justme5

Collector is reporting it. It is not at the dept of education, but still at the college level. This is a nasty collector. Anyone understand the new law that was created in 1998? I will pay this, but I prefer to be able to permanently rebuff this reporting.

It is a collector. It is not in the hands of the department of education. This collector is still working with the school. I will pay it off. But I am confused. There was a new law created abour reporting certain loans and I cannot tell if they have a legal right to do this. I want to get it wiped. This is a nasty collector too. Please, someone must know if they can legally do this?

Is this right? OK. 28 year old loan. I had defaulted on this loan more than 15 years ago. Paid it 8 years ago. It just came up on my credit report. It is a Perkins Loan (formerly NDSL). I had a settlement on some of the fees. But as it turns out the collector did not pass on the settlement, took their full fees out, and left a balance. OK, so I can accept that. Dirty tricks happen in this world all too often. I will pay the dog gone "left over". But this stinks. Can they do this to me? Am I now stuck with bad credit for another 7 years? Anything I can do? From what I see there may have been a law passed in 1998 that may allow these loans to be reported on indefinately? Or do I have some rights?

I had an old Perkins loan from 1988. It went into default in the mid 90s. I paid it off in about 2002 with a compromise with a collection agency. What I did not know was the turkeys went and kept back all their fees and then did not fully pay off the loan! So about $800 has reappered with another collection agency and now with fees ($450?) and interest ($250) is up around $1500. I misplaced the settlement letter! It is gone! OK. So I think I am stuck. My question is this. I can put together the money to pay it off. What should I ask for in settlement? Secondly, it does not show in my report. Will it come back when it is payed and hurt my credit? Thanks!