Legal Question in Credit and Debt Law in Virginia
returned funds
My wife has a school loan and recently tried to switch lenders for better rates. The new leander was on board and sent funds twice to the old lender. The old lender sent back the funds without reason. Now they claim my wife is in default on the original loan and the new lender will not take on the old because they sent the funds back. What can we do if anything????
1 Answer from Attorneys
Re: returned funds
Better get the account with the old lender brought current(paid up),and, then after a seasonably decent interval, see if your wife can restart the process of securing a lower rate loan by first contacting the old lender to see whether they will cooperate with the process and, if not, why not? (There may be provisions in the original agreement which your wife signed which require that certain conditions be met before the old loan can be paid off and a new lender substituted for the old one.)
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
