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Promissory Note Private Student Loan

Date: Wed, 05/18/2011 - 15:59
Submitted by on Wed, 05/18/2011 - 15:59
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In 2003, I had a $5,000 Bank One private student loan. Bank One dissolved into Chase Bank & then my loan went from Chase to what was listed on my credit report as National Collegiate Trust. Yesterday, 5/18/2011, I was served a lawsuit by a debt collection agency claiming to represent National Collegiate Trust. However, it has been 8 years and there has been no activity on the account. My credit report reads account close-charged-off. I don't understand why I am being sued 8 years later when all of my federally backed student loans are in consolidation? I do not believe my old Bank One loan is federally backed because it is not listed with my other federal loans. I even asked the debt collection company to drop the suit and allow me to make payments but they said they could not help me because I don't earn an income and the little amount I can send will not help. They said they suggest I get a lawyer and have a nice day. What can I do for this eight year old private promissory note student loan that I am being sued for? Can my wages be garnished and accounts levied? If they are given a judgement how much can they take from me or are they forced to do a payment plan? Thank you.


You may have borrowed 8 years ago...but that has no bearing on the SOL. If there is an SOL, it goes from your default date, not your borrowing date. Did you ever make any payments? To my knowledge, National Collegiate Trust is a non profit so whether or not it has an SOL may be debatable.

You have had several years to make payments...with private loans, even if you are making payments, they will still sue you. Once they get a judgment, they can garnish your wages up to your state max. And they can also levy your bank accounts. Private student loans are very agressive.


Submitted by SOAPLADY on Thu, 05/19/2011 - 04:39

SOAPLADY

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