Legal Question in Credit and Debt Law in Colorado

Third Party Loan Question

My live-in partner contracted with Executrain of CO to begin Microsoft certification classes scheduled to begin 6/2. To finance the classes, my partner and I (co-signer) took out a loak with Salle Mae for $8000 to be kept in an Executrain acct with their people extracting money as the classes progressed. The classes were postponed once and then twice. We worked with the ExecT scheduling coordinator to try to find substitiute classes but were told that none were available. We have now made 3 payments on this loan and Executrain is refusing to return the unused $8000 to us or Salle Mae. We are now making payments with no services rendered and cannot retreive the money. What legal recourse do I have?


Asked on 8/24/01, 12:35 pm

1 Answer from Attorneys
Roger Johnson Roger D. Johnson, P.C.

Re: Third Party Loan Question

You need to determine if the school breached the contract to provide educational services. If so, several remedies may be available to you. These remedies may include rescission of the contract, or recovery of actual, special or statutory damages. An analysis of the contract and possibly the loan agreement, in the context of the specific facts [ie, were any instructional services offered by the school? were any instructional services provided, and if not, why not? etc?] would be necessary.

Read more
Answered on 9/04/01, 11:59 am


Related Questions & Answers

More Credit, Debt and Collections Law questions and answers in Colorado