7 million Americans refuse to pay back student loans

[singular_me]

Death by student loan default???

who will be left holding the bag?
=====================

Published on Aug 8, 2016

According to a new report by the Wall Street Journal, 7 million Americans are flat-out refusing to pay back their student loans because they feel scammed by their universities and government. They feel like they were told to go to school and are now left with worthless degrees, no jobs, and no prospects for the future. The government has tried many tactics to reach these defaulters, but their efforts have been fruitless for over a year


https://www.youtube.com/watch?v=mxU3HZShS7U

[Santa]

Good. Maybe GovCorp employees will be wiping their asses with single ply for a while. Hey, Ponce warned em. :)

[madfranks]

This is what happens when an economically illiterate government pushes that "everyone needs to go to college" which directly conflicts with reality where the majority of service and production jobs in the country simply do not need college graduates.

[singular_me]

listen to the next video... no systemic risk... sure because taxpayers will see the bill transferred to them


Millions of Student Loan Defaulters Have Stopped Payments

https://www.youtube.com/watch?v=Sz1Gu_KM4U0


HOW THE SCAM WORKS, PERSONAL STORY
America's Student Debt Crisis: Jessie's Story | Consumer Reports

https://www.youtube.com/watch?v=PqzEcER8AJA

[crimethink]

All debts / "debts" that demand more than 10 percent simple interest should be canceled by authority of Yahweh Almighty. Deuteronomy 15:1-2; Matthew 18:21-35

The Bible itself goes farther than that, but it's a good start.

[Shami-Amourae]

I paid off my student loans several years ago, and even got an E-mail saying my debt was paid in full.

Then recently I get informed by some debt collection agency that I owe them around $10,000 on student loans. Now the burden of proof is on me to prove I paid it off. Dunno what will happen now.
:(


They never contacted me since I paid off the loan, then suddenly out of the blue say I owe a bunch of money.

[crimethink]

This is what happens when an economically illiterate government pushes that "everyone needs to go to college" which directly conflicts with reality where the majority of service and production jobs in the country simply do not need college graduates.

At this point, we should all actively discourage youth from "going to college" unless they are sincerely interested in a career that truly requires university, e.g., medicine, engineering, hard science.

College is nothing but brain and spirit poison for most students now. Go in ignorant and naive, come out an idiot savant who knows little but assumes they know everything...and acts upon that.

[crimethink]

I paid off my student loans several years ago, and even got an E-mail saying my debt was paid in full.

Then recently I get informed by some debt collection agency that I owe them around $10,000 on student loans. Now the burden of proof is on me to prove I paid it off. Dunno what will happen now.
:(


They never contacted me since I paid off the loan, then suddenly out of the blue say I owe a bunch of money.

Immediately dispute it with all credit reporting agencies, and Certified Letter the assholes demanding debt validation. Could be a matter of mistaken identity (happened to my wife), or, it could be an outright scam. Contact the original creditor to verify whether they sent it to collections or not.

Please tell me you kept the email (printed it out)? Do you have access to the payment records?

[Glass]

I paid off my student loans several years ago, and even got an E-mail saying my debt was paid in full.

Then recently I get informed by some debt collection agency that I owe them around $10,000 on student loans. Now the burden of proof is on me to prove I paid it off. Dunno what will happen now.
:(


They never contacted me since I paid off the loan, then suddenly out of the blue say I owe a bunch of money.

Burden of proof is not on you. But you need to make timely responses and have several people witness, with signatures. You also need to reply in writing via registered post.

The debt collector will have either bought the debt - meaning it is now paid and nothing is owed by you OR they are just fishing based on old records they come across.

What you don't want is for them to have a period of non response from you that they can use to get a default judgement, otherwise the sheriff will come around for your stuff and your accounts will get garnished.

You need to demand to see the contract between you and the debt collector. You need to demand to see certified evidence of the debt. You also need to collect your payment records and collate them. You need to tell them that you pay your debts and will pay any proven debt - Conditional acceptance on Proof of Claim. You also need to do some back ground on these guys and make sure they are licensed etc - not 100% scammers but licensed scammers.

If the debt collector bought the debt - actually paid some money for it then that is a gamble they take. You have zero obligation to them unless you contract with them, after the event. Otherwise if any money was owing and they paid it, then it's their gift to you...... without a contract between you and them...... its a gift to you.

You must make sure you do not get into a) dishonour - because judgement will follow b) a contract by implication or construction - you imply you accept their claim or you explicitly accept their claim with or without proof.

I assume you contacted the Govt loans people for confirmation and a certificate saying you paid? Did they say they can't help because it is in the hands of a debt collector now? Send them a letter of Notice requesting certiifcation debt is paid. Include evidence of your payments.

