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I just got off the phone with a guy from WP, for a college debt from 2005. He tried to tell me that these debts are going to run forever. That they have no statute of limitations. This is NOT a student loan, it isnt even a tuition issue, its weird. Is this guy on crack or is he accurate?? anybody?
Thanks
Nope, they can try to collect forever and ever or until you die. They just can't report it or sue you for it. If its a student loan, then that's a different issue.
Even with a statute of limitations, that just prevents them winning a suit if you claim expired SOL. As stated, debt never goes away.
@jerrod76 wrote:I just got off the phone with a guy from WP, for a college debt from 2005. He tried to tell me that these debts are going to run forever. That they have no statute of limitations. This is NOT a student loan, it isnt even a tuition issue, its weird. Is this guy on crack or is he accurate?? anybody?
Thanks
I am dealing with these clowns as well. I have a $2,200 debt from 2010 that I owe to my previous school for unpaid housing charges (debt is valid and it is mine). It is not a student loan although they claimed it was. I had to stop and reiterate this a number of times, they conceded that I had signed a promissory note with the school to pay in installments and that was not a student loan. They were incredibly rude to me, laughed at my proposed payment arrangement, and I contacted the OC to let them know the experience of trying to resolve this account was not a good one. They immediately contacted the CA and told them that they will accept my proposed payment arrangement and they are not harrass me so long as the minimum payment is made each month. Thankfully this debt does not report on my CRs.
If it is not a federal student loan, it has a statute of limitiations lthough that doesn't mean that can't try to collect-they just have minimal ways to do so. Send a DV via CMRR. With the purported debt being so old, I'd hazard a guess that they picked it up as a zombie debt for pennies on the dollar. If it's past the SOL they cannot sue you, if it's past the CRTP they cannot report to the CRAs unless they reage the debt. Make sure you understand what your state's laws are in this regard.
Whatever you do with Windham make sure you get it in writing, keep proof of everything, and don't give them your banking information.
@jerrod76 wrote:I just got off the phone with a guy from WP, for a college debt from 2005. He tried to tell me that these debts are going to run forever. That they have no statute of limitations. This is NOT a student loan, it isnt even a tuition issue, its weird. Is this guy on crack or is he accurate?? anybody?
Thanks
If this was not a "federally backed" student loan, then yes there is a SOL. It will depend on what state you live in as to whether or not it has expired. The debt should have either passed the CRTP or definitely nearing it, so it will be off your CR or near itl.
Unpaid debt doesn't just go away, however the means at their disposal to collect these debts does. Once it is passed the SOL all they can do is ask you to pay, and once it's passed the CRTP it can't be included in your CR for a standard pull.
Whew! Thank you everyone for your posts. To reiterate, it is NOT a loan, it is a debt owed specifically to the school, from 2005. I live in Oregon, statute is 6 years. Its been almost exactly 8 years, from date of first delinquancy. It s not on my credit report. Im just spooked that it might get on there somehow. I put in an offer on a house last week, a bad debt out of nowhere, would ruin my chances. Im planning go to the OC tomorrow and work out a payment plan. Thanks again.