QUESTION
I took out student loans with GMAC bank and Bank of America in 2005. Now I am being sued by National Collegiate Trust for these loans. Help!
Asked on May 08th, 2012 on Civil Litigation - New York
More details to this question:
Gmac bank went bankrupt and I do not know how National Collegiate Trust paid my loans and is now suing me. In my promissory Note is states under additional agreements that "I Understand that you are located in Delaware and that this Credit Agreement will be entered into the same state. CONSEQUENTLY, THE PROVISIONS OF THE CREDIT AGREEMENT WILL BE GOVERNED BY FEDERAL LAW AND THE LAWS OF THE STATE OF DELAWARE WITHOUT REGARD TO CONFLICT OF THE LAW RULES." What does this mean. Does the statue of limitations go by New York Law where I reside or my Delaware law. The SOL in NY in 6 years on a promissory note and in Delaware it is only 3 years. Which law does this contract go by. Should I take this to trial. I am still currently a full time student in school and my federal loans are all being paid or on deferment. These private loans that were paid directly to me are the only ones I am having problems with. My cosigner was my grandmother and she has passed away. What should I do?
1 ANSWER
1 Award
There is no SOL on student loans. Even private loans have the benefits that public loans have. You need to answer the suit, and get a payment plan, which they will do. I often handle these matters for less than $1000. Without an answer you will have a judgment. Your credit rating will be trashed. When you get a job, your wages will be garnished.
Answered on May 12th, 2012 at 10:52 AM