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LegalKnowledge, Attorney
Category: Education Law
Satisfied Customers: 28344
Experience:  10+ years handling Legal, Real Estate, Criminal Law, Family Law, Traffic matters.
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I had a $40k when I graduated in 1992. I paid when I could

Customer Question

I had a $40k when I graduated in 1992. I paid when I could and took deferments and forbearance during the lean years. It turned into $60k. I got behind in 2011. I was in what I thought was a negotiation with Nelnet to get caught up when the sold my account to another group called Wyndam and they jacked my debt up to $120k. I had even sent a payment at the same time they were selling my loan. I paid $1000 per month Wyndam for 10 months. Then didn't hear from anyone about payments until it was sold again which increased my debt to $171k. I want to know what recourse I have with regards ***** ***** selling my loan while in negotiations.
Submitted: 1 year ago.
Category: Education Law
Expert:  LegalKnowledge replied 1 year ago.

Good morning. What lead you to believe you negotiated this debt with them? Is there anything in writing? Have you asked for a breakdown of the debt, so you can see how it got so high? Also, how long ago did you pay them the $1000 for 10 months?

Customer: replied 1 year ago.
there are emails and I did get a breakdown from Nelnet.
Expert:  LegalKnowledge replied 1 year ago.

Thank you for the additional information. If there was an agreement made between you and Nelnet, then it would be binding and carry over, if the loan was bought by Wyndam. As long as you were paying on the amount owed, under the negotiated terms, they could not just void it and revert back to what you owed previously. You said you have emails in writing, to evidence and support the agreement and you also have a breakdown from Nelnet with payments, so any dispute about what is owed, can be compared to your payments, so you can dispute it. As long as you were paying, the payments should have been applied, so the new lender should have simply stepped into the shoes of the old one. If they are not saying you owe 171k, you need to find out how/why, when you have agreement saying something else.

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Expert:  LegalKnowledge replied 1 year ago.

I just wanted to follow up and see if you had any other questions or needed me to clarify something. I am here to help, so please let me know. Thanks!