I had two US bank loans (that were in no way shape or form assosiated with the feds) taken out in 2001. I am fairly sure my mother paid them off in 2003, but as she is gone I have no proof of this and no way or obtaining it. In may they were showing as CO on my CR. A simple dispute and they were gone. People First recovery is now trying to collect. I have DVd them twice and they have ignored me and continued collection activities. Do they have the same recourse as one would had it been a federal loan? What is the SOL on something like this?

If they are indeed private, they would have to follow the same SOL and other FDCPA rules and laws as any other written contract in your state. HOWEVER ... if they are non-profit, it's a stickey wicket. I would suggest you search here for non-profit and read everything you can.

Most private student loans will file for judgement before the SOL runs out.

Is US Bank still holding them?? Or was there another guarantor on these loans?? What type of private loan are they??

Is US Bank still holding them?? Or was there another guarantor on these loans?? What type of private loan are they??


they are just a private educational loan that I took out from US Bank. My school was not involved in any way. US bank apparently charged them off and sold the debt. I thought they had been paid but I have no way of proving it. What is difficult about this is that my mother took care of all of this and had all the info on it. She is now gone and I have no way of getting any of the info I need about this loan.

I googled and the supplemental loan was the one I took out.

Some of US Banks private loans are guaranteed by TERI, which is a nonprofit lender. There could be other private guarantors as well. Who is holding the loans now??

Your school would have been involved to the extent that they had to certifiy your enrollment.

Again, there are several types of private loans. I just went to US Banks site and they have 6-8 different alternative loans.

Again, there are several types of private loans. I just went to US Banks site and they have 6-8 different alternative loans.


I just grabbed an old CR and it appears that Great Lakes serviced the loan and Us Bank was the lender.

Great Lakes is a guarantor to FFELP loans but I do believe that they do guarantee some private loans. US Bank would have been the initial lender but upon default they would have filed a default claim with Great Lakes.

US Bank would have been the initial lender but upon default they would have filed a default claim with Great Lakes.


Thank You for your help, I checked GL's website and it seems they no longer have the loan (CO). I would assume at this point it would fall under normal SOL?

Private student loans are never charged off per se. You need to find out who the holder is now. They do not sell these loans to CA's. I was just back on the US Bank site and most of their loans go thru TERI. Does it say on your letters who the CA is collecting for??

There are a lot of "possibles" for private loans. They are complicated. Also any SOL on this loan would not even start until you enter into repayment, which is 6-9 months after you leave school. Again, most guarantors on these loan will file judgement, usually right before your SOL runs out.

Private student loans are never charged off per se. You need to find out who the holder is now. They do not sell these loans to CA's. I was just back on the US Bank site and most of their loans go thru TERI. Does it say on your letters who the CA is collecting for??


It says they are collecting for US Bank

There are a lot of "possibles" for private loans. They are complicated. Also any SOL on this loan would not even start until you enter into repayment, which is 6-9 months after you leave school. Again, most guarantors on these loan will file judgement, usually right before your SOL runs out.

it came due January 2003

Have you talked to US Bank at all?? Do they have any record of any payments made on the loans??

I hate to say it but yours is a prime example of why student need to take care of their own student loans. I know parents mean well, but it is ultimately the students signature on the contracts and their responsiblility. Payments on any loan should be handled by the student so they have the records. Unless you can get your hands on bank records, you are going to have a hard if not impossible time proving that these were paid.

I hate to say it but yours is a prime example of why student need to take care of their own student loans. I know parents mean well, but it is ultimately the students signature on the contracts and their responsiblility.

she co-signed but I have no way of getting any of her records, which really puts me at a disadvantage. the amount I am being billed for is roughly twice the amount borrowed, my CR shows that US bank charged it off. I am sending a DV to the CA tomorrow.

I would recommend calling US Bank. All you will get from the CA is a copy of the prom note and a payment history or lack thereof.

Your balance can easily double with interest which starts accuing from the day one plus collection charges.