Credit Cards Center Credit cards from our partners
Reply
Established Member
Posts: 17
Registered: ‎05-07-2014
0

Private Loan - SOL - SallieMae

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.

 

Highlighted
Established Contributor
Posts: 604
Registered: ‎04-24-2014
0

Re: Private Loan - SOL - SallieMae

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.

                   
Equifax® FICO®
804
TransUnion® FICO®
825
                 

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.