Question about Statute of Limitations on Private Loans?

[Anonymous]

I have four private loans through CitiAssist.  They were taken out in 2001, 2002, 2003, and 2004.  I am in good standing for my FEDERAL LOANS (mainly because of Income Based Repayment which I could not get on the Private Loans), however, I have not paid my CitiAssist Loans since 2006.  I went to Graduate School from 2006-May, 2009.  Every so often I get a collection letter or call trying to collect on one or more of these loans, and I got another one today.

My question is:  Does my state's six year Statute of Limitations for these loans start in 2004, 2006, or 2009?  Again, my last payment was 2006 but attended Grad School 2006-May, 2009.

They are listed on my credit report as CLOSED - Payment After Charge Off/Collection.  Status Date is July, 2010 but last activity was January 2006.  

Thank you in advance for your help.

[laz98]

I think if they were charged off in July 2010, that's when your SOL starts.  So a couple more years still.

[xosamandaxo]

don't your credit reports give you the "fall off" date of your items? my transunion does. maybe you should get a copy of that one to find out

[SCF]

You're going to want to look at your state laws carefully because they can vary widely.  The SOL clock can start in different places, and certain actions can also extend the deadline in some states while having no impact in others.

[bxfinestcocoa]

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@Anonymous wrote:

I have four private loans through CitiAssist.  They were taken out in 2001, 2002, 2003, and 2004.  I am in good standing for my FEDERAL LOANS (mainly because of Income Based Repayment which I could not get on the Private Loans), however, I have not paid my CitiAssist Loans since 2006.  I went to Graduate School from 2006-May, 2009.  Every so often I get a collection letter or call trying to collect on one or more of these loans, and I got another one today.

My question is:  Does my state's six year Statute of Limitations for these loans start in 2004, 2006, or 2009?  Again, my last payment was 2006 but attended Grad School 2006-May, 2009.

They are listed on my credit report as CLOSED - Payment After Charge Off/Collection.  Status Date is July, 2010 but last activity was January 2006.  

Thank you in advance for your help.

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I will give you my personal experiance. I had some Salliemae Private Student Loans with the same time frames as you and of course the federal ones. My head has been in the sand since a couple years ago to tackle my credit. This summer All of Salliemae fell off of my credit report.  :-) Although they were my oldest accounts I was floored to finally get those off of my credit report.  They fell off based on the last payment not when charged off. The SOL in my state is 6 Years, but it hit the 7.5 year mark to be off my credit report. SO to answer your question SOL is from the last date of payment/late. (oh BTW they also tried to take me to court a couple of years ago.)

[Anonymous]

Once they fall off can they return? Possibly by another agency who purchased it?

[skigirl916]

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@Anonymous wrote:

I have four private loans through CitiAssist.  They were taken out in 2001, 2002, 2003, and 2004.  I am in good standing for my FEDERAL LOANS (mainly because of Income Based Repayment which I could not get on the Private Loans), however, I have not paid my CitiAssist Loans since 2006.  I went to Graduate School from 2006-May, 2009.  Every so often I get a collection letter or call trying to collect on one or more of these loans, and I got another one today.

My question is:  Does my state's six year Statute of Limitations for these loans start in 2004, 2006, or 2009?  Again, my last payment was 2006 but attended Grad School 2006-May, 2009.

They are listed on my credit report as CLOSED - Payment After Charge Off/Collection.  Status Date is July, 2010 but last activity was January 2006.  

Thank you in advance for your help.

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Payment for student loans doesn't become due until after you leave school, so they became due in May 2009 (or sometimes 6 months thereafter, depends on your agreement with your servicer).  You breach the contract by not paying when due, and that's when the SOL begins.  So, 6 years after that.  So, no earlier than May 2015, possibly November 2015.

But don't expect these things to just go away/fall off.  They will file suit, and you'll be royally f******.

[bxfinestcocoa]

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@Anonymous wrote:
Once they fall off can they return? Possibly by another agency who purchased it?

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No they do not reappear after they come off your report. However collection agencies will try to collect still, but you can tell them to put that letter where the sun don't shine, :-) and deal with it when you can. Sol startes from the last date of payment, because sometimes ppl make payments on their loans while still in school. You are in the clear the only loans you have to worry about reappearing etc... are the federally back loans. Of course if they try to sue after SOL you can raise that at your appearance and it would be dismissed.