lotsofthingsinplaces
140107
2521
49
http://www.businessinsider.com/national-collegiate-billions-student-loan-debt-2017-7
Mar 3, 2018 4:01 PM
lotsofthingsinplaces
140107
2521
49
http://www.businessinsider.com/national-collegiate-billions-student-loan-debt-2017-7
AntiCircleJerker
Business Insider just click-baited 75% of millennials. Well-fucking-played.
cunninlynguist
This happens more often than you think. Debt buyers are a very common thing at least in the US source: I volunteer at a consumer debt clinic
BronzeLeaguePro
If you can't prove I owe you something, it's hard for you to take me to court over it? But just MAYBE? Fucking clown world.
DatDragonAss
they lost the paperwork for 5 students?
RoyalD91
Real or not. It will show up. If not. Make a fake. Shitty but true.
Numero34
Sounds like an inside job
Arcian
5 billion out of 1.3 trillion. By the way, student loan delinquencies is at a record high. Might it trigger the next great crash? Who knows.
lotsofleeches
Good. I hope they get fucked.
Ispentthelastfewyearsbuildingupanimmunitytoiocanepowder
Please let it be Nelnet...please let it be Nelnet
meauho
Please be mine, please be mine, please be mine.....
CptNesquick
I want a 1h30 and a half movie about a dude/dudette stealing and burning those paper to save life, Shindler List style
Cole2999
Which uhhh... Which lender is this? *starts furiously jotting down notes*
Skizzlesnap
They say if you ever get foreclosed on that you NEED to show up for the hearing bc 9 times out of 10 the bank that holds your mortgage...
Skizzlesnap
...seldom have paperwork to prove it. So many people think all is lost, so they don’t show up. Meaning they could have kept their house.
hwatL4bloopy
Well it's about time for a fight club incident
KingScorpio1105
80 Billion dollars was just given to the military on top of the 168 they are already getting and no one speaks of it. 1/2
KingScorpio1105
It would cost 68 Billion for the U.S. to pay for free college for it's citizens. "But we don't have the money" Fuck off. 2/2
SuckAnElf
Right after I paid mine off of course
HamaFYI
so they are making a sequel to fight club?
Felman
"I hope this is real" It's a news story from last year. If you were affected, you'd know by now
00tj
This is almost a year old. Update?
darkndstar
Laws are still pretty much the same. If the debt collector does not have the paperwork proving their right to collect, you can dispute it
Notracistgrandpa
Those five people must be overjoyed
FloridaLawyer
I used to foreclose loans. Lost papers happen ALL the time. Under FS, you literally ask the witness 4 ?’s and the papers are reestablished.
FloridaLawyer
Long story short, these loans won’t disappear.
killacomputa
does business insider actually think anyone is going to turn off their ad blocker and purposely give their computer cancer?
freezingpilot
Old executive types might. But no-one under 40 will.
CreepyDouche
Guys, I think Tyler Durden is behind this.
BluffinMuffin
Oh man, you beat me to it
freezingpilot
Durden? Or Mr. Robot?
CreepyDouche
Good call.
Jkund17
What paper? How is there no electronic copy? I call fake news.
JesusFischer
God I hope they lost mine.
Icomeheretoprocrastinate
Ditto
MrDeadsr
They will say they found them. They won't show them to you tho
mnit
same.
iLikeTurtlesAndPizza
Is this real?
justahumanonline
Ditto
Arceus
I can't help you, even I owe them...
GrampaJack
PLEASE BE MINE, PLEASE BE MINE PLEASE BE MINE, PLEASE BE MINE PLEASE BE MINE, PLEASE BE MINE PLEASE BE MINE, PLEASE BE MINE
PleaseRespectMyAsshole
Unless you have private student loans, they are not yours.
GrampaJack
I do! I do!
PleaseRespectMyAsshole
Ohhhhh! You might get lucky! But, if I understand the article correctly, the only way to really know is to stop paying.
GrampaJack
Oh, that happened decades ago!
bigdaddyfatpants
Please let it be DeVos student loan company.
