CHASE - Private Student Loan

[Desiflavour101]

Need advice/suggestions:

I had a private student loan with CHASE. After graduation my financial circumstances changed and my attention slipped with regards to Chase.

By the time, I got back on my feet it was too late with CHASE.

I made payments to their outsourced CA but after my bankruptcy, the loan went to CHASE's collection department.

It is still with them and I am on the payment plan with them but finding it impossible to pay them $450 a month.

They want to settle but if I decide I cannot do it, can they still take me to court and file judgment? 

[SCF]

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@Desiflavour101 wrote:

Need advice/suggestions:

I had a private student loan with CHASE. After graduation my financial circumstances changed and my attention slipped with regards to Chase.

By the time, I got back on my feet it was too late with CHASE.

I made payments to their outsourced CA but after my bankruptcy, the loan went to CHASE's collection department.

It is still with them and I am on the payment plan with them but finding it impossible to pay them $450 a month.

They want to settle but if I decide I cannot do it, can they still take me to court and file judgment? 

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The answer to this will depend on the statute of limitations in your state.  How long it takes for SoL to expire, and what actions extend or renew the SoL vary significantly from state to state.  Your state's legal aid society probably has a website that could help you find what you need to know.  If the debt is still within SoL, they can take you to court and secure a judgment until it expires.  Even after it expires, you have to respond and raise your defense that the debt is too old to be collected.

[Anonymous]

Have your loans been charged off/did you receive a 1099-C? I'm going to assume it is, as Chase was real quick to write-off my ex-spouse's loans.

If it's been written off, I wouldn't engage in a payment plan that's any more than I could afford. They've already declared it a loss, you're not going to get anything out of giving them the amount they set. I'd probably significantly reduce the amount of the payment, and start negotiating a very small settlement if you have the funds to pay it as soon as they accept. 

[Desiflavour101]

@Ice: Unfortunately CHASE did write off my loan but they didn't send me a 1099C. I was waiting for the 1099C until I received the letter regarding "further action." Which is why I decided to do payment arrangements.