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  1. I co-signed on a private student loan for my daughter back in 2005. Payments began 6 months after graduation (began Dec. 2006) until the wife and I filed Ch. 13 BK in Oct. 2008. Our BK attorney told us that although they would not be discharged, neither could they collect from me or my daughter while the BK was active (5 years). Unbeknownst to us, the original lender AES sold the loan to another lender and then to a collection agency, Transworld Systems. TWS made contact in 2015 to set up payments which we did. They would only do 3 monthly payments initially after which they said they would contact us to make permanent payment arrangements. The last payment was drafted in July 2015 and they did not contact us further and we could not find their contact info. NC debt collection laws are 3 years for all debts. Bottom line is as it is almost 5 years since the last activity (payment July 2015). can they pursue with any collection activity? (Yes, I know they can try to do whatever they want, but legally I do not believe they have a leg to stand on.)
  2. This is kind of lengthy so bear with me. My in-laws left my wife the family home upon their deaths. My wife took out a mortgage loan some years ago and we have rented it out until last fall. We found a rental company to take over the payments (intends to buy it outright at some future point). We signed the deed of trust to the owner of the company Nov. 16, 2018. The mortgage company that has the loan was notified of the deed of trust and were suppose to send all correspondence to the owner and his company. We got the statement in late November for the December payment and thought perhaps we and the rental company would be getting statements. Around Dec. 15 we began getting calls from the mortgage company about the past due payment, so I contacted the company owner and he said he had not gotten anything. So I gave him the account contact information and he instructed his property manager to change things over to them and make the December and January payments. In short, the payments were a little over 30 days late, so we got a big ding on our credit report (we are still legally responsible for the loan) dropping our score over 100 points due to being 30 days late. The payments were posted to the account on Jan. 14th so it is up to date. The owner apologized profusely and I do feel it was an oversight on his part. My question is, do we have any way to get this black mark removed from our credit report? Would it help to contact the mortgage company and explain the situation to them and ask for it to be removed? Are we going to have to just resort to putting a statement on all 3 credit reports? We emerged from Ch. 13 5 years ago and have worked diligently to build our credit back up to where we both had scores over 700. TIA
  3. NC. Contracts, both written and oral, have a 3-year SOL. The only thing that is 10 years is judgments, which are non-renewable.
  4. I co-signed on a private student loan for my daughter way back in 2004 that would not begin payments due until after she graduated. In Dec. 2006, 6 months after graduating, we began making payments. Then in October 2008, I filed Chapter 13 and the loans were put in abeyence (or whatever it was called; no payments due until discharged). I completed my 13 in December 2013. AES, the original lender, sold the loan to Transworld Systems while we were in active BK, unbeknownst to me. In January 2015, we were contacted by TW to attempt to collect. After verification, we set up initial payments of $300 a month for 4 months (March-June) after which they were suppose to contact me to set up further payments. But no further contact was made and I misplaced the paperwork. However, I do know for sure that the last payment was made in July 2015. In my state, the SOL on consumer debt is 3 years (and as I understand it private student loans are the same as consumer debt, according to a lawyer help page I read). I'm just wondering if anyone has dealt with this and what was the outcome. TIA
  5. I'm familiar with the ins and outs of a reverse mortgage, but I'm looking for a safe reputable financial institute to deal with. My local credit union has stopped, at least temporarily, offering them and I can't find any other local institute that offers them. I did request some info online and got a call from Lenox Financial. I would rather deal with a local business rather than over the phone. I've read too much bad pub about AAG and have ruled them out.
  6. I wonder too how many of the profiles could have been possibly set up by someone other than the person to which the e-mail addy is attached with vile intentions? A friend of mine had his e-mail address used by another so-called "friend" of his on some site (not AM) and the so-called "friend" knew all his pertinent info- DOB, nickname, etc. Makes you wonder.
  7. I co-signed on 2 private SLs with my daughter. Back in Dec. 2009, I filed Ch. 13 BK and the loans defaulted. They were sold to a portfolio buyer, unbeknownst to us, who then assigned them to a CA. We were informed by the CA and after DVing the first (we were notified of it back in Nov.), my daughter called and they offered to accept $8000 on a $15500 balance. Since I had set aside money for that, she paid it. Now we have gotten a collection letter on the second one for $28,800. I am DVing it this week, but we'll have to try and set up payments for now as neither one of us have $15,000 which is what the same % would be. So Mike, even though we are dealing with different CAs, how willing were they to accept a payment set-up? Did they base your payment amount on what you said you could pay or did they ask for income & debt proof?
