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Lender forgot to collect loan, now they want their money...any ideas?
October 22, 2020
11:33 pm
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October 22, 2020
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Thank you in advance for taking the time

Short version:
Long story short, my first semester at a professional school, I had to take out a private loan given to me by the school itself. Loan was taken out in January 2014, approximately $10,000 at 9% interest. Two days ago I received an email stating the school had “failed to remind me” that I borrowed money from them, and now, by October 30th (yes, a few days), I owe them upwards of $17,000.

Do I have ANY wiggle room with this issue?

(Below is the email for a little more context, please note the graduation date is incorrect. The date mentioned is the date of the loan. I graduated in June 2018.

“At the time of your graduation from ********; January 6, 2014, we failed to remind you that you borrowed a school loan for $10,934 plus interest. I’ve attached the breakdown of your loan and interest as of October 30, 2020. If you are in a position to repay the loan off in full, at this time, we can reduce some of the accrued interest. If not, we can refinance your loan through our outside servicer, TFC Credit. TFC is not a bank but they handle all our documentation and you would make your monthly payments directly to them.

Please get back to me either way.”

Thank you again!

October 23, 2020
5:34 pm
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May 3, 2014
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Hello,

You have a very tricky situation on your hands.

If it were me, I’d reach out to a local attorney who specializes in debt collection. The rules on these issues vary from state to state, and what you say or do now could impact things.

I wish I could give you something more concrete, but this is the sort of issue that should probably be addressed with a local expert.

Best wishes,

Michael

October 23, 2020
11:39 pm
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October 22, 2020
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Thank you! Yeah it seems fishy. I mean…it’s a loan and I will need to pay it back, but of course I am curious as to the laws regarding their disclosure and the actual ability to pay back the loan. Since it was not disclosed to me, I was never given the “opportunity” to pay it back. Very strange and beyond. my scope of knowledge for sure.

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