topic Re: Disputing Education Empowerment Fund loans? in Student Loans

Disputing Education Empowerment Fund loans?

Anonymous — Mon, 17 Jan 2011 16:58:01 GMT

I'm a My Rich Uncle loan person, I've got about $5,000 from them. They sold my loan to somebody (American...something?) and then sold to someone else, and then finally to Education Empowerment Fund. With all these re-sellings, I'm thinking there's a good chance that a dispute would go through, but I wanted to see if anyone else has done it first. It would sure be a weight off my back.

Also, if that doesn't work, I wanted to look into consolidating my loans. I have one with ACS, too.

Re: Disputing Education Empowerment Fund loans?

MarineVietVet — Mon, 17 Jan 2011 17:01:57 GMT

@Anonymous wrote:
I'm a My Rich Uncle loan person, I've got about $5,000 from them. They sold my loan to somebody (American...something?) and then sold to someone else, and then finally to Education Empowerment Fund. With all these re-sellings, I'm thinking there's a good chance that a dispute would go through, but I wanted to see if anyone else has done it first. It would sure be a weight off my back.

Also, if that doesn't work, I wanted to look into consolidating my loans. I have one with ACS, too.

Welcome to myFICO.

What exactly are you thinking about disputing?

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Re: Disputing Education Empowerment Fund loans?

Anonymous — Mon, 17 Jan 2011 17:09:49 GMT

That they own it - I read that when loan moneys change hands a bunch that the paperwork often gets lost, and if they can't prove that they own it, then they can't hold you for it.

Re: Disputing Education Empowerment Fund loans?

MarineVietVet — Mon, 17 Jan 2011 17:14:36 GMT

@Anonymous wrote:
That they own it - I read that when loan moneys change hands a bunch that the paperwork often gets lost, and if they can't prove that they own it, then they can't hold you for it.

Let me ask you this. Who do you feel you owe this money to?

Re: Disputing Education Empowerment Fund loans?

Anonymous — Mon, 17 Jan 2011 17:42:42 GMT

To My Rich Uncle, but they went bankrupt.

Re: Disputing Education Empowerment Fund loans?

MarineVietVet — Mon, 17 Jan 2011 17:55:26 GMT

@Anonymous wrote:
To My Rich Uncle, but they went bankrupt.

I'm sure someone assumed those debts but the problem will be to find out who you owe the money to now.

How many times has the debt been sold? Do you know for sure?

Re: Disputing Education Empowerment Fund loans?

haulingthescoreup — Mon, 17 Jan 2011 18:17:57 GMT

If there were an issue with the student loan (wrong amount, shows lates when there weren't any, etc), I can see trying to figure how to dispute it.

If you're looking for an easy way to escape a legitimate debt, that's a different issue. If so, it's against the Terms of Service and User Guidelines to discuss unethical methods of dealing with your credit, and IMO, this question falls into that territory.

If I misread your intent, I do apologize.

Re: Disputing Education Empowerment Fund loans?

Anonymous — Mon, 17 Jan 2011 19:00:24 GMT

I was just thinking that since they had gone bankrupt then I wouldn't owe them anymore.

Re: Disputing Education Empowerment Fund loans?

MarineVietVet — Mon, 17 Jan 2011 19:51:21 GMT

@Anonymous wrote:
I was just thinking that since they had gone bankrupt then I wouldn't owe them anymore.

I agree that you don't owe My Rich Uncle but you said they had sold the account so the debt is owed to someone.

Do you know how many times it has been sold?

Re: Disputing Education Empowerment Fund loans?

Anonymous — Mon, 17 Jan 2011 19:54:09 GMT

I have no idea. My Rich Uncle shows on my credit report as the owner, but I remember getting a letter that they sold it, but I think the letter I got (which I don't have anymore) I received after they tanked. It's pretty confusing to me.

Re: Disputing Education Empowerment Fund loans?

MarineVietVet — Mon, 17 Jan 2011 20:19:07 GMT

@Anonymous wrote:
I have no idea. My Rich Uncle shows on my credit report as the owner, but I remember getting a letter that they sold it, but I think the letter I got (which I don't have anymore) I received after they tanked. It's pretty confusing to me.

I would contact Education Empowerment Fund and see if I could figure this out before disputing anything.

Disputing is not the cure all some people think it is. Try other avenues first.

Re: Disputing Education Empowerment Fund loans?

Tazman81 — Tue, 18 Jan 2011 16:29:58 GMT

Just some clarifying thoughts. In your post you said the loan was sold to Education Empowerment Funds, so they are probably the ones currently holding the loan. Also, in response to them going bankrupt. To put that into perspective. If a friend borrowed money from you, and then you claimed bankruptcy against all of your debts, does that mean that friend no longer owes you that money? It does not.

Was your loan in default with the original lender (Uncle....)? Ultimately most student loans have a guarantor. So, if you did not pay the original loan, then the guarantor pays out for your loan, and now you have to reimburse the guarantor. I don't think Education Empowerment Fund is a debt collector, but I could be wrong. And you didn't say anything about your loan being in default, so I have to just assume that your loan was moved/transferred to another company to service it since your original lender went out of business.

It doesn't sound like you owe too much on the loan, so keep an eye on it to make sure you are not in the repayment period as if you miss payments that would be very damaging to your credit. Let us know what you find out.

Re: Disputing Education Empowerment Fund loans?

Anonymous — Tue, 15 Feb 2011 17:42:39 GMT

i actually had a ton of loans through MRU - they were sold to education empowerment fund, who has university account services collect on their behalf. i'm trying to look into a way to consolidate the several small loans i have through them into one big loan because having them all separate makes for a high monthly payment. they do exist, though, and they should have contacted you.