Disputing Education Empowerment Fund loans?

[Anonymous]

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.

[MarineVietVet]

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@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.

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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".

[Anonymous]

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.

[MarineVietVet]

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@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.

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

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".

[Anonymous]

To My Rich Uncle, but they went bankrupt.

[MarineVietVet]

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@Anonymous wrote:

To My Rich Uncle, but they went bankrupt.

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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?

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".

[haulingthescoreup]

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.

[Anonymous]

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

[MarineVietVet]

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@Anonymous wrote:

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

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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?

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".

[Anonymous]

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.