I have read the FAQs--and many thanks to whomever did them-- I had a loan from a college that was written off in 10/97. This was not a federal loan; it was a private loan from the college. (I know all of this because I applied for a car loan 2 years ago, and then my CR was pulled, this came up and the loan officer told me that it was on there. No other mention of anything else.) At this point I should mention that this loan was lumped into another loan that I've faithfully made payments on, however, I can not locate the paperwork to this effect, and the college is giving me the old BS runaround. This particular loan was made in either 1988 or 1989. So, I don't feel that I owe this debt. This guy keeps calling me from this CA in NC, and he is driving me nuts. It has gotten to the point that it's driving a wedge between my spouse and I, and i have had it. I am afraid to do anything at this point w/o any of you reading this. Any advice or comments would be greatly appreciated. Thank you for this wonderful site--
Hi Madcat, First welcome to the board. Take a deep breathe and tell your LB (lovely bride) to do the same.
Some additional thoughts. Tell me a little about what kind of conversations you've had with this guy. Have you ever told him Yeah I owe it? Or have you ever said I don't think I owe it, or the amount is wrong? Why have you been requesting PW? The balance of differeing court opinions are leaning in the direction that a dispute to a CA [technically] need not be written, it can be verbal. Email me if you feel more comfy about it.
Butch-- I am fairly sure that the loan was incorporated into another one. My mom was very ill about that time, and died in 4/90, so that whole time period is a blur. I don't know what I did sign or didn't sign. And...due to several moves, I have lost any paperwork that would have happened. (I know--it's like a comedy of errors.) The loan was for $1,200, and I've never made a payment on it; b/c I am under the impression that it was consolidated. And here, recently, is the first time I've ever heard a word about it. I didn't even know it was there until we applied for a car loan. I was in KY when I was in school, and that was my legal state of resident all during college, and the preceding several years after that. I am now in Indiana. I've not had **any** conversations with this guy. I always hang up when I hear him. (The first time I took the call, he identified himself, who he was with, and what the call was about, so now I hang up.) Thank you so much for your help! (And what is 'PW"? I looked at the FAQs, but didn't see this listed.)
The loan was for $1,200, and I've never made a payment on it; b/c I am under the impression that it was consolidated. madcat ><- <>- ><- <> Sounds like they got paid by the consolidation loan and are trying to collect again from you. Who did the consolidation loan? Get the paper work from them!
while youre reading and waiting for responses, you should read "nana C's notions" thread... http://consumers.creditnet.com/straighttalk/board/showthread.php?s=&threadid=26763 its got great info on how to find out if this CA jerk is licensed in your state or not. this guy sounds like the type who would not be licensed in your state. (i dont know why, i just have a feeling, lol) Even if he is, he's surely the type to hang himself if given enough rope. I agree with the limited cease and desist, but knowing what i know now, i'd probably have some fun with him over the phone first, lol. (I dont recommend that for really new newbies tho.) It would be interesting to let him dig his grave over the phone, as long as you don't even come close to admitting the debt is yours. I'd just bet he'd threaten you with all sorts of things he's not allowed to threaten you with. And, it looks like you are both in one-party states, so you can legally record the calls. sounds like this one will be relatively easy. good luck!
I'm confused . . . If this loan was made in 1988 or 1989 and no payment was ever made on it, isn't it out of SOL? Or do student loans have a separate set of rules?
Re: Re: newbie here--a question, please *No SOL on them if a federal loan. However the OP states the following>--->(This was not a federal loan; it was a private loan from the college.)So sol applies.
Re: Re: newbie here--a question, please I thought the SOL would have ran out by now. Since it was written off in 10/97, would the 7 years be from that date?
Re: Re: Re: newbie here--a question, please If you take out a loan and never make a payment on it SOL start as of the date the loan was taken out.
Re: Re: Re: newbie here--a question, please I thought the SOL would have ran out by now. Since it was written off in 10/97, 1*would the 7 years be from that date? by madcat ><- <>- ><- <> 1*NO ! The 7 years starts from date of last payment. This would be 1988 or 1989 I.E. the date you took out the loan. They can't just let it set for 8 or 9 years and start the clock from that date. Even if they could use the 1997 date it still cannot be reported now because the clock ran out in either 1988 or 1989.
Re: Re: Re: newbie here--a question, please Remember to keep the SOL and the reporting period separate. The SOL is the period of time (it varies by state) that they can legally collect on the loan. However, in most states, they can ATTEMPT to collect on the loan, and if you don't know any better and pay them, they just made out. If you don't pay them, and they sue, you just go to court and assert the Statute of Limitations. The reporting period is seven years from the date it went delinquent and never again became current. This is a totally separate issue. Sometimes CAs will try to "reage" and state that it's a newer account so they can list it. That's where your validation to the CA will come in. And the delinquency date would not be the date of the loan. It would be the date of the first payment plus whatever the "late payment" period is, normally 30 days. As many people have pointed out, how can it be 30 days overdue if a payment isn't due yet. Many times student loans are granted but payments aren't to start until the end of the year. So, if the date for payment passes and you don't pay within the 30 days or whatever the alloted time is, then you become delinquent. At any rate, you have clearly been "delinquent" on this for many years. If it was consolidated, that may be harder to prove without the paperwork. If you can remember anything and go back to the school or wherever it was consolidated, maybe you can find a person who will try to help you. But I really think this is probably past the SOL.
Re: Re: Re: newbie here--a question, please Thank you! I think I'm getting the SOL and reporting period confused (new at this). I just wonder why the credit union that I went to about the car loan brought that up. (Although, it's the way I found out it was on my CR and the date it was written off.) They wanted me to clean it off before they'd approve me for a loan, but I went to the dealer, still got a good financing deal, and nada a word about this loan. I want to clean this mess up because I'd like to buy a house.
Re: Re: Re: Re: newbie here--a question, please Originally posted by madcat I think I'm getting the SOL and reporting period confused .
Re: Re: newbie here--a question, please this isn't a student so both the SOL and reporting period would have expired 8 or 9 years ago.
Re: Re: newbie here--a question, please I don't know. What's the SOL for this in his state? It's not an open ended account. In some states, I think SOL for written contracts is pretty long. I thought I had seen 20 years. That's why I wouldn't categorically state that it's out of SOL. He needs to check, and also check his state laws to make sure there's not some special treatment for private student loans. Before jumping to conclusions, always check the facts. I would probably call a lawyer (most offer a free phone consultation) just to double check about student loans in that state.
Re: Re: newbie here--a question, please Hedwig--the state that loan originated in is KY. Any idea about how to find the laws re: private student loans? I would like to call a lawyer, but I want one that is competent--do you think a call to the local bar association might yield some names?
Re: Re: Re: newbie here--a question, please This particular loan was made in either 1988 or 1989 madcat | ><- <>- ><- <> If you never ever made a payment on this the 7 Year reporting period was up in 1995 or 1996. Disput this with the CRAs as obsolete please remove. It's also likely it's way way way beyond SOL but you need to find out for sure.
Re: Re: Re: newbie here--a question, please do you think a call to the local bar association might yield some names?madcat one way to find out. ><- <>- ><- <> Why not call them and see?
