Waiting4Sol Posted March 23, 2013 Report Share Posted March 23, 2013 In the past couple of weeks I was left a couple voicemails from a CA saying I have until the end of the month to call them for a settlement on a Private Student Loan I defaulted on back in 2010 or the offer was OFF the table. This is the second or third different CA thats contacted me about this same debt but this one definitely seems pushier than the rest. I have not yet called them back but did receive two different dunning letters from them about a week after the initial voicemail was left. Despite having this debt charged off back in 2010 I was able to purchase a house in January of this year which is making me think this is why they are being pushier about the collection. Should I try settle or wait out the SOL? The person leaving the voicemail did have a pretty abrasive tone in his voice so not sure I want to deal with him. I'm pretty sure he's BSing about the I only have until end of the month thing for settlement but not sure. Should I still DV or does that put me more at risk of having them send my account to the let's sue this guy department? Am I definitely going to get sued because I recently bought a house and they see me a prime red meat or do I still have a chance of letting the SOL expire. I would really appreciate any ideas, thoughts, suggestions from this community. I really need to start making some decisions here. This is my last bad debt and once this is dealt with I can start over! Link to comment Share on other sites More sharing options...
Torden Posted March 23, 2013 Report Share Posted March 23, 2013 People with abrasive tones to their voice, like recent prison releases, tend to be the kind of people CAs and JDBs like to hire. If you have, or can do, an abrasive voice, and don't care about people, you could have a career in collections. Link to comment Share on other sites More sharing options...
WhoCares1000 Posted March 24, 2013 Report Share Posted March 24, 2013 Student loans do not have an SOL. Even private ones. The government made sure of that with the 2005 BK Law changes. Link to comment Share on other sites More sharing options...
Waiting4Sol Posted March 24, 2013 Author Report Share Posted March 24, 2013 People with abrasive tones to their voice, like recent prison releases, tend to be the kind of people CAs and JDBs like to hire. If you have, or can do, an abrasive voice, and don't care about people, you could have a career in collections. I totally agree. But should I settle? I've been back and forth with it in my mind but right now I'm leaning towards yes just so I can be done with it. I know 1 year isn't that far away but then again it's 365 days to file lawsuit and I realy don't want a lein placed on my newly purchased home. Link to comment Share on other sites More sharing options...
Torden Posted March 24, 2013 Report Share Posted March 24, 2013 Do you have the spare money to pay it all off? You won't be "done with it" until it is fully paid off. Link to comment Share on other sites More sharing options...
Waiting4Sol Posted March 24, 2013 Author Report Share Posted March 24, 2013 Do you have the spare money to pay it all off? You won't be "done with it" until it is fully paid off. I don't have the money for the full amount. I was hoping to reach a settlement for less than the full amount if I go that direction. Link to comment Share on other sites More sharing options...
Torden Posted March 24, 2013 Report Share Posted March 24, 2013 I'd say most people here would wait it out silently (not offer a settlement). But if you have the means to pay a certain percentage and want to offer that, it could be OK. But I would recommend against any payment plan as those are very often traps (even when you propose it). The only payment plan I'd consider acceptable is one done under something called "Chapter 13" (bu you don't need to go that way right now). Beware that in some jurisdictions, an offer to settle may reset the SOL even if the settlement is not accepted. If you do decide to make an offer, only finalize it in writing via CMRRR by both parties. Link to comment Share on other sites More sharing options...
admin Posted March 25, 2013 Report Share Posted March 25, 2013 If you can work out a settlement, I certainly recommend that route. However, I would wait until they send you a letter, which they are supposed to do within 5 days of calling you. Link to comment Share on other sites More sharing options...
Torden Posted March 26, 2013 Report Share Posted March 26, 2013 Older PRIVATE student loans from before the law was changed a few years ago are not part of the student loan scam. Link to comment Share on other sites More sharing options...
Meanjean Posted March 26, 2013 Report Share Posted March 26, 2013 I've been studying student loans as I'm doing an article on it, and have found that neither gov nor private loans can be charged off. They have pursued students for payment since the 1990's and even before. Some people are even having their SS checks attached for payments. He hasn't stated who his loan is with, that would give us more info to help him. Even though he's defaulted, he has not said how many times he used forebearance to delay payments. However, the interest still collects. Link to comment Share on other sites More sharing options...
Waiting4Sol Posted March 27, 2013 Author Report Share Posted March 27, 2013 Student loans do not have an SOL, best variant is to pay full money lol. Older PRIVATE student loans from before the law was changed a few years ago are not part of the student loan scam. My loan was written around 2001. I did a fair amount of research and pretty sure my loan does have an SOL of 4 years. Link to comment Share on other sites More sharing options...
nascar Posted March 30, 2013 Report Share Posted March 30, 2013 Some people are even having their SS checks attached for payments. That is only going to get worse. My loan was written around 2001. I did a fair amount of research and pretty sure my loan does have an SOL of 4 years. I guess you'll find out soon enough. Link to comment Share on other sites More sharing options...
Meanjean Posted March 30, 2013 Report Share Posted March 30, 2013 http://www.bills.com/statute-of-limitations-for-student-loans/ Here are some links to help you. http://www.expertlaw.com/forums/showthread.php?t=28614 How much do you owe? Do you have gov loans as well? Your best bet is to take care of this ASAP. Interest is still collecting and is only making it worse. They can lien your house and levy your bank. Link to comment Share on other sites More sharing options...
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