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Dwayne B.
Dwayne B., Attorney
Category: Legal
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Experience:  Began practicing law in 1992
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I have an issue with Sallie Mae who sold my student loan to

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I have an issue with Sallie Mae who sold my student loan to Texas Guaranteed for a major over stated amount claiming forbearances. My loan balance was about $37k, but was sold to TG for $73k due to 66 forbearances. Forbearances are only allowed 2x per year, so that would be 33 years worth, and at the time I was 30 years old....impossible. I explained this to the TG rep who agreed. She later called me back and said they had a similar case with another person and she would tag my account as being in compliance until a resolution was obtained. I had every intention of paying my loans back, I simply wanted a payment structure based on the correct amount. They failed to do so. I didn't receive any letters after that but it was on my credit report. It turns out they just reported to my credit this past December stating a balance of $55,000 now, another credit report shows 44,000, another reports shows it closed, but with a balance. I read many reports of fraud through forbearances by Sallie Mae. This is killing my credit score and has prevented my family from getting loans and has resulted in our paying very high interest for years now. Do I have a case against Sallie Mae? I have the paperwork including the original signed loan agreement. Thank you.
Hello and thank you for contacting Just Answer. I am an expert here and I look forward to assisting you today. If at any point any of my answers aren’t clear please don’t hesitate to ask for clarification.

Your question was: "Do I have a case against Sallie Mae?"

Despite what you read online Sallie Mae generally doesn't commit "fraud". However, from what I have seen they are notorious for messing up accounts and not taking care of their business properly.

You could sue them and the new company for the incorrect information being reported on your credit report, as well as for billing you for an incorrect amount.

The causes of action may be a violation of the Fair Credit Reporting Act and the Fair Debt Collection Practices Act, depending on exactly what the paperwork shows, as well as a breach of contract action and a "slander" type action for them reporting derogatory information on your credit history. It may also be possible to include the credit reporting agencies in the lawsuit as well, again depending on exactly how everything happened.

You definitely want to hire an attorney to represent you on this and start sorting through the documents to see exactly what occurred and when. You can find one at www.lawyers.com. Look for an attorney who does civil litigation, civil trial law, or consumer law.
Dwayne B. and 2 other Legal Specialists are ready to help you
Customer: replied 3 years ago.


Thank you.

You're very welcome.

Best wishes to you on this and please don't forget to leave a Positive Rating (of course I’d suggest Excellent!) so I get credit for my work.

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