I have two Sallie Mae student loans that I defaulted on 12+ years ago. Combined they are just under $10,000 and I've been paying $20-$30 a month, every month, since then. Even after two different collection agency's have called, attempted their threatening techniques, and after filing bankruptcy in 2006 (discharged in 2007), I have not stopped making these small payments. I have not received any correspondence from any agency or from Sallie Mae since in years. I think 2008 was the last time I can remember a letter. Knowing it would make no difference, I still tried adding these to my bankruptcy back in 2006. It said discharged, but I knew better.
Anyways, last year I bought my first house and it was never brought up by any creditor, even though it clearly said "Charge-Off" on the credit report, but I'm just wondering at what point are they going to attempt to take me to court, garnish wages, or suck money out of my savings. Is it even likely at this point?
I still log into my Sallie Mae account (always bypassed the collection agency btw) and make this monthly payment every month, dispite the balance constantly going up due to the obvious interest. I'm thinking they will try and sue me once the loans reach a combined balance of $10,000, but I have no real reason why to believe that.
What is the most likely scenario in my case? Are they coming at some point, even with the small monthly payment?