It is important to try and turn the tables on the debt collector and use their methods against them. The clock towards default start running once they contact you. You need to start your own clock toward defaulting them as soon as you respond to them and you need to respond to them within the accepted times to avoid default, otherwise their clock counts down before yours does.

Conditional acceptance (notice) demands proof of claim with X time period OR it is agreed there is no debt . If no proof comes froth, then they get told (noticed) of a default and provide an second and final opportunity to provide proof. If nothing comes forth then they are told (noticed) of Defualt. You take copies of all paperwork, evidence of service - registered post, Make a sworn document saying you did these letters and heard nothing back. Get a default judgement. Send them the court order which is effectively a cease and desist.

Things like these often ocour because of money laundering. It is possible your account was reopened when someone drew money from your account for either internal or personal graft. Banks and Government do this all the time. THis is why people who paid off their mortgages can still lose their homes due to outstanding debt. Someone debited their account and took the money and either did not intend or did not get around to zeroing the account again before the next audit.

The Government will do regular sweeps/audits of it's accounts and anything over X days due will be sold for debt recovery.

[horseshoe3]

I paid off my student loans several years ago, and even got an E-mail saying my debt was paid in full.

Then recently I get informed by some debt collection agency that I owe them around $10,000 on student loans. Now the burden of proof is on me to prove I paid it off. Dunno what will happen now.
:(


They never contacted me since I paid off the loan, then suddenly out of the blue say I owe a bunch of money.

I'm guessing it's a scam. Student loans are so prevalent these days, and there are so many people behind on their payments, that the odds are pretty good that they can cold call people and set a hook.

We paid off my wife's student loans almost 10 years ago. Last week, the phone rings:

Me: Hello.
Caller: Hello, Sugarplum??
Me: No, this is her husband.
Caller: I'm calling regarding her student loans.
Me: She doesn't have any student loans.
Caller: Well she contacted us about help getting her student loans forgiven.
Me: No she didn't. Click.

I'm pretty sure they were cold calling random people and hoping someone would bite.

[Shami-Amourae]

Immediately dispute it with all credit reporting agencies, and Certified Letter the assholes demanding debt validation. Could be a matter of mistaken identity (happened to my wife), or, it could be an outright scam. Contact the original creditor to verify whether they sent it to collections or not.

Please tell me you kept the email (printed it out)? Do you have access to the payment records?

I made copies of that E-mail and the final payment lump sum (huge payment.)

I do, though I'm having to do a lot through my mother since it was mostly in her name (joint) since we got some joint "Single Mother Poor Kid" deal. My mom was temporarily unemployed then, and I was the only one bringing an income into the house then. She's computer retarded so if something needs to be printed out I have to do it and snail-mail it.

This company contacted her, and not me, even though the original loan company was sending me letters and having me pay it off. Kind of confusing, and hard to explain. They had both of our social security numbers so if one person didn't pay, the other was on the hook or something.

Have the documentation in the mail now being sent to my mother, dunno if I should discuss it all on a public forum though.

I also have a check stub the the refund the loan company gave me when I overpaid my final payment. The loan company never sent an official letter when they said my loan was paid though, just an E-mail.

[Shami-Amourae]

I'm guessing it's a scam. Student loans are so prevalent these days, and there are so many people behind on their payments, that the odds are pretty good that they can cold call people and set a hook.

We paid off my wife's student loans almost 10 years ago. Last week, the phone rings:

Me: Hello.
Caller: Hello, Sugarplum??
Me: No, this is her husband.
Caller: I'm calling regarding her student loans.
Me: She doesn't have any student loans.
Caller: Well she contacted us about help getting her student loans forgiven.
Me: No she didn't. Click.

I'm pretty sure they were cold calling random people and hoping someone would bite.

You can't fuck around with Federal loan stuff. It may be a scam, but if it's not it messes me, and my mother up since now the Feds are involved. Student loans are a giant government cheese racket, and they don't care who they hurt.

The company supposedly doing it basically took over the records/processing of the original loan company, and they took over around the time I paid off the loan, so it's more likely a bureaucratic mistake.

I tried logging into my account of the old company, but my login/profile was deleted it seems. Really weird.

I'm just waiting to my mother gets the paperwork I sent her, and she'll combine that with some evidence she has on her side too, and we'll go from there I guess.

[crimethink]

Have the documentation in the mail now being sent to my mother, dunno if I should discuss it all on a public forum though.


Yes, don't. You're plenty smart enough to handle this on your own, but don't hesitate to ask for help or seek out info to better understand how to deal with this. Feel free to PM me if needed.




I also have a check stub the the refund the loan company gave me when I overpaid my final payment. The loan company never sent an official letter when they said my loan was paid though, just an E-mail.

Not unusual. Lots of e-documentation from most banks nowadays.


