Origination Letters
Posted by Prestigious_Crab4824@reddit | studentloandefaulters | View on Reddit | 5 comments
hi all, i have a few questions that im hoping some people might have the answers to. i’ve been seeing a lot of posts about people asking their loan servicer(s) for letters of origination for their loans; which i basically understand as a receipt of sorts that states the initial amount that was borrowed and lists the terms it was borrowed under. a lot of these companies are unable to produce those letters, and a lot of the people making the posts are saying that these companies are now panicking because of it. so would a company, in my case sallie mae, is unable to produce that letter, is that something that we could potentially use to get the loan discharged? my loan with sallie mae is currently in default, and they sold it to a debt collection agency. if that collects agency is unable to produce that letter, how would they be able to prove that debt is mine to begin with? if the collections agency can’t produce that letter, am i able to fight that? kindve in the same way that people fight medical debt; once it’s sold off, they’re able to say that they didn’t consent to their information being sold and absolve that debt. i know this is a long shot and would be way too easy of a way out, but it’s always worth asking.
OrdinarySomewhere474@reddit
I think it’s only federal loans, Sallie Mae is private so it wouldn’t work.
BuffaloResponsible26@reddit
As someone with student loans....is it legit that's services have been unable to provide the letter of origination? Will that actually get my loan dismissed?
morbie5@reddit
If your debt goes to a collector you have the right to ask them to verify the debt.
https://www.consumerfinance.gov/ask-cfpb/what-information-does-a-debt-collector-have-to-give-me-about-the-debt-en-331/
If they can't do that then I'm pretty sure that they can't collect on the debt
johnnyb1017@reddit
Before I thought that was the case. They need those documents. But my understanding of that is from reddit and not from an attorney
MovementMechanic@reddit
Brainrot Tok