A new company has taken over loans.

[entropy323]

California

Greetings,

I am about to send a letter to Navient Solutions, Inc. regarding a small loan in my name that was gained through Sallie Mae. I have been deferring this loan and the deferment period is about to end right after the company split. Now that Navient is taking these loans I am formally requesting a statement of accounting with proper endorsement and a duplicate copy of the original promissory note. I am expecting that they will not give send these documents voluntarily.

If by formally requesting these documents, can I be held accountable to for continued payments despite their inability to submit verification or would I be able to cease making payments with no repercussions(credit reports) until these documents are sent to me?

I am also requesting that if these documents cannot be provided, that they void any claim or contract they have with my name on it. Once again, I doubt they will do this voluntarily.

How can I take the corporation to court to force them to provide these documents(which I suspect they cannot provide) and void any debt they claim I owe them?

Would it be better to take them to court somehow before my credit could possibly be hurt or just make a case with correspondence then try court?

E.

 

[quincy]

California

Greetings,

I am about to send a letter to Navient Solutions, Inc. regarding a small loan in my name that was gained through Sallie Mae. I have been deferring this loan and the deferment period is about to end right after the company split. Now that Navient is taking these loans I am formally requesting a statement of accounting with proper endorsement and a duplicate copy of the original promissory note. I am expecting that they will not give send these documents voluntarily.

If by formally requesting these documents, can I be held accountable to for continued payments despite their inability to submit verification or would I be able to cease making payments with no repercussions(credit reports) until these documents are sent to me?

I am also requesting that if these documents cannot be provided, that they void any claim or contract they have with my name on it. Once again, I doubt they will do this voluntarily.

How can I take the corporation to court to force them to provide these documents(which I suspect they cannot provide) and void any debt they claim I owe them?

Would it be better to take them to court somehow before my credit could possibly be hurt or just make a case with correspondence then try court?

E.

Your deferment period is "about to end" or has it ended?

You are responsible for making payments on the loan when they are due. Late payments will be reflected on your credit reports.

Why do you doubt Navient now holds your loan? Do you have questions about the FDIC's settlement with Sallie Mae and Navient and how it affects your loan?

Here is a link to the FDIC's May 14 press release on the Sallie Mae settlement: https://www.fdic.gov/news/news/press/2014/pr14033.html

 

[TigerD]

I would just add to quincy's post that the last thing you ever want to do is default on your student loans. You would be better off owing Tony Soprano.

DC

 

[latigo]

. . . . You would be better off owing Tony Soprano.

Don't give up you day job, DC. With that weak effort you'll flop as a mirth maker.

Besides both David Chase's creation and its portrayer have permanently retired from the shylocking business.

 

[entropy323]

"Your deferment period is "about to end" or has it ended?

You are responsible for making payments on the loan when they are due. Late payments will be reflected on your credit reports.*

Why do you doubt Navient now holds your loan? Do you have questions about the FDIC's settlement with Sallie Mae and Navient and how it affects your loan?*

Here is a link to the FDIC's May 14 press release on the Sallie Mae settlement:*https://www.fdic.gov/news/news/press/2014/pr14033.html"

My deferment period has not yet ended(11/11/14).

Basically, I want Navient to send me an endorsed statement of accounts and duplicate of the promissory to know they have the only legitimate claim to my loans.

How can I know they are not making fraudulent manipulations without verified documents sent to me?

If by paying what's due, am I not validating their unverified claim simply by logging into the account, accepting new terms and conditions and making a payment? Why am I obligated to send a new company a payment just because they say I owe them? It seems stupid to take their word for it.

I am concerned that holding out for my formal request will result in default.

Os there a way to make them cease payment as I wait for proof?

 

[tranquility]

I suggest you have not found a legal loophole of getting out of your student loans. I recommend you pay them and not sacrifice a chicken to the gods as that strategy will have you still owe the money and have a very black mark on your credit report and begin the default process. If you are truly uncertain as to if they have your loan (Even though they have the proper amount and other numbers as well.), contact the people who you know last had rights to the debt and follow the chain from there. I doubt you are uncertain. But, if you are being genuine, that is the only way you will gain satisfaction. The course you are plotting will hurt you substantially.

 

[FlyingRon]

I am concerned that holding out for my formal request will result in default.

You are right to be concerned, because YOU WOULD BE in default. There's no provision in the assignment of contracts to not make the payments just because nobody shows you proof.
You know your loan went one way or the other. There's no compelling reason not to believe that the resultant companies would tell you they had your loan if you don't, but I'm sure if you verify with Sally Mae proper they'll be glad to tell you that Navient is the owner of your note.

They don't need to show the actual note to anybody until they end up taking you to court over your default.

 

[entropy323]

You're all right that I am looking for a loophole on a useless loan. I'm definitely going to avoid default, but I am also wary of corporations that will do whatever they can to squeeze more blood from a stone in kind.

Essentially, I'm looking for information that may explain how I could compel them to provide me with these documents without further validating their claim and without going into default.

