Promisory Note / VoD

Hello all

I have a student loan with the Department of Education. I am going to send in a VoD along with the Promisory Notes. I can view and print both my PN's on my account online. I have one for secured debt and unsecured debt. They both have electronic signatures. Can I send these in? Does anyone have any information on these federal studen loans and the discharging of them. The loan is for around $48K. Any advice would be greatly appreciated!!

Also, my payments each month are direct debited from my checking account each month. Didn't know if this would have any bearing on the process?

Thanks.

[charlesa6]

[quote=jasonwmu]Hello all

I have a student loan with the Department of Education. I am going to send in a VoD along with the Promisory Notes. I can view and print both my PN's on my account online. I have one for secured debt and unsecured debt. They both have electronic signatures. Can I send these in? Does anyone have any information on these federal studen loans and the discharging of them. The loan is for around $48K. Any advice would be greatly appreciated!!

You have to proof hardship, and probably give you forbearance, but hard to eliminate. VOD can stall the process to collect, but PN will not eliminate the alleged debt.

Also, my payments each month are direct debited from my checking account each month. Didn't know if this would have any bearing on the process?

In respond to your Question: Yes. You already established a contract with them.

Thanks for the reply! You don't think it would be worth sending in a VoD to each of the 3 CRA's??

[charlesa6]

Originally Posted by jasonwmu

Thanks for the reply! You don't think it would be worth sending in a VoD to each of the 3 CRA's??

VOD is not for CRA, but for Attorney/Debt collectors, and Original lenders. You have to send Certified verification to "CRA" to verify the alleged debt.
There are two types of verification: (1)VOD = Validation of Debt a.k.a. Respondents Private International Administrative Remedy Demand (a.k.a RPIARD) found on pages295-308 of CTC3.
(2)Certified verification. "CRA"
I hope this helps

[charlesa6]

First you have to deal with the creditors with good result outcome, then CRA.

[dashboy]

Charlesa6,

I believe you have it backwards. He should first have the entries removed from the credit reports by requesting from the CRA's that the alleged debts in question be verified. The removal can then be used as third party evidence to support the non-validity of the debt in court should it go that far.

Just my opinion!

dashboy~

Originally Posted by charlesa6

First you have to deal with the creditors with good result outcome, then CRA.

Originally Posted by dashboy

Charlesa6,

I believe you have it backwards. He should first have the entries removed from the credit reports by requesting from the CRA's that the alleged debts in question be verified. The removal can then be used as third party evidence to support the non-validity of the debt in court should it go that far.

Just my opinion!

dashboy~

Dashboy-
That's what I thought....at least from all the forums and downloads I've been reading. But then again, I always come across information that contradicts itself in some way or the other. So, do you think if I requested verification of my Direct student loan debt from all 3 CRA's and they can't verify, that maybe I have a chance. What should be my next step after that?

[vicki]

Does anyone know of a bank in Nevada that does not require a SS # when opening an account? Thanks

[dashboy]

Check your P.M.

dashboy~

Originally Posted by jasonwmu

Dashboy-
That's what I thought....at least from all the forums and downloads I've been reading. But then again, I always come across information that contradicts itself in some way or the other. So, do you think if I requested verification of my Direct student loan debt from all 3 CRA's and they can't verify, that maybe I have a chance. What should be my next step after that?