reading marie's post about TU really got me thinking. I applied for PLUS loan for son to attend school. Applied to bankone. bankone calls me and says there is one thing on your report (repo) and we need you to explain it. I told them it was in dispute (doesn't show it) it was removed about a week later, but son missed school registration deadline. Is this grounds for lawsuit? grounds to threaten(?) lawsuit. I have denial letter from bankone and can get letter from school for damages if necessary.
well. that's interesting. What did they mean by explain it? document it? If so, TU's defense could be you didn't do your due diligence by just explaining it to the bank... is it yours? if not, I'd likely hire an atty. I wonder if you and your son could jointly sue...anyway, it is really interesting because the impact is actually huge. Let me explain. I'm going through a personal injury lawsuit and of course, even though I have an atty I research constantly. One case I came across was of a kid who was in college. his accident cost him 1 year in college (delayed)... now, I didn't think of the real consequences, but his atty did. 1 year missed pay at a professional rate. 40k. Then, a percent increase every year until he retires...that's 40 something years of lessened raises... he'll miss a percent of it because he started 1 year later. It added up to somewhere around 200k or so. Needless to say, this would be more difficult to prove and I don't know how it would work since it's your credit but his life... and you'd definitely need an atty and a professional to testify as to the effect... But it's interesting. Up to you what you do with it. if the item is really yours I don't think I'd push it since it came off anyway... it's too bad your son just couldn't get an emergency loan for that semester (my brother works in financial aid at a large university) and they sometimes have to provide financing for a semester or so while aid is being worked out. It normally has to be paid before graduation... but it could be paid out of funds approved after your file is clean. By the way, couldn't your son just get regular student aid on his own? it's not credit contingent...
well, my due diligence was to dispute the item as not mine (maybe) thinking that even if they saw the item they would see it was being disputed. Yes, they asked for a letter of explanation from creditor .. which of course, I was not going to attempt, since I was disputing the item as "not mine" the fact is they could not even telll that the item was in dispute!!! Since my son lives as home and is my dependent for financial aid purposes (obviously) wouldn't the damages be to both of us.... please somebody some opinions!!! ( cite case law if you find some, I don't have lexis at home but I can search at work if you give them to me)
