Can a collection company come after you after 10 years for a defaulted federal student loan?
Posted by StudentLoan on August 3rd, 2010 | 3 comments
I had the tyro loan over 10 years ago which we defaulted on. we am straight away removing calls from the pick up group to try as well as pick up the debt. Is there no time support which it is bootleg to pick up upon the past due debt. we know there is for ubiquitous monies owed, though do sovereign tyro loans additionally tumble underneath which time frame?
Comments
Yes, they can. Federal student loans have no time frame. They NEVER go away. If you have started getting calls on this loan that means they have finally found you and will start other drastic measures to get their money. Don’t count on getting an income tax return anytime soon and be prepared when they start garnishing your wages. Again, student loans NEVER go away. Look forward to 10 years worth of interest and penalty fees when you start repaying.
Well, one thing that happens is that there are these companies now that buy up what is called “garbage debt,” ancient ancient loans and debts that are so ancient they are basically uncollectable, but these companies buy them up for pennies on the dollar, and then they start phoning around and harassing the people and sometimes, even though the debt is long dead, the unsuspecting people they’re calling will pay up, even though they really no longer have to.
So, find out the name of the company that is calling you and then find out if they’re one of these garbage debt collecting companies by searching for them on the internet, and, if they are, formally tell them to stop calling you, and they have to comply, although they might not.
On the other hand, if the company calling you really is the Federal Government, then, yes, you will have to pay up, but don’t pay anything until you find out for sure who it is that’s calling.
Excellent luck!… ☺
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