Very delinquent loan...What to do?

[ellebleu]

I recently pulled my Transunion report and saw a very delinquent student loan from Younomics. Since I didn't recall ever taking out a loan with Younomics, I disputed the debt and asked that it be verified. It took TU almost 30 days, but they came back and said it was indeed my debt. I did some checking around, and to make a long story short, discovered my mother had taken the loan out "for me" back when I was in college. She paid it for a while, then forgot about it, and it's been late ever since. I've decided that I should probably just pay it because my mother did financially support me when I was in college, and TU says that it isn't scheduled to fall off my reports until Nov. 2016. Any advice on the best way to proceed? 

[guiness56]

Welcome to the forums.

Is it the OC or a CA that is reporting? 

[ellebleu]

The account was originally from a company called My Rich Uncle (side note: Ma, what were you thinking?! That sounds sketchy as all get out!) that went bankrupt and sold the loan to Younomics. They haven't sent it to collections, and they are reporting I was first 120 days late in February, 2010 IIRC. 

[guiness56]

Are you absolutely, 100% positive this is your debt, or the one your mom took out?

[ellebleu]

I'm positive. When my mom was diagnosed with Alzheimer's a couple years ago, my dad took over the finances as best he could and saved anything that looked important. We went through her old things and found the original loan paperwork as well as a small postcard from Younomics stating they had taken over the loan from a couple years ago. Although I didn't know about the loan until recently, my mother paid all my bills, school expenses, and bought me a car while I was in college. As far as I'm concerned, I received that money, so I should pay the debt. I'm just not sure about the best way to proceed. From what I'm reading, it would be a good idea to start paying ASAP as recent missed payments are very detrimental to my credit score, right? I guess at this point I'm looking for some advice on how to get the missed payments/negative marks removed from my credit file. I'd really appreciate any advice. 

[guiness56]

The only way to get late payments and negative remarks removed would be if they agreed to it.  I would call them and see if they are willing to do that for payment.

Are these private student loans.

[ellebleu]

There's only one, and it is private. The original loan amount was $5000, but it's reporting that ~$3009 was paid, the outstanding balance is currently over $8000 and is more than $2500 delinquent. 

[guiness56]

Do you know what your states SOL is?  When was the very last payment made on the loan? 

The SOL may have expired meaning they can't sue and win but may be more willing to work with you.  Getting it taken care of now will hopefully stop a CA from reporting it also.

[coterotie]

I would see a good credit lawyer.  I'm  not saying you don't have a moral obligation to the debt.  But, the diagnosis of Alzheimers usually lags the actual onset of observable symptoms of the disease by up to 10 years, so your mother may not have been capable of entering into a legally binding contract.  By availng yourself of this fact, you may be able to work out a deal, where penalties interest etc. are waived, a negotiated lower amount owed and removal of any late payment inforamtion.

[ellebleu]

I don't know what the SOL is for my state. Also, I've moved from one state to another since the loan was taken out. Should I be concerned with SOL for the state I live in now, the one where the loan originated, or both?