I'm looking for some general guideance on how to approach this.
I have two SallieMae Private Student Loans disbursed around 2002-2003. Last payment on the account was August 20, 2009. I live in Florida, which has 5 year SOL on written debt, meaning, I'm a month away from Statue of Limitations expiring on these two loans. Loans were taken out in New York where I went to school and lived at the time. I have been living in FL for over 5 years now. One loan is now around 8K and another around 16k.
About a month ago I was contacted by a collections company on behave of SallieMae. I asked to have both loans validated, and today they have e-mailed me the debt validation (promissary note from the two loans - they claim) I'm not able to open the e-mail due to compression issues so I'm not sure exactly what is included in this debt validation.
I don't have the money to settle and I don't have the money to make any payments at this time. I'm still in school and these two loans, since are private, can not be defferred due to being a student again. They are reporting as Charge Off on my credit for well over several years, reporting monthly. They are due to drop of my credit file at end of 2015. (First date of delinquency was before my last payment as I never brought the account current by making a payment in August of 2009.).
I'm not sure what to do. Ignore the collection company till after SOL expires? Any preparations that I should make?
Hopefully towards the end of the year I will be able to start making small payments towards this loan.
They validated, so I would either ignore or just tell them you can't make the payments right now - and then if they try to contact them again ignore.