I am trying to clean up my DH credit report and on TU it shows UBS Inc. Which is the collection agency for Schneider Nat'l (semi-truck driving company). My DH accepted a job offer from them in 2004 and they agreed to take him to their home office in a different state for 2 weeks of training, after which he would get his CDL. They had him sign a form that stated if he did not go on to get his CDL that he would owe them $3500 for the training and time, etc. Long story short, he did not complete the training, and the $3500 was sent to collections as he had no job at the time, so no ability to pay. I pulled his credit report today it is reporting as a Student Loan. So does this mean this debt has no SOL? If it is in fact a SL, can it go into rehab? Or is it really just another collection? Help please!! This is killing his TU score!

poeism13

It probably is a student loan since it was for training. The good news is that it doesn't sound like a government backed student loan. The only student loans that fall under the rules generally associated with student loans are the loans that the government guarantees. All other student loans are treated the same as any other loan.

If it is not a government insured student loan, you cannot rehab. This sounds more like a private loan thru the company, although there is a possiblity that it could be govt loan. Who ownes the debt??

Downfall on private transactions is that they do regularly file suit.

I believe Schneider Nat'l does. I know it is not a gov't backed loan. Right now it states "charged off, bad debt".