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Old 07-25-2011, 08:21 AM
 
Location: Keosauqua, Iowa
9,614 posts, read 21,181,993 times
Reputation: 13663

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Quote:
Originally Posted by bodaciuos View Post
yeah ur right it is old 1983 i think. but the loan was originally in new york.. what is SOL? sorry im a virgin..lol
Statue of Limitations. This is a good point, the date of record would be the last date a payment was made. However the previous agreement that you made to repay may have reset the date. If so, you are still on the "hook" for the loan. If not, they can still try to collect, but if they take you to court you need to use the statue of limitations as a firm defense.
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Old 07-25-2011, 09:19 AM
 
14,417 posts, read 20,502,039 times
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Quote:
Originally Posted by bodaciuos View Post
thank u guys for the help and info . im in collectio with DCS and they have given me false information to get me to give them info.. like a dummyu i did .. but ill use u guys info and i already closed my account so they cant get me there anyway.. im unemployed at the time so itll make it pretty difficult to make any payment any ways.. any more info would be appreciated on how i can at least lower my debt the original bebt is $2330 and it is know $8233.. student loan from 1983 i know i have to pay eventually . but is there a way to low the amount?? thanks
I'll share my experiences with collection agencies. It was for medical bills from a hospital. I got all sorts of threatening letters, etc. Finally, one of their agents, told me if I paid as little as $10 a month they could not do anything legally. And these bills did not have any interest tacked on. I needed medical services and did not have the money up front, so the hospital billed me. I slowly got behind and eventually the collection agency picked it up.

On another note, I have a high credit card debt. There are companies out there that will negotiate a payment plan with your creditor on your behalf. In the end, they told me I'd pay about 30% of what I owed. It has to be unsecured debt, such as a credit card, student loan, etc.
You should be able to locate one of these firms using Google. I spoke to one and they explained it was worse than a bankruptcy. It harms your credit for a long time and if you want a mortgage, you won't get one. The way they worked was they have me to keep making my regular payments but they are put in a special account. Once the amount reached about 25-30% of my total balance, they would step in and offer the creditor an amount. They'd tell them look, "you have not been paid for X number of months and the guy only has $4300, if you want it take it, or you do not want it, then good luck collecting the unsecured debt."
I passed on it, though the total I owed was alot. I still owe alot on this account but I was a little uncomfortable paying the monthly payments to a special account. Maybe others have used the type companies to pay their debt off for 30-35 cents on the dollar and can add their experiences or comments.

Last edited by howard555; 07-25-2011 at 09:30 AM..
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Old 07-25-2011, 10:24 AM
 
Location: puerto rico
14 posts, read 93,362 times
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Quote:
Originally Posted by duster1979 View Post
Statue of Limitations. This is a good point, the date of record would be the last date a payment was made. However the previous agreement that you made to repay may have reset the date. If so, you are still on the "hook" for the loan. If not, they can still try to collect, but if they take you to court you need to use the statue of limitations as a firm defense.
ok so had did agree to pay over the phone. but i was tricked, in thinking it would be for the original loan of 2300 but there sending me letters stating its for 8000 approx. but i haven't signed anything although i gave them my bank info i did close the account before they where able to make any withdrawal . so ill be sending out letters to them and stating this concerns. i believe they cannot do anything unless i sign some type of document.. correct me if im wrong..
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Old 07-25-2011, 11:40 AM
 
Location: puerto rico
14 posts, read 93,362 times
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well i called and they told me they would seetle for 4700 thats more than 50% . should i hold off.. i said i wasnt working and im not able to make any payment of as yet but i would like to settle. he told me it would be 4700 even from the 8100 which there trying to collect.. what do guys think.. what should be my next move..
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Old 07-26-2011, 08:48 AM
 
Location: Keosauqua, Iowa
9,614 posts, read 21,181,993 times
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Quote:
Originally Posted by bodaciuos View Post
well i called and they told me they would seetle for 4700 thats more than 50% . should i hold off.. i said i wasnt working and im not able to make any payment of as yet but i would like to settle. he told me it would be 4700 even from the 8100 which there trying to collect.. what do guys think.. what should be my next move..
I'm guessing that you don't have $4700 anyway so it really doesn't matter. If they threaten legal action, tell them that this is well past the statute of limitations and reiterate that you have no money, it probably won't make them give up but over time they might write you off.
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Old 07-26-2011, 09:00 AM
 
Location: puerto rico
14 posts, read 93,362 times
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thanks , i guess i have nothing to lose.. i appreciate the advise.. and ur right i dont have itany way.. but if or when i start working they say they would garnish my check. is this possible.. i appreciate ur advise..
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Old 07-26-2011, 09:18 AM
 
Location: Keosauqua, Iowa
9,614 posts, read 21,181,993 times
Reputation: 13663
Quote:
Originally Posted by bodaciuos View Post
thanks , i guess i have nothing to lose.. i appreciate the advise.. and ur right i dont have itany way.. but if or when i start working they say they would garnish my check. is this possible.. i appreciate ur advise..
They have to get a judgement in order to garnish your wages, and, as we have discussed, I don't think they can get a judgement due to the statute of limitations having expired.

UNLESS....Did you say this is an old student loan? If it's a federal student loan, the statute of limitations doesn't apply. So you may be on the hook after all.

All that being said, at this point when they call just tell them that you aren't working and don't have the money. And if you start working they have to take you to court and get a judgement before they can do a wage garnishment. If they take you to court you can appeal to the judge to have the amount reduced.

But, for the record, they seldom take anyone to court. DCS is what they call a "scavenger" collector. In other words, they buy old debts that others have given up on for pennies on the dollar in the hope that they can bully someone into paying without putting forth too much effort.

I wish you the best, I've been in your position dealing with these people and I know it isn't any fun.
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Old 07-26-2011, 10:43 AM
 
Location: puerto rico
14 posts, read 93,362 times
Reputation: 13
thank u for ur invaluable info.. i didn't know what to do.. i really appreciate ur time and info. i almost stepped into the trap.. i dont mind paying what i owe.. but if i dont have to why do it ..lol.. thanks again... take from the rich and give to the poor..
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Old 07-26-2011, 11:08 AM
 
Location: puerto rico
14 posts, read 93,362 times
Reputation: 13
well ive been looking through my papers and file.. and found a document that says guaranteed student loan 1982 .. Williamsburg saving bank..
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Old 07-27-2011, 03:22 PM
 
Location: 23.7 million to 162 million miles North of Venus
23,013 posts, read 12,202,396 times
Reputation: 10266
First I have to apologize, I completely overlooked your comment about it being a student loan.

Go to The PIN Web Site - Federal Student Aid and get a pin number. Then go to the national student loan database at www . NSLDS.gov to see if the loan is a federally backed loan, offhand it sounds like it is but check to make sure.

Then, whether it's federally backed or not, I would suggest going to the Student Loan Forum on creditboards, Student Loans - CreditBoards to do some reading/ask questions.
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