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  1. #1
    Join Date
    Aug 2013
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    2

    Default Lawsuit Over a Private Student Loan Debt

    My question involves collection proceedings in the State of: California

    Hello everyone-

    I obtained a private student loan ~ 8 yrs ago, went to National Collegiate Trust/AES [I am supuer confused, is AES and NCT the same thing?] from the original Lender and then to "A" C.A. I was doing monthly payments to this C.A., then suddenly they dissapeared, then a new C.A. "Law Offices of Patenaude & Felix" in California bought this loan. Now, they are suing me.

    I talked to them yesterday and they told me that I have different options for them to put the lawsuit aside, one is to get myself on a payment plan and one is to do a settlement. I have 30 days to do this since I received this lawsuit papers 4 days ago. The amount is for ~$12-000-13000

    I am very confused on what to do here. Do such Private Student Loans have a Statue of Limitations?

    Should I contact National Collegiate Trust/AES and see if they can work with me now that I have a job and work on a payment plan/settlement? Should I work a payment plan with the new C.A. or do a settlement?

    How much should I offer them? Is there a document I can read on settlement stuff?

    I dont want this sue to go on, so I want to do something in the next week. As I said, I am pretty clueless on which option to take here. What would you guys recommend?

    Thanks in advance,

    Mikey

  2. #2
    Join Date
    Sep 2005
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    Default Re: Lawsuit Over a Private Student Loan Debt

    I'm making some assumptions, based upon the limited information you have provided, but I infer from your statements that the National Collegiate Trust references a group of Delaware business trusts that securitize student loans made under education loan programs, and that AES was the program lender for your loan. Federally guaranteed student loans (and I am inferring that this is such a loan) are not subject to state statutes of limitations. You will have to verify the details yourself - we only know what you have told us here.

    If you try to settle the loan for less than you owe, you can anticipate that the collection firm is going to want information about your income and assets. They may want that information in association with your negotiation of a payment plan. You won't know until you ask.

  3. #3
    Join Date
    Aug 2013
    Posts
    2

    Default Re: Lawsuit Over a Private Student Loan Debt

    Thanks for all the replies and the tardiness on replying.

    I live in California and this is where the loan was obtained. The issue, My mom cosigned me, I was so young, immature and whish I could go back and do things different, but I cant. I was serve the lawsuit papers last week and have the 30 days to respond. I don't have the money to pay the fees of an attorney, so that is the reason why I am seeking advice here.

    I dont know if I should start a payment plan with this company I mentioned or simply see if I can settle the debt, both options which this law collection firm seems to be willing to offer me. I told them I would call back next week with an answer, still not sure on what to do.

    Lets say I settle, how do I make sure they remove that info from my credit and my moms? How do I know they will not sell the differential amount not paid to another CA and then sometime later I have to pay for that?

    Thanks again for your advice, I will be checking the replies every few hours.

  4. #4
    Join Date
    Sep 2005
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    Behind a Desk
    Posts
    74,875

    Default Re: Lawsuit Over a Private Student Loan Debt

    You can't make anybody remove accurate information from your credit report.

    If you settle, make sure that you work out the settlement in the form of a signed written document.

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