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I Just Received a Bill From Younomics About My Rich Uncle Bill

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Question:

Dear Steve,

I received a debt validation notice from Younomics – who used to be My Rich Uncle – about a 2007 private student loan. The original amount was $5k and now it is over $11k. All they say is that the original creditor was “Doral Bank” (never heard of them before), the loan amount due now and the fact it was sent out in 2007. They mention if I don’t send a verification letter within the 30 day period, I prove the debt is “valid” then THEY will send out a verification letter afterwards.

I did make small payments on it but stopped back in 2013. However it is defaulted and landed on my credit report as of this month.

I live in Pennsylvania and I know the statute of limitations is four years. Should I send over a debt verification letter or not send anything, even if I believe the loan is violating the statute of limitations? Also, my original creditor, My Rich Uncle fell into bankruptcy – how does that affect this?

Thanks for your help.

Diane

Answer:

Dear Diane,

Since you made your last payment in 2013 then it may be reported on your credit report through 2020. The big issue here is if you think the debt is legitimately owed and the amount claimed is correct. If not, then dispute the debt and ask them to verify what you owe. If they can’t prove it then the debt is not collectible.

If there is a chance the claim made is not accurate then I would suggest in investing in a letter from an attorney who is licensed in your state to Younomics. The attorney will know exactly what the law requires to verify the debt in your state.

One place to find a consumer attorney who is experienced in these matters is here.

I think you raise some valid concerns and you should pursue getting your questions answered and the facts confirmed before you head off paying a debt you don’t owe.

See also  I Have a Younomics Student Loan I've Never Paid On and Want to Settle - Amber

Sincerely,


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Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
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3 thoughts on “I Just Received a Bill From Younomics About My Rich Uncle Bill”

  1. Contact your state attorney general. If it past the statute of limitations for a promissory note, they may be able to help you remove it from your credit report.

    Reply

    • Here is the funny thing about the Statute of Limitations. As it stands now, a debt outside the SOL can still be attempted to be collected on or even used to sue a consumer. The SOL issue has to be raised as a defense in the case of being sued. The SOL doesn’t prevent anything so it can’t be relied on to be a stopping tool. Even if it is removed from a credit report does not mean it isn’t still an enforceable debt. The two best solutions to ultimately kill the debt are to prove the debt is not valid and that can be raised as a defense if sued or to close the door on it in bankruptcy. If the debt is not a valid educational expense then it can be discharged in bankruptcy. See https://getoutofdebt.org/53288/these-private-student-loans-can-be-easily-discharged-in-bankruptcy

      Another option which is not my favorite for a general consumer is to ignore the debt unless it goes to an attorney and then hire an attorney to represent the consumer. The creditor or collector typically knows the right buttons to push to get the consumer to react on emotion rather than fact.

      Reply

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