Legal Question in Credit and Debt Law in Wisconsin

Collection of education loan consolidated and sold.

It there a limit on how many time a school long can be sold to another institution, after consolidating and paying on for 10-15 years trying to pay-off; very hard to pay-off when every one to two years the loan is sold to another bank which rewrites and add more or basically doubles the amount owed; a poor person does not have a chance; I realize that the promissory note I signed stated that the loan could be sold to another; is there anything that I can do legally or otherwise to help me keep this loan from being sold again; I am in the process of trying to borrow the money to pay-off. You assistance will be greatly appreciated.


Asked on 5/06/03, 2:57 pm

1 Answer from Attorneys
Mark Mahoney Cassiani Law Office, Wise Shepherd Law Office

Re: Collection of education loan consolidated and sold.

Hello,

There is nothing that I know of to prevent lenders from selling loans. You can still pay them off and the loan terms are not changed. It is an inconvenience, but I am not aware of anything you can do about it. I am not sure how it is that the new bank changes the terms and adds more debt. I wish I could give you a better opinion, but I do not have enough facts.

Best wishes, Mark J. Mahoney

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Answered on 5/07/03, 9:52 am


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