Legal Question in Credit and Debt Law in New Jersey

Promissory notes

I have a student loan that's been in default for a number of years now. Recently I contacted the law firm that is dealing with this matter for a particular north eastern state.

In attempting to get this matter resolved, I've requested a copy of the original promissory note. It's about 27 years old. So far, it can't be found.

My question is: If the original promissory note is unable to be found, am I still obligated to pay or settle this debt and can I have it removed from my credit report?


Asked on 9/17/08, 6:32 pm

2 Answers from Attorneys
John Corbett Corbett Law Firm LLC

Re: Promissory notes

With a debt that old, the note should be irrelevant. If the debt has been reduced to a judgment, it is the amount of the judgment and post-judgment interest that is significant. If the debt has not been reduced to a judgment, it is probably too late for any suit to be filed and the debt is stale. In that case, it will be a fairly straightforward matter to have the credit report corrected.

See: http://info.corbettlaw.net/olddebts.htm

See also: http://info.corbettlaw.net/lawguru.htm

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Answered on 9/18/08, 10:09 am
Jef Henninger, Esq Law Offices of Jef Henninger, Esq.

Re: Promissory notes

27 years? Did they ever file anything with the court? If, not the SOL has run out so they are SOL (nice huh?). However, you may have a tough time getting them to recognize that without an attorney. The good news is that hiring an attorney to help you with this should not cost much at all; relatively speaking of course.

Feel free to call me at 732/247/3340 to discuss this further.

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Answered on 9/17/08, 7:07 pm


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