WaterGirl

Account charged off - OC is still increasing balance

Recommended Posts

I took out a private student loan from sallie Mae in 2007.  Repayment was started in 2010 (at some point it switched to Navient) and I couldn't afford to make the payment.  I never made one payment on this loan and my Cr shows it was closed in November 2011 as a charge off.  

Every month they report it as a charge off and increase the balance due by around $120 dollars. I think this is poisoning my CR. The debt is so old now, in 2 years it should come off my report, it is out of the SOL in California.  

About 6 months ago I got a letter from a collection agency regarding this debt, I sent a letter asking them to validate it and also asking if the debt was time barred.  They stopped contacting me.

Today I got a letter from a different collection agency offering a settlement.  I have no intention of settling. I am just hoping there is something I can do about Navient reporting this every month and increasing the balance after it was charged off.  

What should my next step be?  I'm a novice at this but working really hard to clean up my credit and this appears to be holding my score down.  Thanks.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.