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Expert: Michael Brotherton - 11/23/2007


Question
A college student had got a loan form a local bank to pay his educational expenses. After he had graduated, the bank e-mailed to him requesting repayment of the loan. He refused to repay claiming that he was a minor at the time when he entered into the above loan agreement. Advise the bank. Under what situations would it be a fraud or not . Thanks .

Answer
You may need to consult an attorney but it is not fraud if it was not intentional. The bank should have known better though and checked ID to determine whether he was of legal age. Their bad. Proving fraud is very difficult. Send the bank a certified letter advising them of your position and they may have to take their lumps. If they pursue legal action the judge will have to follow the legal requirement of age and should dismiss this case. Be sure to confirm this with an attorney in your state.

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Michael Brotherton

Expertise

Consumer/Debtor Rights Advocate. Mike Brotherton is a negotiator with over 30 years experience in consumer lending and collections. Mike has 30 years in the credit and collections industry as a former loan officer, debt collector and manager of two finance companies over several years. Mike is well versed in Loss Mitigation practices and the legal collection process. He has helped literally thousands of people over many years overcome serious financial problems such as foreclosure, creditor lawsuits and abuse by debt collectors. For more information about resolving your "financial emergency" visit www.financialemergency.com. FinancialEmergency.com is a consumer web site which actively promotes Fair Debt Collection Practices and other consumer protection laws. We teach DEBTOR RIGHTS and enforcement of those rights. The more informed you are of your rights and the credit collections practices of creditors the more peace you can have dealing with your FINANCIAL EMERGENCY. Most financial problems are fairly common and as such have some very common solutions. The key is understanding your rights in the collection process and how to enforce them if need be. Primary business- Debtor Rights Advocacy and Debt Mitigation relating to foreclosure, creditor lawsuits, and other serious financial problems. www.financialemergency.com (copy and paste in browser).

Experience

Over 40 years combined experience negotiating disputes and resolving financial issues related to consumer debt, corporate issues and mortgage modifications.

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