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I Don’t Think My Student Loan Company Can Prove They Own My Debt

Written by Steve Rhode


Dear Steve,

I have a student loan that the original creditor who was education finance partners went into bankruptcy and I have been paying my payment to ACS-Specialized servicing company which claims they are servicing the loan for Loan Science LLC.

I have asked them to provide me proof that they are the owner of my loan and that the original note was transferred to them and they said that they would send it to me.

I have waited the 24 to 48 hours in fact it has been a week or so and I have not yet received it.

They want me so sign a loan modification agreement and that is why I requested the documentation on them owning my loan and the original note.

Is that the right thing to do to prove they own my loan and are entitled to the payments.



Dear Craig,

It sounds like you have a valid concern over the ownership of your loan. At this point there are only two possibilities; they own the loan or they don’t. So pursue it.

My concern is what will happen if you sign that loan modification before you get to the bottom of this issue. The loan modification seems as if it would contain language to put them in the best possible position and clear up any past issues.

Considering you are facing some pretty big stakes here it would not be a bad idea to find a consumer attorney who is knowledgeable in debt validation and ask them to represent you.

If you want to find a local attorney who has some experience in representing consumer issues, take a look at the National Association of Consumer Advocates and find a member attorney.

If you want to try and take a shot at it yourself, read How to Dispute and Ask a Debt Collector to Validate a Debt. Another good article to read is Debt Validation Finally Defined. What You Should Ask a Collector or Creditor for to Validate a Debt.

See also  How to Dispute and Ask a Debt Collector to Validate a Debt

When the original company went into bankruptcy, the assets were either sold or transferred. Times like that create the greatest chance of documentation getting lost, so asking for proof is a smart thing to do.

I think everyone would agree that asking for someone, claiming to be a creditor you owe, to show you the proof they actually hold the promissory note or loan contract, is a reasonable course of action. All you are asking them to prove to you is that you actually do owe them. If they can’t, well, then what does that say to you?

If a creditor can’t immediately show you proof, that can be easily explained. Not every creditor is well organized and has everything digitally at their fingertips. You’ll probably give them a reasonable amount of time, if they asked for it.

And considering we’ve been through a very loose period on documentation, a large number of loans simply can’t be proven if you push for documentation. But what I see happening is creditors sending some paperwork and claiming that paper proves the loan is valid when it’s not. This is where having a lawyer who is licensed in your state to represent you, is a good idea. That attorney will know the legal requirements for proving the debt is valid and know the creditor may be trying to spoof you.


You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.

About the author

Steve Rhode

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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