first two letters and politely asked for documentation of the loan and itemization of the account.

Couple months later I got a letter from them, enclosing a copy of the original note and stating they had no records I had ever made any payments.

I wrote back, asking how it was possible that I had borrowed $5,000.00, never made any payments, and yet I still owed $2800 after twenty-some years?

Not a peep was heard from them.

Twenty five years after I graduated law school, I had married and my wife was owed a tax refund.

Some collection agency took $750 of it, and sent me a letter congratulating me on having paid off my student loan.

Like I’m gonna sue them, over $750?

The moral of this story, boys and girls, is simple:   When you get the letter from the student loan lender, congratulating you on paying off your loans — SAVE IT, FOR THE REST OF YOUR LIFE!   

 

As Paperwork Goes Missing, Private Student Loan Debts May Be Wiped Away
By STACY COWLEY and JESSICA SILVER-GREENBERG
Jul 17 2017
https://www.nytimes.com/2017/07/17/business/dealbook/student-loan-debt-collection.html

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