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  1. #11
    Join Date
    Sep 2010
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    16

    Default Re: Much Confusion Regarding Personal Student Loans and a Junk Debt Lawsuit

    Well, looks like they may have me. I finally got the promissory note back from the school. The lender is in Illinois which has an SOL of 10yrs. No wonder they never tried to collect, these people are scammers. It's exactly 10yrs to the date they filed their complaint from the promissory date. Please note that I pay my federal student loans on time and in full every month. I pay my bills, these people hid my loan for 10yrs to collect the original loan amount +3000%.

    Soooo.... My question is: Is there any way that I could get the Florida Statute of Limitations (where I reside) to stick instead of the Illinois Statute of Limitations?

  2. #12
    Join Date
    Jan 2006
    Posts
    38,867

    Default Re: Much Confusion Regarding Personal Student Loans and a Junk Debt Lawsuit

    why is a company that is a legitimate creditor a scammer when they try to collect a valid debt? Why was it their duty to chase you down and urge you to pay your bill? On top of everything else, you left the state. Did you update your address with whomever was servicing the loan contract?

    While I can understand a person losing track of some things in life, it doesn't make the collector a bad guy for expecting payment of a debt you did agree to pay.

  3. #13
    Join Date
    Sep 2010
    Posts
    16

    Default Re: Much Confusion Regarding Personal Student Loans and a Junk Debt Lawsuit

    Sorry, I forgot to include that I have never lived in Illinois. I have always lived in the state of Florida and that is where I attended school. My parents still reside at that address and there has been no attempt at collection up until a few months ago. The money appears to have been disbursed to the school but for what I have no idea.

    Will the Florida Statute of Limitations or the Illinois Statute of Limitations apply?

    And furthermore, they are scammers because of the simple fact that if tuition was to be a certain amount, then there should only be one federally backed loan in that exact amount. No skating around from state to state with 10 different loans for similar amounts masquerading under 10 different names SLM, Sallie Mae, etc.

  4. #14
    Join Date
    Jan 2006
    Posts
    38,867

    Default Re: Much Confusion Regarding Personal Student Loans and a Junk Debt Lawsuit

    So, where were you when you applied for the loan and how was the loan application submitted to the lender?



    Please note that I pay my federal student loans on time and in full every month. I pay my bills,
    If you escape this, since you do admit it is legitimately your debt, you can no longer stand on the claim that you pay your bills. Whether you can be found liable in court or not does not alter the fact it is your debt.

  5. #15
    Join Date
    Sep 2010
    Posts
    16

    Default Re: Much Confusion Regarding Personal Student Loans and a Junk Debt Lawsuit

    I was in Florida when I applied for the loan and always have been. It was signed and submitted to SLM Financial Corporation in Marlton, NJ on 1/10/01.

    The part that really scares me is the 10 pages of small print. In one part it states "I understand that the Lender is located in the state identified on my Disclosure Statement and this Note will be entered into it in that state. Consequently, the provisions of this Note will be governed by applicable laws of that state, without regard to conflict of law rules."

    Why wouldn't every bank just move to Illinois?

  6. #16
    Join Date
    Jan 2006
    Posts
    38,867

    Default Re: Much Confusion Regarding Personal Student Loans and a Junk Debt Lawsuit

    Quote Quoting SOLguy
    View Post
    I

    Why wouldn't every bank just move to Illinois?
    because of their high taxes and a myriad of other problems that are not desirable. There are a lot of businesses that locate to a particular state because of favorable laws though. It is a common practice.

    So, regardless of any states SOL, if you agreed to a longer SOL, that can be enforced as the terms of the contract. You are allowed to waive your rights afforded by the law when signing a contract.

  7. #17
    Join Date
    Sep 2010
    Posts
    16

    Default Re: Much Confusion Regarding Personal Student Loans and a Junk Debt Lawsuit

    Well, I definitely appreciate your time and advice jk. It appears as a very unethical and shameful way to make money whilst punishing our youth that wish to broaden their education. Maybe I should have taken "Small Print and Loopholes" as one of my electives.

    May the banking cartel and their lawyers burn for eternity in a Hades much worse than could ever be imagined.

    'I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around the banks will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered.'
    - Thomas Jefferson 1802

  8. #18
    Join Date
    Jan 2006
    Posts
    38,867

    Default Re: Much Confusion Regarding Personal Student Loans and a Junk Debt Lawsuit

    =SOLguy;498269]n. Maybe I should have taken "Small Print and Loopholes" as one of my electives.
    Now that is funny. Obviously not to you concerning your situation but overall, that is funny.

    May the banking cartel and their lawyers burn for eternity in a Hades much worse than could ever be imagined
    . many people figure that is actually where they came from. Of course they would return upon their end of time on our mortal world.

    'I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around the banks will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered.'
    - Thomas Jefferson 1802
    TJ and several others of the time were very smart men who also showed a possible ability to see into the future. The words you quote were prophetic when spoken and sobering when read now. I believe the creation of the Federal Reserve in 1913 was what he may have been warning of. Yes, I know, I sound like a conspiracy theorist and all that but study the Fed and realize their power before you call me whacko.

  9. #19

    Default Re: Much Confusion Regarding Personal Student Loans and a Junk Debt Lawsuit

    Quote Quoting SOLguy
    View Post

    Soooo.... My question is: Is there any way that I could get the Florida Statute of Limitations (where I reside) to stick instead of the Illinois Statute of Limitations?
    Check with your attorney (that filed your answer) how Florida (forum) construes its conflicts rules. In other words, is the SOL a procedural or substantive issue down in Florida? Does the promissory note state that Illinois law applies? In most states, the SOL is a procedural issue and hence the SOL of the forum apply. Your attorney should be a better guide to determine whether this collection firm is suing you on an unenforceable debt or not.

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