wesleep Posted January 23, 2008 Report Share Posted January 23, 2008 I have a student loan called a sail loan. Anybody heard of it. Well a collection agency has sent me validation sending me the actually promissary note. The loan was from 1996 for $1740. Now the balance is $8,236 all interest and late fees. Can they report on my credit reports. Should i try to settle. Is this sail loan have a sol. Nothing has ever been reported on my credit report before and this is the 3rd collection agency that has tried to collect on this account. What do i do next i need some help. Link to comment Share on other sites More sharing options...
VeVe Posted January 24, 2008 Report Share Posted January 24, 2008 You know that saying about death and taxes? They should throw Student Loans in to. There's really no way out of them.I don't know what a sail loan is, but if it's a student loan you're likely going to have to pay it. You may be stuck with the fees too. Since it's a CA, try to DV and see what happens. Link to comment Share on other sites More sharing options...
LynnInMN Posted January 24, 2008 Report Share Posted January 24, 2008 delete Link to comment Share on other sites More sharing options...
wesleep Posted January 24, 2008 Author Report Share Posted January 24, 2008 im checking on what a sail loan is. My defense is going to be that i have consolidated all loans from that school and as far as i know it was included in the consolidation. My consolidation company contacted the school and ask for all outstanding loans. So i had no idea they did not include this sail loan in the consolidation loan. Maybe the school will pardon my sail loan. If i do have to settle how much the loan was for 1700 now its 8,460. Link to comment Share on other sites More sharing options...
LynnInMN Posted January 24, 2008 Report Share Posted January 24, 2008 delete Link to comment Share on other sites More sharing options...
wesleep Posted January 24, 2008 Author Report Share Posted January 24, 2008 why hasn't the collection agencys put this on my credit report if its not been paid on since 1996. Can they legally report it on my credit report. Im thinking if they could have they would have done it by now. I have ask for validation in the past and never received it untill last week. And what they sent me was a cosignee promissary note that i signed. It had me as the cosignee. I dont remember signing it but i see my signature. When i contact the school should i call from a pay phone because i dont want them having my number. I dont want to pay all that interest of over $7000. Link to comment Share on other sites More sharing options...
LynnInMN Posted January 24, 2008 Report Share Posted January 24, 2008 delete Link to comment Share on other sites More sharing options...
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