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?
Full Version: OMG - 28 year old loan hits my credit!!!
Who is reporting it... the gov't or a CA?
In any event, it sounds like this debt is past the permissible reporting period. If it's with a CA, you will wan to DV right away... see the post in the main credit forum re 1-2 punch.
In any event, it sounds like this debt is past the permissible reporting period. If it's with a CA, you will wan to DV right away... see the post in the main credit forum re 1-2 punch.
QUOTE (Jaymes @ May 12 2009, 11:31 PM) 
Who is reporting it... the gov't or a CA?
In any event, it sounds like this debt is past the permissible reporting period. If it's with a CA, you will wan to DV right away... see the post in the main credit forum re 1-2 punch.
In any event, it sounds like this debt is past the permissible reporting period. If it's with a CA, you will wan to DV right away... see the post in the main credit forum re 1-2 punch.
Probably subrogated by the feds, which restarts the 7 year clock.
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?
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?
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.
I'd try to consult with an ombudsman. Don't talk to the CA.
You might be able to set up a rehab... the ombudsman would know. Doing so hopefully would wipe the old derogatory info off your reports, and once you complete rehab it should convert to a positive TL, then you can pay it off at that point. YMMV depending on the loan type. If it's a loan with a school, all bets might be off.
Obviously, you've learned by now to keep your paperwork FOREVER and never trust what a CA tells you if it's not in writing.
You might be able to set up a rehab... the ombudsman would know. Doing so hopefully would wipe the old derogatory info off your reports, and once you complete rehab it should convert to a positive TL, then you can pay it off at that point. YMMV depending on the loan type. If it's a loan with a school, all bets might be off.
Obviously, you've learned by now to keep your paperwork FOREVER and never trust what a CA tells you if it's not in writing.
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