Almost nine years ago, I immigrated from the United States to Europe. I have always tried to do the right thing. I am on income based repayment with my Federal Loans and I have two Private loans...one my mother co-signed with me...I hope to get it refinanced over here next year and get my mother completely removed from it...then I have a Private Student loan with Sallie Mae/Navient. My payments have been well over $500 a month...I have never been able to even come close to paying the minimum. I got advise from a so called Expert who advised me to make payments in what ever amount I could...that as long as I was paying something, the likely hood of them suing was slim. Just last week, I got granted Citizenship in the European County that I have been residing in and so of course and at the point where I never have to return to the United States unless I want too. I am thinking just stop paying Navient and here's why. Firstly, my credit in the US is already shot, I just looked at my credit reports and Wow...they are bad. My Balance has kept going up as well as my minimum payment, at the moment I would have to pay over $16,000 to bring my account back currant. And thirdly, it appears that Navient is no longer satisfied with what I have been doing as I have gotten a few emails from one of their debt collectors trying to get me to pay.
I have already started over here in Europe, the bad marks do not appear on my Credit score over here. I recently got a small loan from a bank just to build credit in preparation for the refinancing of my other Private Loan that my mother co-signed with me... I hope to do this next year.
So my question is this...what are the repercussions that could effect me here in Europe? I have been told that the Statute of Limitations might not apply to me because I do not reside in the United States...still if I never move back to the US...will that matter? Also, at the time I left the US, my Private Student loan was not actually delinquant because I was using my forbearances...which soon ran out. So my loan did not become delinquant until I had resided in Europe already a year or two..will that matter? I just feel like all I am doing is keeping them from suing, that the amount I owe just keeps going up and they are fairly unwilling to work with me at least in terms of it being helpful and doable for me. And since I am in Europe...can they even sue me anyway? I would appreciate any incite. I want to know exactly what I am in for before I decide to do this.