My question involves collection proceedings in the State of: Texas
I defaulted on approximately $58K on a private student loan from grad school in June of 2006. The loan was accelerated and sent to collections for at $83K. I never responded to anything in writing, but did communicate with debt collection company over the phone and made monthly payments up until about 2 months ago. About $52K has been paid back to date.
I verified with NSLD that the private loan is not federally back. Whether or not the loan may be classified as a debt with a 4 or 6 years statute of limitations, 6 years elapsed in June of 2102. No law suit was filed. It is to my understanding that in Texas, the mere payments I made on this debt alone will not toll the statute of limitations.
Has the statute run making this debt time barred?
I am assuming if the SOL has run, the lendor will be inclined to take a settlement for much less than owed. How much is a fair amount to settle for?