please help - loan company went bankrupt and now new company owns loan?

[dcnatsfan]

Here is my back story: in 2006 I and my mom as a cosigner took out a $4000 loan from a company called My Rich Uncle. Apparently they went bankrupt a few years ago; I will be honest and tell youthat I had so many loans from undergrad to keep track of I forgot about this one. I never got anything in the mail to remind me of it - I am guessing because the company went under.

Fast forward to about 10 months ago. My fiance and I went to a mortgage guy to get pre approved for a home. He told me there was a loan on my credit report that was 2 months unpaid, Jan and Feb, under MSU Holdings. He told me to pay it asap because it was about to ding me for March. I didn't have any idea what that charge even was so he referred me to a credit repair company.

Long story short, we figured out MSU Holdings was My Rich Uncle. Transunion could not verify a company phone number or address or anything - bc it didn't exist anymore - so they took it off my report. I was all set to pay the bill - I did in fact take it out and spend it. No one could figure out who had it so for the moment it was dropped.

This past month two things happened. First, i went to take a rental car out and was rejected bc of my credit check - I did a free report and found on my Experion report MSU Holdings has been saying I was missing payment every single month since Jan 2012. I have never received any bill, any email, nothing.. I have no idea who to pay!
Second, shortly after recontacting the credit repair company I got a postcard in the mail saying Younomics was now the owner of my MyRichUncle loan. It wasn't a bill or statement or anything; it just said to log in at younomics.com.

A few things: 1)my balance, according to this site, is almost $10,000. Are they allowed to charge me interest and I am assuming late fees when the company went bankrupt? 2)it gave me only one option, to make a payment of over $1000. I could click a link if I couldn't pay and it asked what I could pay over the next 6 months. 3)Finally... Maybe this is legit, but the whole thing just feels off to me. No bill in the mail, just a one sided postcard. The website is very simple and unofficial looking and the only way to contact them is through email - there is no address or phone number.

Is this legit? Should I start paying or hold off and continue with the credit repair company? Is this maybe a collections agency? I am suspicous of Younomics and frustrated about my credit report. - don't know what to do at all! If younomics is legit I will of course start paying my bill (altho its more than doubled in balance owed...) Any insight would be apprecited!

[cascade11]

The website Younomics does have a phone number at the bottom of it's Terms and Conditions page: 1-888-867-6127. Call them.

Just because the old Loan company went bankrupt does not cancel your debt. You still need to pay it off. It will have a detrimental affect on your credit until you do so. You said you forgot about this Loan because you had so many others, well who's fault is that? Hope the above phone number can help get some things resolved.

Good luck!

[disneysteve]

Unfortunately, it is your responsiblity to keep track of your debts. And yes, the loan company has the right to charge interest and late fees if you don't make timely payments.

I would definitely call the new company now that you know how to reach them. Explain the situation. Explain that you haven't gotten a bill or statement since whatever date and that you had no clue how to contact them or where to even send payments. Ask if they would be willing to waive the late fees that have accumulated and maybe some of the interest charges. If the first person you speak to can't help, ask for a supervisor. The worst that can happen is they'll say no and you'll have to pay the full amount but it can't hurt to ask and plead your case.

[dcnatsfan]

Thanks for your replies. I definitly know its my fault for forgetting about it; I just thought it was odd that I have had the loan since 2006 and haven't heard from them at all until 2012. Even in 2012 we couldn't find a place to pay or contact when we saw it on my credit report, because I guess the loan was being sold and trasferred? I didn't notice there was a phone number; thanks for that, I will definitly call them tomorrow. I will see if they can work out a lower payment (there is no way I can make a payment of $1000) and maybe they can take off the late fees.I was definitly not suggesting that I didn't need to pay my debt anymore; I'm actually quite upset it fell through the cracks because I am very good about paying all my bills. I was more worried about this new company younomics... Their mailing and website have made me susppicious but maybe that's just how they run their company. I guess calling is the first step

[dcnatsfan]

Hey disneysteve - can you tell me where you found that phone number? I couldn't seem to find it anywhere on the website. I did give it a call anyway, but it is an voicemail saying to leave my name, number, and email if I want to change my privacy settings on the website. They called it the privacy response line, whatever that is. I can email them I suppose, but I just feel like it's kind of shady... is there any way to verify that they are a real, legitimate company? I want to start paying and fix my credit ASAP but I get a weird vibe from the website and mail I've gotten so far. Maybe I'm just being paranoid...

[disneysteve]

Try calling University Accounting Service at 800-723-2210. The two companies seem to be linked somehow in how the loans are processed.

[JoeP]

FWIW, I am automatically suspicious dealing with companies named "My Rich Uncle" and also "J.G Wentworth" and the like. I hope you get this straightened out.

[snafu]

I'd get in touch with Consumer Affairs [govt' agency] or Orderly Payment of Debt agency and ask their help to intercede on your behalf to confirm the veracity of Younomics, MSU Holdings or who actually holds your debt. Meanwhile I'd be cutting spending in every category and doing whatever necessary [perhaps part time second job] to pay down this loan as quickly as possible. As you have seen, a bad debt can mess up all your plans.

[Gailete]

If you took out the loan in 2006, have you moved since then? Mail is forwarded for only a year so (whoever took over the company's accounts payable) may have also had trouble getting in touch with you. It certainly sounds like a good time to sort things out and start paying on the bill. I would make the payments that I could each month. If they don't like that, tell them you will pay what you can or not pay at all. That is their choice.

[kochkat]

Vishal Garg founder of My Rich Uncle is the Owner of Younomics

I am currently doing research on what is exactly going on with my existing private student loans that were taken out in 2007 and 2008 and why there are so many. MRU stopped issuing student loans somewhere around June 2008 and filed for bankruptcy in spring 2009.

In addition to the bankruptcy there was a key employee during this same time period that had embezzled a large sum of money.....my question is, did some of this money come from false student loans written under existing client names????

I am currently researching with the BBB and the State Attorney Generals office on how to obtain full disclosure of YOUNOMICS.....who owns it, Board of Directors, etc. From what I have located on the web, Vishal Garg who was one of the founders of MY RICH UNCLE is also the owner of YOUNOMICS.

I will keep this site updated. If anyone wants to form a legal action suit with me, please let me know.

[MakeAStash]

Did the loan company take any legal action to collect from you? If not, and the loan dates to 2006, the Statue of Limitations may have run out on the debt, which would mean you would have no legal obligation to repay it.

[Eastern]

I am currently doing research on what is exactly going on with my existing private student loans that were taken out in 2007 and 2008 and why there are so many. MRU stopped issuing student loans somewhere around June 2008 and filed for bankruptcy in spring 2009.

In addition to the bankruptcy there was a key employee during this same time period that had embezzled a large sum of money.....my question is, did some of this money come from false student loans written under existing client names????

I am currently researching with the BBB and the State Attorney Generals office on how to obtain full disclosure of YOUNOMICS.....who owns it, Board of Directors, etc. From what I have located on the web, Vishal Garg who was one of the founders of MY RICH UNCLE is also the owner of YOUNOMICS.

I will keep this site updated. If anyone wants to form a legal action suit with me, please let me know.

Please keep me posted if you decide to suit. I will definitively consider it!!

[annibe11e]

Have you tried emailing them?