student loan sold to another bank

[seeker]

Hi all!


Have just realized that student loan that orginated with Norwest Bank now seems to be in possession of Wells Fargo.&


If we do a VOD, what would be the best tactic?& Should we include a BoE or CPN? Or just request validation first?& Obviously, they will not have valid contract/signature for the debt.& In my research I have read that an orginal creditor may "sell" a account, but is not allowed to "sell" the original paperwork as well.&


Any suggests heartily appreciated as this is a substantial amount of debt!


Thanks in Advance!


&


Seeker

[Jerseee]

Seeker,

Do a letter requesting verification of the debt and enclose a CPN. send it registered or certified and consider the alleged debt settled. Then request all 3 CRAs verify the debt and courtesy copy all parties involved.

See what happens

Wells Fargo bought all of Norwest.


Jim

[seeker]

So if Wells Fargo bought Norwest, where does that leave us?& Are student loans still dischargable?


Thanks!


&


Seeker

[Ice]

Wells Fargo may have purchased Norwest but Wells Fargo cannot purchase "evidence" -- which means that Wells Fargo does not have "evidence" of a debt.


So, what kind of verification could they possibly supply?


I guess the only thing that they could do is PROVE THAT THEY PURCHASED THE ACCOUNTS VIA THEIR PURCHASE OF NORWEST.& And that should demonstrate that they have no evidence... don't ya think?


&

[Jerseee]

Seeker,

Jim and Ice just gave you your remedy. If Wells Fargo wants ot purchase debt--then they are free to do so.

To try and collect those debts--they are not free to do so.

This one should be real easy for you to solve. This is theft on a grand scale and it is very public.

All,


I wish it were so simple as to say they purchased something, therefore you can't enter it into evidence.& But things are not this easy.& Is everybody forgetting about a possible assignment, negotiation, or assumption&of the debt/note&by way of&the merger or acquisition of the entity (Norwest) itself?& Wells Fargo would not be 'collecting debt' by way of a purchase of it - they would be collecting on the instrument/note itself.& Even worse, if they did purchase the note in particular&(which they likely did not), then they&have rights as&a holder in due course, which would make life even more difficult for the maker.& Wells Fargo likely assumed all&assets and liabilites of Norwest, and that includes the fraudulent note&reflected in their fraudulent bookkeeping/accounts.


We should not&rely&on the simple idea of a remedy existing due to the purchase&of a debt/note - they get purchased everyday (see UCC-1-201(29) for definition of purchase); there is a property interest here.& If you argue they purchased the debt (and it was&actually the note that was purchased) and therefore they can't enter the debt into evidence, you will lose!& Purchasing evidence is relevant where a debt collector is involved (they don't have the origianl note itself and never became&a party to it b/c it was never negotiated to them), but not where it is a primary creditor or&purchaser of the note itself.


-squirrels

squirrels,


I'll second that.


Jim

[Jerseee]

Squirrels,


A note is a note.& One does not lose their remedy because of assignment.& The basic and underlying fact is, it was the signature that funded the note in the first place.


Now assignment and negotiation/assumption are one thing but the bank was never at risk for anything.& Nor can they lend their assets.& So if they purchased the note--they can accept another note to discharge it.& Public policy is public policy.


thoughts...

Jerseee,


Agreed.& Notice above I called the note fraudulent and the accounting fraudulent as well.& The debt/note was void ab initio.So,&the&usual remedies are&always available.& The post was&limited to the purchasing of the debt and using it as evidence against your adversary, and the danger of doing this when the debt is evidenced by&the note in&their&possession.& It is a losing argument.& But that does not mean all other remedies are not available.& Exercise those critical reading skills...and don't argue with me Jerseee - LOL!&


-squirrels