Private Student Loan 20k in Collections about 1 year away from SOL
Better Study Up On It
Student loans are now the new "bubble" that's about to burst and drive us farther into a depression.
LINKS REMOVED...partly because the first link provided totally wrong information and link two says nothing more than what is said here.
I hope these links can help you. Also contact an atty and see what your rights are. Good luck. MOD NOTE....someone who is in default doesnt have the $$$ to find out their rights which are few and far betweern.
Bankrutpcy law prevents them
Bankrutpcy law prevents them from being disharged unless you meet the Brunner test and have undue hardship. In the OP's case, they bought a house this year....the lender will definately sue.
Private loans usually sue
Private loans usually sue closer to the SOL....and with that mortgage you can bet you will receive a summons soon.
I am surprised you were able to purchase a home with defaulted private loans on your credit. Mortgage companies tend to shy away from that risk.
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I am surprised you were able to purchase a home with defaulted private loans on your credit. Mortgage companies tend to shy away from that risk.
Guessing he got a subprime from some shack on the side of the road.
OP - as soaplady said the fact that you are a homeowner tells this company that you have money to be milked. I would take care of this before it goes to court.