Hey. I am learning about discharging debt. I have multiple private loans

  1. profile image46
    Licon Yatlorposted 7 years ago

    Hey.  I am learning about discharging debt.  I have multiple private loans

    Can I really just write a letter stating that "this is my final payment?"  Do I need to get this notarized? I'm a little confused, as I have read a great deal on this subject, but would like a professional opinion before I attempt to get rid of my debt, so they don't take my parents' house.  Any help would be great- places to research, etc.  Thanks so much for your time!

  2. ForeclosureDJens profile image57
    ForeclosureDJensposted 7 years ago

    hmm... are you filing bankruptcy I take it?

    Through filing Chapter 7 Bankruptcy, you will be able to create a list of creditors and claim specific debts as "unsecured" (meaning that they are not tied to anything) and challenge the validity of the creditor in holding them, making them PROVE that they actually have physical evidence of your debt and what it secures.

    I'm not sure about the whole notarized statement... I think if you're trying to challenge something you need to send a "Debt Validation Letter" letting a creditor know that they need to prove to you that they actually hold your debt and that you owe them, otherwise you do not have to pay them. THAT letter should be notarized once you complete it and before you send a copy to them.

    If you are in bankruptcy right now or considering it, I highly suggest speaking with a bankruptcy attorney who will know more of the specifics.

    Hope that helps!