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  1. #1
    Join Date
    Mar 2012
    Posts
    5

    Default Student Loan Debt with No Promissory Note

    My question involves collection proceedings in the State of: Maryland

    I received a letter stating I owe 100k dollars of student loan debt. I never took this much out in loans. In fact when I called the law office they only have record of one 25k loan. They have no promissory note so they have absolutely nothing with my signature. Do I have legal ground to get this debt dismissed or reduced to the 25k?

    For more background I have not made a payment on this loan since 2009. Also would SOL laws apply in the state of Maryland for this loan?

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Student Loan Debt with No Promissory Note

    If they are willing to negotiate over the debt because they cannot find the promissory note, you're free to negotiate.

    If they sue you, you can attempt to use their inability to produce the note as a defense to a lawsuit.

    If they haven't sued you and won't negotiate, you'll have to wait and see what the future holds - whether they eventually find the note and what actions they take to enforce the debt.

  3. #3
    Join Date
    Mar 2012
    Posts
    5

    Default Re: Student Loan Debt with No Promissory Note

    The company sent me a copy of a document I signed for one corporation but I am being sued by a different entity on behalf of a different student loan service provider. I have attempted to negotiate with them and they make ridiculous counter offers that are outside of the realm of me possibly being able to abide by. I have requested that they send over documentation showing that XYZ corp is actually the holder of my loan. I don't want to end up paying one company and having another rightfully come after me . I also have no assets and am a commission based worker. What are my chances in court of having my wages garnished if I make a meager income that barely covers my living expenses.

  4. #4
    Join Date
    Feb 2010
    Location
    CT & IL
    Posts
    5,273

    Default Re: Student Loan Debt with No Promissory Note

    Quote Quoting jgdomino
    View Post
    What are my chances in court of having my wages garnished if I make a meager income that barely covers my living expenses.
    You went to college...no degree earned?

    They don't have to show you any paperwork ... you are free to demand they prove your debt in court.

    Perhaps you took out 60K in loans, did not pay a penny into it and now owe 100K.

    I hope people read this and understand that student loans are horrible.

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