Waiting4Sol

Private Student Loan 20k in Collections about 1 year away from SOL

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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!

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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.

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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.

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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.

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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.

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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.  

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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.

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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.

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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.

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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.   

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