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fireman44

Private student loan

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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

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Private student loans vary from state to state. Here, in IL usually are considered written contact, which is 10 years. However, there has been successful arguments cutting it down to the 5 year SOL (such as cc).

What state are you in?

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On 11/9/2018 at 11:02 PM, tralston3838 said:

Private student loans vary from state to state. Here, in IL usually are considered written contact, which is 10 years. However, there has been successful arguments cutting it down to the 5 year SOL (such as cc).

What state are you in?

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Hi

 

Can you elaborate on what cases private student loan SOL can be reduced down to 5 in IL?

 

Thanks

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Off the top of my head, I can't. I came across the information a couple of years ago when doing my research on National Collegiate Trust.

The tradeline will come off your report at 7 years, regardless of how much time you have left with the SOL. I STRONGLY recommend keeping all copies of your credit report, because some servicers will re-age the account. Yes, it's illegal, but unless you have copies of your report, how can you prove otherwise?

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