I have a CA that has been reporting the following Student Loan: >Closed< Verified Date 4/2000 Opened 7/92 Closed 2/2000 Balance: 0 Most Owed: 500 Past Due: 0 On the TU tradeline (I thiink) it says: >Status as of 2/2000: 120 past due< >IN prior 45 months from date closed< >24 times 90+ days, 1 time 60 days late< My question is if I was late on payments 24 times 90+ days, wouldn't the SOL for reporting have expired? Lets see, that's 24 x 3 mos = 72 months = 6 years! I guess I made sporadic payments in between, but I am not sure legally where I can begin to request deletion. Need help.
It sounds to me like that is still a pretty recent student loan. It will most likely stay there for the full 7 years. I have been fighting one since 1988 and although I can't remember it ever hitting my credit reports I've run off more collection agencies over the years than I can count using both hands and both feet. Just recently Allied Interstate picked up the old cold trail and got on me and I sent them packing too. Now NCO has picked it up and thinks they will be able to run with it. Allied international stayed with their new found treasure (me) for maybe 30 days and they went bye-bye but NCO has stayed with it just a bit longer and have managed to pick up enough violations to hang themselves pretty high. I've almost got them to the point where I'm ready to drag them up the hallway to the execution chamber. If they stick around just a few more days I'll have them strapped solidly to the table and ready for the juice. What they don't realize is that they couldn't collect anything no matter what they do. All they can do is lose and if I can get them strapped in before they get away from me I'll nail them for a whole lot more than that measly $13 grand they are trying to collect. Just now reviewing my records on them and I see they got estoppel March 3rd so the next letter goes out March 17th and one more after that will be my version of the Enola Gay. Sometime in April. If that don't get their attention a summons to US Federal District Court for the Western District of Oklahoma will get their attention.
That could be a bit of fuzzy math there LOL! If you were continually 90+ days late that would only be 24 months. Ex. You received a card, and were late first time 1 X 30 You didn't pay again the next month 1 X 60 You still didn't pay, the next month 1 X 90 Maybe you made some sporadic payments, but it was never enough to bring it current so you would have 23 more x 90 All total that would equal 26 months of reporting.
Also remember, the reporting period can be extended for student loans in some situations: "The reporting periods have been lengthened for certain adverse information pertaining to U.S. Government insured or guaranteed student loans, or pertaining to national direct student loans. See sections 430A(f) and 463(c)(3) of the Higher Education Act of 1965, 20 U.S.C. 1080a(f) and 20 U.S.C. 1087cc(c)(3), respectively." If this thing is paid, and being reported by the CA, try disputing with the CRAs and you could also try hitting the CA with the nutcase series.
I finished paying the loan in 2/2000, not a current loan in repayment. I have records of payments on this loan, actually, and have found it was left unpaid since 4/94, with a few payments along the way. So I thought SOL would begin on a collection 180 days from the first day of delinquency to whatever the SOL is for my state (6 yrs). T/fore, I thought this would be my way out. I appreciate the background info, however, and note it for future application if necessary. LOL you are probably correct, but I have records showing this has been going for about 6 yrs (LOL again)... This is a 'Perkins' loan, don't know if this qualifies under that statute, hopefully not. I think if all else fails I am going to try the nutcase approach. But I would like to attempt a cease and desist for SOL. The CA is called 'EFG Technologies', don't know if anyone has heard of them. Just hoping to get clarification upon SOL being primary approach in this case based on justifying first date of delinquency 4/94. Thanks for all your input, keep them coming! deadbeavis
Re: Re: Cease and Desist CA Student Loan? Oh, this is my error, thanks for the clarification. I was confusing reporting periods for paid chargeoff accounts with reporting period for paid collection accounts, as well as using 'SOL' incorrectly. I realize the rules for reporting for paid chargeoffs and paid collections are apparently different, which does not work in my favor.... However, I do have a letter from 1998 which is an agreement to pay the student loan off in fixed monthly payments (no negotiation for deletion was discussed again due to my negligence). I believe I read somewhere that the paid collection reporting period would be 7 years from the last date of payment UNLESS there is an agreement to pay in writing. Then the reporting period would be 7 years from the date of the agreement? Maybe I am wrong again, could you guys correct or confirm this?
Re: Re: Cease and Desist CA Student Loan? Maybe I'm missing this, but was the loan actually in default when you made payment arrangements in 1998 (if yes, when did it go into default?), and who did you make arrangements with (i.e., CA, Gaurantor, etc)? If it was in default, that may actually extend the reporting period (this is only the case for some SLs though, see the Higher Ed Act for more info). Beavis said, "I was confusing reporting periods for paid chargeoff accounts with reporting period for paid collection accounts..." I don't follow what you mean by the above statement. Just to clear things up (although this doesn't apply to your SL since it's paid) there is no SOL on collecting Perkins Loans, that I'm aware of.
Re: Re: Cease and Desist CA Student Loan? I don't know if collection means 'in default' or not, but the CA was sending me the bills and the only one reporting. I made arrangements with the Guarantor to pay off the loan but still paid directly to the CA as requested by the Guarantor. As far as my 'confooosing statement' is concerned, I misinterpreted the meaning of SOL, thinking it can be applied to a paid collection and chargeoff, which it can't. IT can only be applied to an unpaid situation. A Paid collection and Paid chargeoff fall under a separate, Reporting statute criteria. Since my situation is regarding a PAID collection, I used the incorrect verbage to describe my issue earlier. 7 years is the bottom line for a Perkins student Loan from the last payment date as it stands.