  8. Oh I definitely will talk to them once I receive DV from them. Just covering all my bases. Thanks for the help.
  9. Update- We got verification on the first SL from the CA. On a $15,000+ balance, they settled for $8000. We had the $$ and paid it. But this week I got the notice on the second SL and on an original $15,000, it has ballooned to over $28K! And this I don't have cash on hand to pay all at once. So after I DV and provided they do verify, what are the chances they would be willing to set up monthly payments? That is about the only route we can go. Just FYI, the charge-off date is listed as 4/1/2009 and our state's SOL on promissory notes is 5 years. Does BK toll the debt?
  10. Back in 2003-2004, my daughter took out 2 private SLs from American Education Services on which I co-signed. Between the two of us, we were making regular payments once she graduated (they were in forebearance until she graduated) until 2008 when I filed Ch. 13 BK. I was aware that the loans would not be discharged in BK. My daughter contacted AES about 6 months after I filed and inquired if she could continue to make payments. They informed her she could and would be desirable to help keep interest from accumulating. But after about a year, she went online to make a payment and the AES website showed a zero balance. My trustee said this was common and should reappear once I was discharged. I was discharged in March 2014 and was waiting to hear from AES about resuming payments. Fast forward to last month when we both get a letter from a collection agency named Transworld Systems Inc. stating they are trying to collect for National Collegiate Trust for these loans (or at least one of them). I put 2+2 together and figure that AES sold the accounts to NCT but was never informed of this action, probably due to BK laws preventing them from contacting me that might seem like an attempt to collect during BK. I am sending a DV letter to Transworld but I would also like to know that NCT is the owner of the debt. I cannot remember the amounts of the loans although the amount listed is in the ballpark of one of them. Should I wait to hear from Transworld before attempting a verification from NCT? I've read a lot about NCT and how they are something akin to a clearinghouse for portfolios of funds that buy SLs. And what are the chances that they (NCT) can provide proof that they actually own these loans?
  11. Back around 2004-2005. my daughter took out 2 private student loans from American Education Services on which I co-signed totaling about $25,000. In Dec. 2008, my wife and I filed Ch. 13 bankruptcy which ran for 5 years. Even though they are not dischargable, which we are aware of, the loans had to be listed in the BK matrix of debts. The loan repayments were held in suspension for the duration of the BK. My daughter contacted AES about making payments early on in the BK and was told even though they could not try and collect, it was OK to make payments as this would help keep down the accrual of interest. When she actually went online to make a payment a few months later, it showed a -0- balance. The BK trustee said that sometimes happens but the balance will re-appear once we were discharged. At the end of the 5 years, I wrote to AES concerning the 2 loans asking them to provide me with information and what was needed to restart making payments. I never heard from them so I contacted my attorney who said to wait for them to reply as sometimes it took several months to get the process rolling. In checking my credit report a few months after discharge I notice 2 entries from National Collegiate Trust, whom I have never heard of or dealt with. It seems that they purchased the loans from AES but we were never informed of the sale, and neither I nor my daughter ever heard from them and I had no contact info, so I hoped they would contact one or both of us. Fast forward to today when I receive a letter from Transworld Systems Inc. stating that they are a collection agency for NCT and they were attempting to collect the defaulted loan for NCT. Has anyone else dealt with either Transworld or NCT? As I understand, this is standard practice for NCT suing thousands of borrowers (although I have not been sued yet). But they in no way made any attempt to contact me concerning either of these loans to set up payment. I intend to DV them and dispute this as a matter of course. I don't deny owing the $$, but I'm just pissed that they did make any attempt to ask for payment. If anyone has dealt with them, is this their SOP and how did you respond?
  12. Only 4 months post-discharge from a Ch. 13 and still have a lot of cleaning to do, but I got a Credit One Visa (yeah, I know some people said forget them) with a $300 limit to start with and after the first payment got a $100 increase, but really that's all I'm looking for, just a small one to begin with. I don't really need a CC for much at this point. I'm waiting for a year to pass to really try for a much better card, and next month a judgment will fall off so I hope to see a nice credit score increase.
  13. While in BK, the SLs were held in suspension, so as such, they are not delinquent. I am waiting for them to contact me to resume payments.
  14. Just a general question- Do private student loans have a statue of limitations as with almost any other debt? I just emerged from Ch. 13 BK during which the loans were sold to another lender and it is far too soon to begin thinking about SOL, but I was just curious.
  15. Specifics please. Not doubting you, just wanting to know.

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