Hi Everyone, Yesterday I received a fabulous response to a validation request I sent to Ed Fund (a student loan). The following is what they said: "We at California Student Aid are not required to abide by the FDCPA in respect to validating any loans." IS THIS A CROCK of @#$%% or what? This was actually a response to my my second request (espoppel) as they never responded to my first request. What would you do at this point? Thanks, Sal
They are correct, they do not have to follow the FDCPA. Your best bet would be to see if you can get the student loan rehabbed. Just my 2 cents. Gib
This is very confusing to me. Everything I've learned here (as I understand it) is that ANY entity trying to collect money from you would be obligated to show you proof of the debt. Does this mean that any ORIGINAL creditor could just point they're finger at me an say "hey, you owe us this much so pay up or else" and not have to PROVE anything??? What am I missing here? Thanks, Sal
There is one situation where an original creditor is liable under the FDCPA. That is if they are collecting their own accts but under a different business name. As an example, John Doe Credit is collecting on a charged off acct they own using the collection name of John Doe Credit Collections.
The Sample Letters forum shows this description for the Debt Validation letter: "This is a request for debt validation from a creditor or credit bureau. Send as certified mail, return receipt requested. " I could see where folks are getting the idea that this applies to original creditors.
I was responding to the comment that only ca's are liable under the FDCPA. While this is normally the case, there is an FTC staff opinion letter that says if an original creditor is collecting their own debts under a different name, they are liable under the FDCPA. I have no idea if this pertains to education loans or not. I was only responding to 1 statement.
Student Loans huh? No sense in validating it - they can and WILL send you your original promissory note. You can request that at any time. If they don't have it - the US Department of Education does. They have them scanned and keep them forever - and they have since 1986. Rehab the loans - 12 reasonable on time monthly payments and they remove all derogatory information from your credit files. (After 3 payments, you can consolidate the loans and only have one payment). It's the best thing they offer. If your lender doesn't want to cooperate - contact the ombudsman at the US Dept of Ed via their website (www.ed.gov) and the ombudsman will negotiate with the lender/guarantee agency on your behalf to get terms that you want.
Re: Unbelievable Validdation Respon do you owe these?are they currently in default? are they being reported 100% accurately? my experience they are terrible and unreasonable however the good news for you is they also make tons of mistakes in reporting or are very lazy about reporting. I had them removed from transunion and experian by disputing, equifax says they verified but t hen equifax manages to get verif from everyone,however they reaged the accounts ,I am sending equifax copies of old reports and new ones verifying the reaging and demanding deletion. I also have this addie provided by student aid commission if you disagree w ith t he way they or edfund are reporting your accts ED FUND Att:CREDIT DISPUTES PO BOX 419031 Rancho Cordova,CA. 95741 Personally I am not going to write them cuz then they may report correctly for the next 5 years legally allowed I much prefer to give them enough time to allow their incompetence to work to my adv antage. Your mileage may vary
They still have to prove the claim.They have 2 choices.1*send the Val. as requested2*prove the claim in court:
lbrown59, Your idea makes a litttle more sense!!!!! If I said you owe me money - I HAVE TO PROVE IT period. And I'm sure if an original creditor is trying to collect, that makes them a collector RIGHT? -Sal
Re: Unbelievable Validdation Respon Diazwoman, Could you tell me a little bit more about you're studend loan horror story - mine is unbelievable. -Sal
