Pittsburgh, PA asked in Tax Law and Collections for Pennsylvania

Q: Student Loan Question

My wife had a student loan through HSBC, cosigned by her grandmother (now deceased). At some point this loan was sold to a lawyers office. Said lawyers office claims that HSBC owns the loan and HSBC claims the lawyers do. Are we legally liable for this debt since we don't know who owns it?

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1 Lawyer Answer
Peter N. Munsing
Peter N. Munsing
  • Wyomissing, PA
  • Licensed in Pennsylvania

A: Your wife is obligated to the holder in due course of the note. You want to make sure you keep a log with date, time, identity of the person you speak with, and generally conduct things via snail mail. Yes hard copy and stamps. You save a copy of everything you get.

You get something from them, you save the envelope.

You send it you make a copy.

1. Whoever asks you for money--and you may run into "debt servicers " like AES or National Collegiate Trust--very often has bad paper if anything--think junk mortgages.

2. As them for the proof they are the holder of the note, specifically the assignment to them from HSBC

3. If you ask orally, confirm in writing.


Call me if you aren't clear on this.

Linda Simmons Campbell agrees with this answer

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