Seemingly Lost Promissory Note

[SmallChan]

Hello,

I was wondering if anyone can offer me some advice. My sibling is looking to get a copy of a promissory note from a student loan company that a loan she took a few years ago. She does not remember what she signed and we wanted to review the fine print before making any further payments. We're requested the note 4 times now and although they claim that it has been sent, the note never seems to arrive. I was wondering what course of action (if any) can be taken for them to be required to furnish this note? Can we fight the loans in general if they are unable to furnish? Any help would be greatly appreciated.

Thanks!

 

[quincy]

Hello,

I was wondering if anyone can offer me some advice. My sibling is looking to get a copy of a promissory note from a student loan company that a loan she took a few years ago. She does not remember what she signed and we wanted to review the fine print before making any further payments. We're requested the note 4 times now and although they claim that it has been sent, the note never seems to arrive. I was wondering what course of action (if any) can be taken for them to be required to furnish this note? Can we fight the loans in general if they are unable to furnish? Any help would be greatly appreciated.

Thanks!

What state?

 

[adjusterjack]

I was wondering what course of action (if any) can be taken for them to be required to furnish this note? Can we fight the loans in general if they are unable to furnish?

No.

The only time a lender is required to furnish the note is in a court of law when it has to present evidence of the debt if it expects to win the lawsuit.

If she stops paying on the loan she risks getting sued.

Your sibling should have taken better care of her financial records.

"Validation" under the FDCPA does not necessarily require presenting the note, in case you were wondering. Besides, she's not being dunned yet, so the FDCPA doesn't apply to her request.

 

[quincy]

Companies should not have a problem furnishing copies of loan documents, however.

 

[SmallChan]

What state?

Originally from CT.

 

[SmallChan]

Companies should not have a problem furnishing copies of loan documents, however.

That's what I was thinking, it seems awfully strange to me. I understand that we should have kept better track of all of this but we would really like the chance to review that was signed in the first place. Any other advice for our situation? They also claim that we can not negotiate the balance as a full pay-off due to the promissory note, which they seem like they can not furnish...

 

[adjusterjack]

Is there no way for her to view her account online to see a balance and/or payment record?

Is she in default?

What is she trying to accomplish here?

The lender has no obligation to negotiate a discounted payoff. Nor any incentive to do so as long as payments are being made. That has nothing to do with the contract.

 

[quincy]

That's what I was thinking, it seems awfully strange to me. I understand that we should have kept better track of all of this but we would really like the chance to review that was signed in the first place. Any other advice for our situation? They also claim that we can not negotiate the balance as a full pay-off due to the promissory note, which they seem like they can not furnish...

I don't know if your sister wants to go to the expense of having an attorney draft and send a letter to the student loan company requesting a copy of the loan document, but that is an option to consider.

Has your sister "googled" the company to see if there have been issues reported about it?

 

[latigo]

I don't know if your sister wants to go to the expense of having an attorney draft and send a letter to the student loan company requesting a copy of the loan document, but that is an option to consider.

Has your sister "googled" the company to see if there have been issues reported about it?

If the cost is of no concern what could be done is to file suit against the lender and/or its assignees asking for a declaratory judgment with relief in the alternative. Compelling the lender to either admit that the account has been fully paid and satisfied or to produce documentary evidence that it remains outstanding, together with a full accounting of all transactions relating to the loan.

Because if the situation remains as is the borrower might never know when, if ever the account has been satisfied.

But I don't think it necessary to go to that expense. The state regulatory agency that licenses and monitors such lenders should have the same authority as a court of law in that respect and can intercede on behalf of the borrower and demand that the lender produce a full accounting.

And that is where I would start. A written complaint to the state department of finance or whatever state regulatory body is appropriately charged with such authority.

 

[quincy]

If the cost is of no concern what could be done is to file suit against the lender and/or its assignees asking for a declaratory judgment with relief in the alternative. Compelling the lender to either admit that the account has been fully paid and satisfied or to produce documentary evidence that it remains outstanding, together with a full accounting of all transactions relating to the loan.

Because if the situation remains as is the borrower might never know when, if ever the account has been satisfied.

But I don't think it necessary to go to that expense. The state regulatory agency that licenses and monitors such lenders should have the same authority as a court of law in that respect and can intercede on behalf of the borrower and demand that the lender produce a full accounting.

And that is where I would start. A written complaint to the state department of finance or whatever state regulatory body is appropriately charged with such authority.

That does seem to be a good place to start. I agree.