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 Posted: Tue Sep 13, 2005 8:49 am Subject: Student Loan Debt |
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I was sued July 2005 in Virginia for student loan promissory notes executed in 1992. Information from the plaintiff's attorney (debt collection agency) shows the debt being charged off in 2000. The information then shows that the amounts due under these promissory notes were reissued as new loans in 2000. These are not loans that I took out however, under these loans, the information shows one payment.
I understand the SOL for promissory notes in Virginia is 6 years. Am I being scammed by this debt collector. Is SOL an appropriate affirmative defense to include in the answer to plaintiffs motion for judgment (complaint)?
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Ginny
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| Posted: Tue Sep 13, 2005 11:06 am Subject: |
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Hi Ginny,
Most of the student loan issues are dealt by federal laws and there is no statute of limitation for federally funded loans. SOL of your state does not apply on student loans.
So try to discuss with your loan holder regarding this matter and work out some plan for repayment. As your loan is already defaulted, you will lose some repayment options, still a negotiation can solve your problem.
| Ginny wrote: | | These are not loans that I took out however, under these loans, the information shows one payment. |
You can ask for a validation if you find any discrepancy in their demand.
Regards
Bryan
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4ubryan
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| Posted: Tue Sep 13, 2005 11:48 am Subject: Student Loan Debt |
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I should have mentioned that the loans are Law Access Loans (LAL) which are private loans - although I think they are guaranteed by the federal government. Does this make any difference? Thanks for you help and thoughts on this.
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Ginny
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| Posted: Tue Sep 13, 2005 2:05 pm Subject: |
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Ginny,
There is controversy regarding the statute of limitation for private student loans. Some experts are saying that private student loans are like general loan taken from any bank or a financing company. In that case SOL is applicable to private student loans.
Any lawyer from your state would be the best person to guide you in this matter.
Regards,
Bryan
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4ubryan
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| Posted: Sat Jun 28, 2008 7:45 pm Subject: |
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It sounds like you defaulted on the loan in 2000 and then your guarantor paid the claim, resulting in a new trade line. The SOL starts after the claim paid date. So they filed the judgement within the 6 year Virginia SOL.
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SOAPLADY
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