Monday, July 30, 2012

"Woman's on the Hook for a $25,000 Student Loan She Never Knew Existed"

Mandi Woodruff put out a recent article about a woman, Alice Cortes, who somehow owes $25,000 to Sallie Mae. What's the main problem? She co-signed for a person who seems to not exist.

I have heard from a number of people who paid off their loans, only to later learn that the loan was somehow turned over to collections and still existed. Several of them learned about these loans after they tried to buy homes, and they discovered that their credit was ruined.

In this case, Cortes never took out the loan for this individual, so she is at a loss to determine how to solve the problem.

Have you ever discovered a loan in default when you pulled your credit score, even though you paid it off years earlier? Has a lender ever pursued you for a loan that you never co-signed on?

In my view, this is another example of how out of control the lending industry is - there is essentially no oversight, so lenders have full power over people. In this case, they are apparently tracking down a woman who never even signed for a loan.


Nando said...
This comment has been removed by the author.
Nando said...

These bankster pigs have NO INTEGRITY - but that is the way of American business. If universities and graduate schools could enroll gerbils and housecats - and charge them $40K per year in tuition - they would do so in a split second.

Anonymous said...

Hey, Nando, google "Cat earns degree" and you'll see that it's already happened. Not just once, but a few times! One even earned her doctorate! LOL

Now that educational institutions are managed like big corporations, they are nothing but embarassing jokes. No wonder law degrees are useless.

Strelnikov said...

"No wonder law degrees are useless."

A JD is useless because we have too many lawl skoolz producing too many graduates, not because the universities are run like corporations (which they are and it's a bad thing.) The useless ABA is willing to let this go on year after year - it's their fault.

Anonymous said...

This is interesting. I know that I took out student loans, but ever since I graduated, I've been saying that I don't remember taking out THAT many - in addition to my federal loans, I allegedly took out 5 private loans. I don't remember doing that. In fact, I only remember taking out 2. I wonder if they falsified documents saying that I took out more than I really did? If so, it sounds like there's pretty much nothing I can do about it.

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