Had a private loan from My Rich Uncle in ’06 or ’07. Didn’t know what to do when it went bankrupt
It seems 4 different companies are trying to collect on this same MRU debt.
One is Navient/Younomics. I’ve been making payments for several years. It does not appear on my credit report.
One was Convergent — that was disputed and removed from my credit report.
Another came in the mail today, saying it’s Doral Bank. That does not appear on my credit report.
And finally, a lawsuit was brought against me and my co-signer a few years ago — that was paid. I forget the law firm, but it was local to Phoenix.
Money has been spent already. How do I sort through this and get this loan in the past where I thought it was?
Was that lawsuit a scam? Is younomics a scam? Can I recoup payments if we have indeed paid two servicers for the same loan?
Historically those loans are an utter mess. Some seem to have no documentation and collectors have been coy in asking people just to pay what they can afford. Some folks have been sued over loans which can’t be verified.
My personal opinion is it would be money well spent to have a local consumer attorney get involved in getting to the bottom of this. One place to look for an attorney in your state is here.
Here is why I think the smart move is to get an attorney involved.
1. Some of the issues here will be the Statute of Limitations and if you can raise that as a defense if you are sued. Only an attorney who is licensed in your state can give you a legal opinion about those issues.
2. These loans need to be verified to even see if the loans are still collectible. An attorney will know what to do to verify the loans. If the loan can’t be verified as a debt you actually owe, by contract, then there is no need to make payments.
3. Your attorney may be able to get some definitive answers on the question about making double payments on some loans. The way these loans have shifted about make it possible this did happen. A letter from an attorney representing you can get more attention.
4. The attorney can also give you a legal opinion about the previous lawsuit.
While hiring the attorney to represent you might cost some money, it will be a good investment to try and bring clarity to this incredible muddy situation.