advice for defaulted loan, agent said no longer pursuing debt?

[Anonymous]

After some research and multiple phone calls I was finally able to reach the department that was handling my default student loan (private) at Chase. The agent reminded me that the loan defaulted close to 4 years ago and the 1099-c was sent years ago as well. She said they are no longer attempting to collect the loan, but want to arrange a settlement with me. I am so confused, the loan was written off and they don't want to collect but will take a settlement since I called? So what are my options? My credit report had the date this falls of my report in a couple of months. Should I wait it out or offer a really low ball settlement? Can they even sue me or come after me? I'm assuming the SOL expired if they are no longer attempting to collect.

I'm trying to get my finances in order after some bad financial decisions while in college and try and settle these past issues. Thanks for the help!

[SCF]

Once you have the 1099-C, you no longer owe the money, it has effectively been forgiven and reported as income to you.  I don't think there's any reason to pay on this debt, Chase has already told you that they don't want or expect the money by issuing the 1099-C.

If the debt is out of the statute of limitations, you cannot be successfully sued for it as long as you show up to any court appearance and present the SOL as a defense.  You should also keep copies of the 1099-C for the same purpose.

[StartinOver]

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