Would a preemptive order from a judge compel this company to provide these documents?

Honestly, the information they do provide is too vague to know whats going on between principle and interest. There may actually be hidden costs or fees that are omitted. Why would it be made so difficult to obtain the full statement of account?

 

[FlyingRon]

You're all right that I am looking for a loophole on a useless loan.

It is not a useless loan. You took the money. Perhaps you didn't put it to good use, but that's no reason not to repay it.

I'm definitely going to avoid default, but I am also wary of corporations that will do whatever they can to squeeze more blood from a stone in kind.

Expecting you to repay a loan as agreed especially after a long period of deferment is not squeezing blood from a stone.

Essentially, I'm looking for information that may explain how I could compel them to provide me with these documents without further validating their claim and without going into default.

Eh? You can't. You have the agreement you signed. They're not obliged to provide you another. If they go to court they may have to show a judge they have it, but what makes you think you have any other.

Would a preemptive order from a judge compel this company to provide these documents?

Why would a judge do this?

Honestly, the information they do provide is too vague to know whats going on between principle and interest. There may actually be hidden costs or fees that are omitted. Why would it be made so difficult to obtain the full statement of account?

You didn't ask that you wanted an explanation, you stated you wanted to avoid paying it. Did you try availing yourself of the online features to check your account? Whether you get a breakdown or not doesn't change your obligation to pay.

 

[quincy]

You're all right that I am looking for a loophole on a useless loan. I'm definitely going to avoid default, but I am also wary of corporations that will do whatever they can to squeeze more blood from a stone in kind.

Essentially, I'm looking for information that may explain how I could compel them to provide me with these documents without further validating their claim and without going into default.

Would a preemptive order from a judge compel this company to provide these documents?

Honestly, the information they do provide is too vague to know whats going on between principle and interest. There may actually be hidden costs or fees that are omitted. Why would it be made so difficult to obtain the full statement of account?

I agree with all that FlyingRon said.

The statements you receive from Navient should include a summary and there should be information on Navient's policies (e.g., the how much and when re. late payment fees) and there should be a website address given where questions specific to your account can be answered. If Sallie Mae was continuing to service your loan instead of Navient, you would have received information from Sallie Mae about your account and any changes that might have been made to it.

But the way to get the type of documentation you seem to want is to prepay your loan, to underpay your loan or to be delinquent on your loan. The first option is a pretty good option if you have the funds but the other two options are not ones I recommend.

 

[TigerD]

Don't give up you day job, DC. With that weak effort you'll flop as a mirth maker.

Besides both David Chase's creation and its portrayer have permanently retired from the shylocking business.

My new day job involves very little mirth.

DC

 

[quincy]

My new day job involves very little mirth.

DC

And I bet your new "day" job includes nights and weekends.

 

[TigerD]

And I bet your new "day" job includes nights and weekends.

There will probably be quite a few. But, (as an attempt to end the hijack) that's what you have to do to pay those student loans.

DC

 

[entropy323]

Expecting you to repay a loan as agreed especially after a long period of deferment is not squeezing blood from a stone.

To clarify, I mean, companies are so unwilling to be transparent or give an inch is like trying to squeeze blood from a stone. In kind, I'd like to explore all my options before giving in so easily. However, I meant to say that corporations like to take a mile if you give them an inch.

Eh? You can't. You have the agreement you signed. They're not obliged to provide you another. If they go to court they may have to show a judge they have it, but what makes you think you have any other.

As far I can tell so far, the best chance of getting a look-see at the original promissory note would be through discovery. I'm looking for other ways. So far your opinion is that it can't be done?
Something tells me you are less willing to be helpful and would rather be argumentative because you don't think my intent is moral. I've personally seen enough amoral behavior from large companies to not care less. They'll do what they can get away with.

Why would a judge do this?

I don't know. That's why I'm here asking questions. Maybe finding some sort of misstep by the company could put a case in front of a judge. Who knows... maybe I'll ask around.

You didn't ask that you wanted an explanation, you stated you wanted to avoid paying it. Did you try availing yourself of the online features to check your account? Whether you get a breakdown or not doesn't change your obligation to pay.

Actually, I did both. I asked for a way to get verified documents-- not only for the possibility to wriggle out, but so I can see what I am paying. It may not be the same agreement signed.

If they can supply these documents, I have little choice but to honor the agreement or default. Oh well. I have a hunch though that they might not have the original promissory note in which case they would have to prove they lost it through no fault of their own were there to be a lawsuit involved.

It is not a useless loan. You took the money. Perhaps you didn't put it to good use, but that's no reason not to repay it.

Your opinion is noted. We could digress and talk about high costs, poor decisions, institutions that get you prestige rather than a useful education that you could get just from pursuing the subjects yourself through obtained skill and diligence, but let's not.

 

[Zigner]

Actually, I did both. I asked for a way to get verified documents-- not only for the possibility to wriggle out, but so I can see what I am paying.

No, you told us that you requested the document(s). You then proceeded to inquire about not paying if they didn't send you what you asked for.