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  1. #1

    Default Default Final Judgment on Private Sudent Loan

    My question involves judgment recovery in the State of: NJ.

    Hi,
    I had borrowed a private student loan (approx $20,000) from Loan to Learn (Educap) in 2006.
    I have a final judgment by default placed against me and my co-signer. It is now approx. $33,000. I am surprised about receiving the FINAL JUDGEMENT by DEFAULT because I paid and hired a company to take care of this matter. Thus, I thought everything was being taken care of but obviously not. I decided to contact the lawyer that's representing Educap and ask if he had gotten any communications at all from anyone representing me, and the answer was NO. Is there anyone else that my representative could have communicated with besides Educap's lawyer on this matter? But it clearly states on the judgement letter who the lawyer for Educap is.

    I just decided to negotiate payment arrangements with Educap's legal rep myself. When I asked his secretary about accruing interest and if there is any, the answer was yes! How can I make sure I know EXACTLY what kind of interest(s) I will be paying and the rate for the interest(s). I understand that there is a final judgement interest, something I didn't know about until today. In NJ is it 6%? Also, here is the very important question:
    Will Educap charge me ANOTHER interest somehow, arguing something like, "Interest is still accruing on the defaulted loan that's in final judgment? How can I ask them so that all information about interest, hidden fees, etc, on top of the Final Judgment total sum, is all laid out on paper,signed, in the beginning of any repayment, so that I do not get any hidden surprises during or after this repayment?

    Please help. My heart is beating extremely fast. Hoo.

  2. #2
    Join Date
    Apr 2009
    Location
    Inland Empire
    Posts
    1,410

    Default Re: Default Final Judgment on Private Sudent Loan

    Quote Quoting ascienceapart
    View Post
    My question involves judgment recovery in the State of: NJ.

    Hi,
    I had borrowed a private student loan (approx $20,000) from Loan to Learn (Educap) in 2006.
    I have a final judgment by default placed against me and my co-signer. It is now approx. $33,000. I am surprised about receiving the FINAL JUDGEMENT by DEFAULT because I paid and hired a company to take care of this matter. Thus, I thought everything was being taken care of but obviously not. I decided to contact the lawyer that's representing Educap and ask if he had gotten any communications at all from anyone representing me, and the answer was NO. Is there anyone else that my representative could have communicated with besides Educap's lawyer on this matter? But it clearly states on the judgement letter who the lawyer for Educap is.

    I just decided to negotiate payment arrangements with Educap's legal rep myself. When I asked his secretary about accruing interest and if there is any, the answer was yes! How can I make sure I know EXACTLY what kind of interest(s) I will be paying and the rate for the interest(s). I understand that there is a final judgement interest, something I didn't know about until today. In NJ is it 6%? Also, here is the very important question:
    Will Educap charge me ANOTHER interest somehow, arguing something like, "Interest is still accruing on the defaulted loan that's in final judgment? How can I ask them so that all information about interest, hidden fees, etc, on top of the Final Judgment total sum, is all laid out on paper,signed, in the beginning of any repayment, so that I do not get any hidden surprises during or after this repayment?

    Please help. My heart is beating extremely fast. Hoo.
    You got scammed by whoever you paid to take care of this problem.

    I'm sorry but did you really think that interest would stop accruing on this debt. What did they say when you called them and asked them the above mentioned questions?

  3. #3

    Default Re: Default Final Judgment on Private Sudent Loan

    When I called Educap's lawyer's office, I only spoke with the secretary. I have yet to speak to the lawyer himself. However, I have been told to check with the court. So, that's what I'll do, but what I need to know is:

    In addition to judgment interests, will I also be charged with Educap's own interests even after a total sum is presented on the Final Judgment by Default letter? Will I have interest charges thrown at me from the court AND the loan company??

    The payment arrangement is not yet completed btw. Heart still pounding..

  4. #4
    Join Date
    May 2010
    Posts
    1

    Default Re: Default Final Judgment on Private Sudent Loan

    Call LoantoLearn at 1-866-398-7741. They should have some answers about their end of the deal. Don't be afraid to reach out to them directly. They may or may not be able to do anything since the debt has been adjudicated but it doesn't hurt to ask.

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