My wife had signed a contract with The College Network to go back to school and get her RN. With that, they opened a $10,000 loan to pay for the schooling. After about 2 weeks, we got a letter in the mail that said they re-reviewed her transcripts and now she will have to take another 6 classes. So we went through a lawyer and got the contract terminated. The College Network was supposed to get rid of the loan and our hands were washed of them. Now a couple months later, my wife gets a call from a debt collector, saying that she is 90 days past due, and that the loan was never paid off. Her credit has taken a hit and she dropped about 100 points on her credit score. I am wondering what my options are as far as suing The College Network for not terminating the loan like they said they would, and for causing my wife to have bad credit? And help would be appreciated.
Josh in Iowa
1 Answer from Attorneys
You need to do a couple of things. First of all you need to gather every document you can concerning the collection effort that is now under way. Second of all you need to acquaint your attorney with these developments. Was there any sort of written agreement that the College Network was going to get rid of the loan?