fair-debt-collection.com

[Anonymous]

I searched the Alaska Student Loan Website for my loan and this is what I got  "Based on its serious delinquency, your account has been transferred to collections. For additional information about your account, contact Premiere Credit at 877-277-2849". 

[Anonymous]

What exactly does this mean?

"Making payments or partial payments on bad debts does not effect the running of the  credit reporting time limits, except in the case of tax liens and federal student loans. All other types of items should expire on schedule, based on the original dates, regardless of when or whether they are paid. There was previously a great deal of confusion over the starting point, which could have been interpreted as the date of the last activity on the account. This resulted in the possibility of "re-setting the clock" on an old bad debt by making a payment on it, or by paper-shuffling on the part of collection agencies. The issue was clarified in the 1996 amendments to the FCRA, which set a specific starting date related to the original delinquency date (see FCRA Section 605 (c) (1).) "  If i took out the loan in question in 1998, and it is now in collections, has the SOL ran out on it? And am I legally obligated to continue making payments on it?

[Anonymous]

This is what I found in regard to  partial payments restarting the clock on the SOL. 

"

Some states have laws which specify that a partial payment does not restart the clock on the SOL, unless there is a new written promise to pay. What that means is that you actually write out a new agreement with the orginal creditor and/or collection agency. If you live in one of these states, simply sending in a check doesn't restart the clock. The statute of limitations is only extended by new written promise to pay in these states:

Arizona, California, Florida, Iowa, Kansas, Maine, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Nevada, New York, Texas, Virginia, West Virgina, Wisconsin.  That was taken from the creditinfo. site.