JaromirAzarov
According to the article it's "The National Collegiate Student Loan Trusts"
dannishadow
Damn.
whatspaulplayingtoday
I was hoping for Wells Fargo.
dannishadow
Sallie Mae.
CMich23
Those 7 students are so lucky
RavensX1X
(Article says 10k)
MrKibbs
Seven? So they didn't get the books too.
km9v
There's only 5
LurkerOfDarkness
There.. Are.. Four.. Students..
km9v
I see what you did there.
OKrakenmyKraken
nafun
Three students, but one is 32 and still working on his doctorate. He needs one more class, but the university has cancelled it 3 times now.
MelodiousDissonance
Wow that hit way to close to home.
Markersman
heyiknowthatdude
This, this makes me sad. Funny, but sad.
MarkWhoGivesaFukFrom93Tv
This makes you funny?
Buckbeak1486
Yes, like Pianto Larmes, the Weeping Clown...
heyiknowthatdude
itsdarkinfinland
Realistically: 5,000,000,000/37,000=135,000
NiceGreenArrows
That's like 27000 more students than I'd have guessed
Woffenhorst
And in a dispute case, the lender wins by default.
HighFunctioningAlcoholic
This isn't true.
Beepity
"Your honor...what loan?"
ihaveaten
Not if it can't prove it's the lender. The paperwork missing here isn't the note, it's the sale of the note to the new lender.
Corrodias
What lender? That's the whole fucking point of this. You can't simply *claim* to have lent someone $1 million and "win by default".
Corrodias
Or if you can, then let it by known that I personally gave Donald Trump a loan for $5 billion, and I'm seeking full repayment w/ interest.
Solkanarmy
how would they know who to dispute things with?
ihaveaten
Because they have the ledger, just not the actual evidence that the own the loan it shows.
OliverClothesoff70
Really? Can you back that up with data?
Necrothean
http://smallbusiness.chron.com/can-lender-still-enforce-debt-promissory-note-66593.html
HighFunctioningAlcoholic
The article literally states you still have to prove you had the note.
shadowfox15
I believe the article is supposed to be that they lost that paperwork and thus couldn't prove it in court
shadowfox15
TL;DR Article states that they still usually win because most settle or don't show up to court but when they do lender struggles to prove1/2
shadowfox15
Ownership due to not having paperwork like a promissary note
vowofloudness
That article does not say the lender wins by default. It says they must "prove that the borrower agreed to the loan and its terms".
Necrothean
"Even if a promissory note is lost, the legal obligation to repay the loan remains."
vowofloudness
Right, obviously. But as the article says, to enforce it they must prove that the legal obligation existed in the first place.
Necrothean
I admit, this is mortgage law, but the foundations of any promissory note should be fairly equivalent, barring specific exclusions.
agingermale
Property law is probably the most strict contact law in the country so be careful about applying it outside of property.
Necrothean
And if, add I suspect, the specific exclusion might be realized property versus intangible knowledge, prepare for liens on your degree...
polopolomarkopolopolo
I think they’ll find it... they got 5 billion reasons to
bpetersen
Isn't everything electronic with logs stored on multiple back up servers.
icyanddicey
In theory.
LetumComplexo
Way more than that. It’s 5 billion plus interest.
apoliticalpanda
They are willing to go as far as paying $4.99 billion to find it
PolaroidDickPics
Would they be, if it seemed as if they'd fail and then be out the initial 5 billion and additional 4.99 billion they spent digging around?
Rektastic
$4,999,999,999.99*
MrSnowy
You can gut pennies in half, right? You gotta step up your game.
Clitastrophe
Or, possibly, fabricating it?
CuntyBunchesofOats
That would be a lawsuit waiting to happen
igniskonig
You really think someone would do that, run a student loan organization and tell lies?
Alphonsevaher
They would have to somehow get the very specific information on every single student. Now if they lost the paperwork... How do they know who
Hakusen
There's one fucker that owes them 5 billion. They know it.
Alphonsevaher
It's on a sticky note somewhere...