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What happens to private student loan info if credit reporting 7 years runs out but SOL hasn't

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Hi

 

I have 2 private student loans in default that is set to be removed in Apr 2021 (7 year mark). But here in Illinois, private student loans are considered written contracts and has 10 year SOL

 

I am in dark as to what will happen after Apr 2021. 

 

Will these 2 private student loans be removed forever after Apr 2021, even though SOL hasn't ran out yet? 

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I'm in IL too, and there have been successful arguments on a 5 year SOL on private student loans. However, YMMV. Who did you get your loans through?

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18 minutes ago, tralston3838 said:

I'm in IL too, and there have been successful arguments on a 5 year SOL on private student loans. However, YMMV. Who did you get your loans through?

Sent from my LG-M150 using Tapatalk
 

Hi

 

Both of my loans are from Discover. 5 years in default and they still haven't sued me yet. Can you provide more info on 5 year SOL for private student loans? 

 

 

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I don't have precise examples. Considering they haven't sued you yet, they may not. I believe most of the cases that was granted the 5 year SOL had more to do with how was the promissory note signed. Many of the cases I saw were thrown out, more for lack of documents (National Collegiate Trust). Discover is one of the better servicers as in They keep a decent paper trail, will try to work with you, and usually keeps things in house instead of sending it to a CA. With that being said, though, Discover usually sues. Granted, most of my data is over c.c. delinquencies, not private student loans. Discover is one of my defaulted ones as well, and I haven't heard much from them. I'm wondering, with IL suing a few of the student loan companies, if they are also laying low to see which way the lawsuits go.

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43 minutes ago, tralston3838 said:

I don't have precise examples. Considering they haven't sued you yet, they may not. I believe most of the cases that was granted the 5 year SOL had more to do with how was the promissory note signed. Many of the cases I saw were thrown out, more for lack of documents (National Collegiate Trust). Discover is one of the better servicers as in They keep a decent paper trail, will try to work with you, and usually keeps things in house instead of sending it to a CA. With that being said, though, Discover usually sues. Granted, most of my data is over c.c. delinquencies, not private student loans. Discover is one of my defaulted ones as well, and I haven't heard much from them. I'm wondering, with IL suing a few of the student loan companies, if they are also laying low to see which way the lawsuits go.

Sent from my LG-M150 using Tapatalk
 

Both of my Discover student loan applications were done online. I didn't sign anything. All I did was enter my initials. 

 

I wonder if this fact makes any difference. 

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