Private Loans Charge Off SOL Reached

[Anonymous]

Hi Everyone, 

This is my first post but I've been lurking for a while now. I recently recieved letters from WF on some Privage Student loans that were charged off in Jan of 2010 stating that they would be ceasing collection activity and sending a 1099-C due to the SOL being up. I'm in California and I've been informed that the SOL is 4 years. My understanding is that these charge off's will fall off my credit report around June of 2017, as that will be 7 years plus 180 days from the date of first delinquency. I also understand that, once the 1099-C has been issued, they will no loger be allowed to report the balance outstanding, the accounts will simply show as closed, with the charge off's of course, until they fall off after 7 1/2 years. Is my understanding correct? Is there anything I should do at this point, or do I just wait the 2 years for this stuff to fall off? I guess I got lucky that they never went after a judgement, any chance they could still come after me? 

Thanks for all the good information on these forums, I'm just starting to rehab my credit after getting hammered by debt back in 2010.

[StartinOver]

I am confused as to how any of this could ever apply to a student loan? There is no SOL on student loans.

[Anonymous]

These are private student loans, Federal Loans have no SOL, but private loans are treated as any other consumer debt. (at least that is my understanding) 

[SCF]

That's correct.  Private student loans are subject to the relevant SOL for the type of contract and relevant state.  They are sort of a mish-mash, because they cannot be discharged in bankruptcy (like federal student loans), but they do have a SOL (like other similar debt).