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KEdin

Sallie Mae UK loans: statute barred or not? scotland

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Hi all,

 

I am not the first to post on this issue but I wanted to get some advice about the appalling mess that Sallie Mae UK created when it went bust.

 

They were a subsidiary of the American private loan company and they briefly funded postgraduate education in the UK for a year or two.

 

I foolishly borrowed money in 2006-7.

They folded and the debt was passed on to various companies:

Eagle Consulting,

Total Credit Financial Services

and most recently, Capquest

who I believe are a debt collection company.

 

There has been the odd complicated statement with huge interest added over the years from each of the companies listed

, but no attempts at contact,

no paperwork or phone calls to arrange a schedule of payment

and nobody checking when I actually finished my PhD studies.

 

I haven't spoken to anybody from the company and I have only had one email exchange with them

- in 2009, when they (Eagle consulting) sent me three letters saying I'd missed payments.

 

I emailed to say I was still studying and they updated the system to show I would be finishing in 2010.

If that had happened, my first payments would have been due after a nine month deferral, so autumn 2010.

 

Due to dropping to part time status, I actually submitted my thesis in summer 2013 but they didn't know that since they never asked again!

 

My question is this:

how does one establish a cause of action for a private student loan?

Is there any way of establishing this is a statute barred debt or not?

If not, I will need to challenge them about the exorbitant interest they have levied over the years

, as it was supposed to be interest free until nine months after graduation.

 

To give you a clear picture,

I had a letter from Capquest saying they would be managing my account on behalf of arrow global.

They wanted all future payments to be paid to them and had set them in line with the last payment I made to total credit

which they claimed was £899.99 per month.

I've never made a payment or spoken to them.

 

I sent them the standard statute barred Scotland letter in response,

and I got a letter back saying 'we were informed you were due to finish your course of study on 22 May 2015.

With your entitlement to a nine month payment holiday,

this means you are not currently due to commence payments on the loan until February 2016.'

 

I graduated from my PhD in July 2014, having finished fully by autumn 2013!

 

They continue:

'The Limitations Act states that the time start to run from the 'cause of action'

which for this type of account is when the creditor is able to take court action to recover the debt.

This will usually be after one or two payments have been missed.

 

Court action is not possible for this type of account unless the account has had a default notice (or been terminated).

As no payments have actually fallen due this account cannot qualify as statute barred

therefore the balance remains correct and due to be repaid by you as per the original conditions of the loan.'

 

They say that - although they have added around 10k of interest to a 15k loan over the course of 8 years,

when it should have been interest free!

 

Any advice would be much appreciated.

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I would be asking for a copy of the agreement with the terms and conditions atttached before you do anything else

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I personally would SAR them, then you can see everything they have on the account.

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thanks - this doesn't count as an acknowledgement of the debt does it?

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CCA request to whomever is chasing

and SAR to the original creditor

 

 

no does not ack the debt

 

 

dx


please don't hit Quote...just type we know what we said earlier..

 

if everyone stopped blindly paying DCA's tomorrow

the biggest financial industry in the UK, DCA;s would collapse overnight.

 

 

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You make sure at the top of any letter that you do not acknowledge this account or the alleged creditor in any way

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Who ever heard of someone getting a job at the Jobcentre? The unemployed are sent there as penance for their sins, not to help them find work!

 

 

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thanks all! I'll send the letters and be back in touch.

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Hi all,

 

I just got a wad of stuff from Eagle Consulting /Capquest which seems to consist mainly of computer screen shots with my name and the interest listed,

 

nothing relating to my student status and no communication with me.

 

There is no credit agreement in the pile.

 

I may yet hear from Total Credit Financial Services or Salle Mae with that I suppose!

 

So a quick question

- should the debt collecting agencies hold the credit agreement?

 

Thanks!

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whomever owns the debt [ or acting for 'their' their client - the owners]

must hold a signed agreement

if said agreement was before apr 2007.


please don't hit Quote...just type we know what we said earlier..

 

if everyone stopped blindly paying DCA's tomorrow

the biggest financial industry in the UK, DCA;s would collapse overnight.

 

 

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Thanks.

 

I will give them until the forty days are up to produce the credit agreement.

 

In the meantime, I've had a statement listing missed payments and arrears, despite having had one letter saying I was on a payment holiday and another saying my account was on hold after the SAR.

 

Do you recommend the citizens advice bureau for advice?

 

Also, do you think I should consult a solicitor?

 

Thanks, k

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No neither

 

The 'debt' appears to be owned now by arrows?

 

One wonders why a debt buyer has a 'current' student loan???

As its not a debt...it could be viewed that it's not even owed yet to anyone.

 

Pers I would totally ignore everyone

Until/unless an agreement which checks out to be enforceable appears

Or

You receive a claim form

 

Dx


please don't hit Quote...just type we know what we said earlier..

 

if everyone stopped blindly paying DCA's tomorrow

the biggest financial industry in the UK, DCA;s would collapse overnight.