Don't hesitate to ask the CFPB to get involved on this:

http://www.consumerfinance.gov/

http://www.consumerfinance.gov/complaint/

If there is any shady shit going on, a CFPB investigation will likely shut it down quick-like. Student loans and bankster shenanigans related to them are a big topic for the leftists right now, and you can use this fact to your advantage.


Also, you should run your credit reports to check to see what else might be on there, before you should need them to be in good shape:

https://www.annualcreditreport.com/ (the only legitimate link for this, other than the bureau sites themselves - free once annually)

[boogietillyapuke]

You know all this but I'll repeat it any.

No talkie by phone......any and all correspondence by snail mail.

never ignore.....always respond in a timely manner. They're just hoping you don't.

listened to Clark Howard on afternoon AM radio 2days ago. One of the biggest scams going on right now is debt collectors "cold calling" people just to see if they can get you to bite and set the hook.

Like CT suggests, run those 3 free annual credit reports just to see what's there or not.

[singular_me]

taxpayer sponsored debt scheme taken to another level....not too shabby... !!!

Imagination knows no boundaries

================


Government begins plans to sell off billions of pounds worth of student debt to private companies

Critics say the move 'smacks of desperation' and could come at a cost to students and taxpayers
7 February 2017 GMT
‘The Government has begun controversial plans to sell off billions of pounds worth of student debt to private companies, a move experts warn could come at a cost to students and taxpayers as the industry falls victim to “marketisation”.

Graduates who took out loans before the 2012 academic year could find themselves making repayments to private lenders buying up contracts from the Student Loans Company (SLC) – a move the Treasury expects to make £12bn from in return.’
http://www.independent.co.uk/student/news/student-loans-sales-debt-private-companies-treasury-graduates-12bn-a7565716.html

[singular_me]

trust that QE printing is running days and nights

=====================


System To Collect Defaulted Student Loans Is No Longer Functioning
9 May 2017 GMT


https://www.youtube.com/watch?v=W6FKQGmXZ7o

[Atocha]

All debts / "debts" that demand more than 10 percent simple interest should be canceled by authority of Yahweh Almighty. Deuteronomy 15:1-2; Matthew 18:21-35

The Bible itself goes farther than that, but it's a good start.


Agreed! Grace and ultimately forgiveness !!!!

[singular_me]

more QE coming

more seriously this case reminds me somebody I knew that won the case against Ccs, the Ccs lawyer couldn't prove that money existed in the first place and based on that the debt was repudiated legally. Have these students learned about winston shrouts?

======
Tens of thousands of people who took out private loans to pay for college but have not been able to keep up payments may get their debts wiped away because critical paperwork is missing.

The troubled loans, which total at least $5 billion, are at the center of a protracted legal dispute between the student borrowers and a group of creditors who have aggressively pursued them in court after they fell behind on payments.

Judges have already dismissed dozens of lawsuits against former students, essentially wiping out their debt, because documents proving who owns the loans are missing. A review of court records by The New York Times shows that many other collection cases are deeply flawed, with incomplete ownership records and mass-produced documentation.’

Read more: As Paperwork Goes Missing, Billions in Private Student Loan Debts May Be Wiped Away
http://www.orrazz.com/2017/07/as-paperwork-goes-missing-billions-in.html
http://www.cnbc.com/2017/07/18/as-paperwork-goes-missing-private-student-loan-debts-may-be-wiped-away.html

[crimethink]

more QE coming

more seriously this case reminds me somebody I knew that won the case against Ccs, the Ccs lawyer couldn't prove that money existed in the first place and based on that the debt was repudiated legally. Have these student learned abut winston shrouts?

======
Tens of thousands of people who took out private loans to pay for college but have not been able to keep up payments may get their debts wiped away because critical paperwork is missing.

The troubled loans, which total at least $5 billion, are at the center of a protracted legal dispute between the student borrowers and a group of creditors who have aggressively pursued them in court after they fell behind on payments.

Judges have already dismissed dozens of lawsuits against former students, essentially wiping out their debt, because documents proving who owns the loans are missing. A review of court records by The New York Times shows that many other collection cases are deeply flawed, with incomplete ownership records and mass-produced documentation.’

Read more: As Paperwork Goes Missing, Billions in Private Student Loan Debts May Be Wiped Away
http://www.orrazz.com/2017/07/as-paperwork-goes-missing-billions-in.html
http://www.cnbc.com/2017/07/18/as-paperwork-goes-missing-private-student-loan-debts-may-be-wiped-away.html

LOL - good for them! More MERS-like goodness! Did "Linda Green" sign the notes they did find?

Missing documentation for fake "money."


"Linda Green": http://www.detroitnews.com/story/business/2016/08/28/michigan-sets-parole-linda-green-robo-signer/89525028/

[singular_me]

Have these students learned about winston shrouts?

or maybe the judge did :)