So....A judge just ruled my student loans are dismissed with prejudice because my loan servicer failed to maintain proper chain of title. I am a little shocked this worked.
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Ask for a debt validation letter of they don't respond there's a good chance they didn't maintain proper chain of title and then is grounds for civil suit. This works especially well for private loans
Just make sure you consult a lawyer and know what you're getting into! They will try to bully and harass you if you don't despite not being able to provide this stuff.
Oh snap, that's so totally awesome! I wonder if this would work on Parent PLUS loans. My mom took a loan out for me, and it was originally through Sallie Mae, then went to Navient, and now AidVantage. It literally went from like $10k to over $25k within 10 years because they kept her in forbearance.
Under the law if you ask they're required to give you a debt validation letter within 5 days. They're also supposed to furnish an origination and assignment to prove you owe money and that they are assigned to collect it. They never keep these.
I asked them to provide documentation under the FDCPA that I actually owed them. They couldn't provide anything and never responded (they have five days) so I sued. They never responded to the lawsuit so I won be default. This is very common that they don't respond or maintain paper work.
Nice one! I got some credit debt wiped out this way (my debt was sold off in a block to collectors who, when challenged, couldn’t provide documentation).
I basically sued under the Fair Debt Collections Protection Act. I basically asked if they could provide a debt validation letter, origination letter, or an assignment note. They couldn't and then never responded to my lawsuit over it. Basically they couldn't prove I owed them.
You're especially fortunate. When this sort of thing happened in the mortgage crisis, lenders forged the notes by the thousands and the courts said yeah fine
For someone like me who's from a country where things like student loans don't exist it still sounds so off to hear about it ruining people's lives for YEARS. Like...117k wtf that's a small house!!
In fairness I did go to Johns Hopkins University where tuition was $50k+ a semester. Went to undergrad on foster waivers and got two bachelor's degrees for free.
Well okay that does sound nice and JH ain't got a shabby reputation even over here. But still it's hard to grasp. In Germany, even higher education is mostly free and you just gotta pay for certain material and your stuff like books and such. Hell, in many cases, students actually GET money...
I like how Australia does it. It's low cost and if you don't get a good paying job after college you don't make payments and when/if you do it comes out of your taxes at a certain income threshold.
That sounds lovely. Here the rich use expensive education to gatekeep higher quality jobs and life. The older crowd still thinks you can pay it back with a summer job.
Like..I'm a private lecturer, mainly for medical education. The state allows me to set my own rates up to a certain limit. And since it's the state paying me my rates are heckin high, ngl. I wouldn't do this if people paid me on their own. They have a right to education and it's my job to provide it
I teach online propaganda and intelligence. It's important to mention I didn't do the medical school I did their school of advanced international studies. My field is politics and spy stuff.
Welp this blew up! Remember I am not an attorney to consult a registered attorney in your region what worked for me may not work for you and this post does not constitute legal advice.
In simple terms my student loan debt went from $117K to $0 and this issue can't be brought back to court no matter how much the servicer or dept of education hate it.
It’s surprising how well this works and we probably don’t need a huge push for student debt relief from the government if there is mutual aid to help people do this
This is yet another example of why this court system is bullshit. For context, I'm in AZ. My husband got sued over his private loans. The attorney we hired argued that the plaintiff failed to show chain of title - and they absolutely did fail. But the judge didn't care and ruled against us.
Also being the defendant in that case probably didn't help. Courts tend to have a one track kind and only focus on what the charges that are laid out in the initial complaint have to say.
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How'd you pull out off? I know those loans change hands all the time, so there are probably lots of people who could benefit from your knowledge.
Congrats again!
Just emailed my loan provider requesting a Loan Validation Letter. :3
I have a fed loan which hasn't been sold and bought over the years. 😅
Gratz!
You found a real loophole in it all 🤭
Also ADORBS Sona!! 🥰
In Texas, at least one servicer went out of business and I’d be amazed if any of those records remain.
Mine were recently forgiven, to my utter surprise, but not through the court. Life-changing.
you should share the method you used just incase it works for anyone else
Congratulations on being free!! 🎉🎉
Sincerely,
a stranger on the internet
I've fortunately paid off mine, but I'd love to give friends some direction and hope!
However you mostly gotta take a side job to afford your regular life during higher education but that's about it.
Anyway I'm always glad to hear people getting rid of their student depts!
We also got some kind of gatekeeping elites here, but they are not a majority.