 

 

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Sorry that was misleading

- I am not a student and haven't been for a while.

 

As for as they knew I was finishing in early 2010 but it was actually 2013.

They didn't ever ask or get me to sign deferrals!

I am still unclear who owns it.

I think maybe Sallie Mae own total credit and total credit hired capquest. Hmmm.

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Then its sb'd

 

But as per post 12


please don't hit Quote...just type we know what we said earlier..

 

if everyone stopped blindly paying DCA's tomorrow

the biggest financial industry in the UK, DCA;s would collapse overnight.

 

 

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That is what I am hoping.

In deferred PROPER student loans you sign a yearly form.

 

They have had nowt since the beginning.

I want to see if the original agreement gets posted to me though.

If it is barred, then it no longer exists as I am in Scotland.

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:whoo:

please don't hit Quote...just type we know what we said earlier..

 

if everyone stopped blindly paying DCA's tomorrow

the biggest financial industry in the UK, DCA;s would collapse overnight.

 

 

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Hello,

many years have passed

want to try and talk to others involved in the Sallie Mae lunacy!

Did you pay in the end?

Who is your debt with these days, if you still have it?

 

I'm just trying to track down people involved in the Sallie Mae mess to find out what you all did in then end.

 

I've recently been pursued for payment, nine years (!) after taking the loan.

I think the credit agreements are laughable.

 

I just wanted to know what you all did. Anyone out there?

 

Hi all, just a quick message for those who said they were involved in the Sallie Mae mess.

Did you pay?

I've only just been contacted last year and by Capquest.

 

I've asked them to provide credit agreement and prove the debt

months later, I am still waiting to get anything other than the odd letter saying the account is on hold and they are working on it.

I just don't see how this can be legal.

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KEdin

I've moved all your random recent posts from very old threads on to your existing thread you started last year.

so how are you getting on

 

 

please update us.

 

 

dx


please don't hit Quote...just type we know what we said earlier..

 

if everyone stopped blindly paying DCA's tomorrow

the biggest financial industry in the UK, DCA;s would collapse overnight.

 

 

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Hi DX100uk,

 

I was actually commenting on their threads in the hope the original posters would get in touch so I could make contact with others who had dealt with Sallie Mae - is that against the rules? They won't make much sense on the end of this post but never mind!

 

There is nothing much to report which is why I haven't been in touch. They are presumably trying to find a copy of my original credit agreement from god knows where, and occasionally I get a holding letter to that effect. Unless they provide me with anything or confirm they can't then I'm in limbo, but if they do provide some documentation I will post here immediately so we can discuss the content!

 

I'm increasingly convinced this isn't legal. Surely they should have been in touch asking for payment when it was due in 2009-10, and if I had wanted to defer they would have had to ask me directly.

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prob statute barred then?

 

 

looking at those threads

all the posters have original Op's have never been back to cag since I think.

 

 

its better things are kept in the open too rather than taking it p'haps outside of cag or to PM.

 

 

dx


please don't hit Quote...just type we know what we said earlier..

 

if everyone stopped blindly paying DCA's tomorrow

the biggest financial industry in the UK, DCA;s would collapse overnight.

 

 

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Yes, I want it in the open too - but it would be useful to compare notes with other Sallie Mae borrowers and hear about their experiences.

 

I think it is statute barred but until they finally produce some documents the account is on hold.

 

I've never paid and never acknowledged.

 

In their eyes I didn't default for that reason, but I think they should have asked for payment in 2009!

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pers i'd let it run

you are in Scotland

so after 5yrs its extinguished dead parrot gone.

 

don't think it would even matter if they did find the signed agreement now.

 

and as you have already pre-empted?

what they might recover by various SARs to the various people that had the loan

I doubt they'll ever be able to find anything to

 

1 to nail you down

2. prove its not SB'd.

 

 

dx


please don't hit Quote...just type we know what we said earlier..

 

if everyone stopped blindly paying DCA's tomorrow

the biggest financial industry in the UK, DCA;s would collapse overnight.

 

 

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Thanks. I'll try to be cool! I'd just prefer to tidy this stuff up completely but I'll just wait and see. At best they have seriously mismanaged these loans, but I think the majority of them will be barred.

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please don't hit Quote...just type we know what we said earlier..

 

if everyone stopped blindly paying DCA's tomorrow

the biggest financial industry in the UK, DCA;s would collapse overnight.

 

 

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I'm afraid to say the 40 day thing has been and gone

- in fact, it's been nearly a year since I first sent them letters.

 

I occasionally get a 'holding' letter saying they apologise for the delay and they have contacted the original creditors for the original agreement.

If I ever get it, I'll see what they argue.

 

I haven't put in writing that the loan was due to for payment in 2009,

and to be honest,

I'm wary about writing to them in any way.

 

I do want to make the letters stop and to get this off my credit file though.

 

I'm sure you feel the same!

 

Do let me know how things progress.

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