Student loan from Sallie Mae, now by Drydensfairfax solicitors

[sequenci]

Quite a lot of universities do, I know my uni does for their Masters courses. Limitations issues can be pretty complicated due to the cause of action being delayed, it's not always clear cut at all.

[Peterbard]

Of course the usual advice for anyone wishing to avail themselves of a possible statute bar, is to make the statement in writing to the other side, and shift the burden of proof.

[Tucoist]

Many thanks for all your help and advice guys.

 

I want to know all of my options and how best to deal with this ghastly situation.

 

If it is not statute barred I would like to make a minimum payment as I am going freelance.

 

This would mean that I would not be getting a guaranteed income every month,

 

as work picks up and I earn more, maybe, i could change it.

 

If it is indeed statute barred I would investigate this as it seems like a totally legal road to go down.

 

Any ideas?

 

Do you think maybe a SAR would be useful in this case?

[dx100uk]

i'd sit on it.

 

its been sold to arrows

and their dogs drydens have taken it on

 

its quite obviously a lemon debt

else why did the OC and Total credit sell it.

 

what is the default date on your CRA file?

 

strange it suddenly appeared.

 

dx

[Tucoist]

I have not heard the term lemon debt before, but it has been sold on twice now.

 

 

The default date on my credit file is Started: 21/11/07

 

 

Default Date: 05/04/12, dos this make sense.

 

 

They gave me two weeks from the date of the last letter (22nd July) to respond.

 

 

I am still unsure what to do.

 

 

Any ideas guys??

[dx100uk]

huh

defaulted 2012?

you sure that's not an update date

 

that's VERY wrong.

 

dx

[Tucoist]

I thought that was a bit strange also but on my credit report thats what it states as the default date. I must be looking at the right thing...

 

Company: ARROW GLOBAL LIMITED - Started: 21/11/07 - Default Date: 05/04/12 - Account Updated to 19/05/13

 

I wonder why it states last year as the default date. I wonder if this has something to do with 'SALLIE MAE' ceasing trading in this country and handing it over to someone else?

 

What do you think will happen if 'DRYDENSFAIRFAX' do not hear from me as it is nearly two weeks and they said they will be seeking legal action against me, that is worrying...

[sequenci]

When were you supposed to start repaying the loan as per the contract?

[Tucoist]

I think it was maybe between 6-9 months if my memory serves me correct (i am at work at the moment and will check later this evening)

 

 

but it was a long time after this that I found out that 'SALLIE MAE' had stopped in this country

and 'TOTALCREDITFINANCE' had started to send me letters.

[sequenci]

As far as I understand the default date on your credit file needs to coincide with when the actual account would have defaulted as per the contract. There is something in the back of my mind which tells me that it needs to be placed on the file within 6 months but I'm sure Mr DX will clarify that point.

[dx100uk]

yea I know

 

something is very wrong here

 

dx

[Tucoist]

Do you think that maybe because it has been moved around a few times (Lemon Debt) that some of the actual information has been lost.

 

Are they trying scare tactics with me on the basis that I am naive to things of this nature?

[sequenci]

That's potentially possible. It could also be that they are trying to mislead you as to the legitimacy of the debt - and the whole 6 years argument. A recent case has suggested that the six years runs from when the default occurs rather than when the terms of the contract are breached.

[dx100uk]

who owned the debt when the default was placed?

 

certainly me thinks the CRA people;e

or even the ICO should be alerted to what has happened.

 

whichever way I look at it

it doesn't make sense

 

dx

[Peterbard]

The cause of action date under section 5 would commence when the creditor was entitled to reclaim all sums due under the agreement, this is generally on termination of contract, since before that time the debtor would be entitled to repay under the terms. After this the COA can be re-set by the acknowledgment of the debtor usually by making payments on the account.

[sequenci]

The cause of action date under section 5 would commence when the creditor was entitled to reclaim all sums due under the agreement, this is generally on termination of contract, since before that time the debtor would be entitled to repay under the terms. After this the COA can be re-set by the acknowledgment of the debtor usually by making payments on the account.

 

Yup. Totally agree. Just wondering if this firm are going to try and argue BMW v Hart

[Peterbard]

A confusing one. I've come back to this each day for the last few days, but it's not making sense. Is it worth a SAR to the OC?

[dx100uk]

yea but who the hell do we deem to be the OC?

 

tell you what

 

 

why don't we fire a CCA request off to arrows?

 

only cost a £1...

 

that'll sort the problem if this debt IS owed

I bet they have nothing.

 

this default interest's me.

 

who was the owner when it was marked default?

 

dx

[Tucoist]

Hi Guys, many thanks again. I have attached the bits on my credit report to see if that can shed any more light on the situation.

[Tucoist]

Hi Guys, did the upload work? any clues on the credit report? Its one of the Experian ones for two pounds.

[Mike_hawk]

If it were me I'd want sight of the agreement before engaging in any other correspondence.

 

Unless you have the original you'll be stumbling around in the dark trying to work out the interest terms

pre or post deferment and the natural end date of the agreement.

 

Double entry within your CRA files.......

. would have said duplicate but given the differing values and start date I believe the agreement may assist you in addressing that matter.

 

Not uncommon for a business to write off a balance within one operating system and recreate within another, hence a duplication of the 'debt'.

 

It's possible it may file in the meantime, with a combination of AG & Drydens Fairfax who have little regard to playing fair

it could take a punt at filing for the entire balance whilst you await it's response.

 

I wouldn't advocate doing nothing, I'd prefer to use the opportunity to establish the true quantum

and whether you should have been offered the opportunity to defer the capital repayment.

[Tucoist]

When you say agreement do you mean the original that I signed with 'SALLIE MAE'? at the beginning.

 

The double entry is correct as it was split into two different parts as I did not receive the money in one lump sum.

 

As today is the last day before they start legal proceedings

I would like to get something moving.

 

How long do you think it will be before something legal will happen?

 

Is it usually quick?

[Tucoist]

I am still very scared that the bailiffs will come knocking!! without my stuff I cannot work.

[Mike_hawk]

When you say agreement do you mean the original that I signed with 'SALLIE MAE'? at the beginning. The double entry is correct as it was split into two different parts as I did not receive the money in one lump sum. As today is the last day before they start legal proceedings I would like to get something moving. How long do you think it will be before something legal will happen? Is it usually quick?

 

Yes, the original with Salliemae.. AG should be presented with the request although it would seem sensible to cc Drydens, not sure how well they communicate with each other.

 

No hard and fast rule........ it may file tomorrow or it may never attempt enforcement. It's just my opinon but I believe you should be doing something positive to establish the facts.

[Mike_hawk]

I am still very scared that the bailiffs will come knocking!! without my stuff I cannot work.

 

 

Not going to happen.......... It can't do much except stamp it's feet without a judgment to enforce