In regards to:
Has anyone requested copies of the promisary note or title since this hit the news? --without being sued first --
I am not in default on my NCT loan, but I am curious if they acually hold my promisary note or not. I read (below) that they dont have to supply them unless they sue you, and you request it in discovery. I am going to mail a request today and see what they have. I can barely afford this and I just got a pay cut and I am afraid of being sued over this in the future. Do they have to remove this if they lost my documents?
"You can ask your loan servicer to show you a promissory note proving who owns the loans, but the servicer isn't legally required to turn that over, says Robyn Smith, an attorney with the National Consumer Law Center."
I tried this last year when I got sued. They had the promissory note alright. Ended up working out a payment plan for way less than i normally would have paid per month. Keeps them off my back and the account was removed from my credit report a few months back so it isn't hurting me anymore(too old of an account now)
I took the loan out in August of 2007.
Sorry for the late reply to the discussion, however, I will jump in here, to voie my two cents.. I requested the notes from AES, for my private loans that were taken out 2006/2007. Well, they mailed out a manilla envelope of all the original notes.
Each party to a loan contract is responsible for retaining copies of their contract agreement.
You can always request a copy of the contract documents from the other party, but they are not legally obligated to do your record keeping, and can decline.
The title of the post is a bit confusing.....
It asks whether you should dispute or request proof of the loan.
What is the asserted inaccuracy that would be basis for any dispute of their reporting?
Do you have an actual issue of the loan not being yours?