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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 back them 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 are risk of sending my account directly to being sued?



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!






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.


Sub: #1 posted on Sat, 03/23/2013 - 19:43

SOAPLADY SOAPLADY
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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.


Sub: #2 posted on Wed, 03/27/2013 - 16:39

waffles waffles
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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.


Sub: #3 posted on Sat, 03/30/2013 - 08:47

meanjean meanjean

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If student loans cant be discharged how is there o SOL on private SL, because if thats the case why arent they able to be discharged in bankrupcy?


Sub: #4 posted on Sun, 04/07/2013 - 21:08

sb37 sb37

(Posts: 36 | Credits: )

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.


Sub: #5 posted on Mon, 04/08/2013 - 03:47

SOAPLADY SOAPLADY
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