i had a loan with sallie Mae that i took out back on 2003 and i have not made any payments since then. I know they only have 7 yrs to report this can i get this deleted off of my credit report? also the date of my last payment was 10/2007. So the the clock start from the date of last payment or when the trade line was opened?
The clock starts from your date of delinquency, not when the account was opened. If your last payment was October 2007 and your next payment was due November 2007, your SOL would begin November 2007. If your state has a five-year SOL on written contracts (I assume a Sallie Mae loan is a written contract, but I could be wrong), then they have until December 2012 to file suit. I've worked with Sallie Mae before on a seriously delinquent debt. If you try contacting them, they may be willing to recapitalize your interest and missed payments. This will cost you in the long run, since you're effectively adding 27 months' of missed payments -- and their interest -- onto the principal of your loan. But if you can't afford to make the back payments, it can be a fast and cheap (right now) way to bring your loan current.
yes it was. but it was not a goverment student backed loan. and i also tried to contact them several times last week but i keep getting hung up on and disconnected. what do i do?
