Dept of Education
#1
Posted 17 July 2012 - 06:44 PM
#2
Posted 17 July 2012 - 09:58 PM
While some here have said the SL negatives have fallen off their reports, some have said the loans have 'reappeared' when entered into a new payment arrangement such as rehab. Others have stated their loans have not reappeared.
CA's used by the Dept of Ed work under contracts issued by the Dept.
Things are tight now so don't be surprised if someone comes looking for you. They are a debt for life.
#3
Posted 18 July 2012 - 06:41 PM
You're thinking consumer debt vs government debt.
While some here have said the SL negatives have fallen off their reports, some have said the loans have 'reappeared' when entered into a new payment arrangement such as rehab. Others have stated their loans have not reappeared.
CA's used by the Dept of Ed work under contracts issued by the Dept.
Things are tight now so don't be surprised if someone comes looking for you. They are a debt for life.
I know it is a goverment debt and they do not need a court order to collect. This is not my debt, so I have no worries. I am trying to help my nephew on this issue. Paying the debt is not an issue, it is the simple fact they are reporting after 10 years from when the account was originally closed/transferred. Payment in full was offered for them to remove the negative, they declined and only suggested rehab for 9-12 months.
What I need to find out is what are the rules and regulations that specify how long a defaulted federal student loan can legally be reporting the CRA's, if any. It has been passed through several different hands over the past 10 years and now Dept of Ed has it and decides to place a collection in 7/2012. The loan closed/transferred in 6/2002. Dept of Ed has had it since 10/2009 when Texas Guaranteed passed it to them, but suddenly Dept of Ed decides to report a collection on it. Nobody has a clue why it took 3 years for them to report from when they originally acquired the loan (10/2009). Does the 7.5ysr from DOFD apply in this scenerio? Would 6/2002 be the date to be used for DOFD? Can they legally place a collection after 10 years and show first default date as 10/2009?
Like I say it's not the fact that it is a debt, it is the fact they had the acoount since 2009 and wait 3 years to report a collection on it. This could have been resolved in 2009 if my nephew had been contacted or seen this collection on his report. He would have had 3 years to fix/correct, rehab or whatever.
#4
Posted 24 July 2012 - 06:18 PM
#5
Posted 29 July 2012 - 10:21 AM
First it is probably different loans...
Second, no statue of limitations, but after 7 years it goes off the credit report unless new activity has occurred then that wil awake your sleeping giant...but it has to be taken care at some point.
#6
Posted 29 July 2012 - 06:01 PM
The lender can transfer them to a new servicer in order to try to collect. That's what 'waking up' a lot of loans these days.
#7
Posted 29 July 2012 - 11:04 PM
Edited by Saleen, 29 July 2012 - 11:08 PM.
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