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  1. #1
    Join Date
    Sep 2010
    Posts
    16

    Default Sued Over a Personal Student Loan

    I'm being sued in Florida for a PERSONAL student loan from the year 2000 by SLM Financial as we speak, still waiting for the summons. I want to try and get them to drop the case due to SOL here in Florida, it's been over 10 years.

    Rosalynn, as soon as I receive the summons I am going to have 20 days to formulate an answer to their lawsuit. I'm not familiar with this process as I've never been sued before. What are the steps I should take and do you think that there is a good chance the case will be dropped?

    I will keep everyone posted as this progresses to get to the bottom of it once and for all.

    This is a PERSONAL student loan that does not appear on www.nslds.ed.gov and has been verified by DOE as NOT FEDERAL. Thank you.

  2. #2

    Default Re: Statute of Limitations on Private Student Loans

    Quote Quoting SOLguy
    View Post
    I'm being sued in Florida for a PERSONAL student loan from the year 2000 by SLM Financial as we speak, still waiting for the summons. I want to try and get them to drop the case due to SOL here in Florida, it's been over 10 years.

    Rosalynn, as soon as I receive the summons I am going to have 20 days to formulate an answer to their lawsuit. I'm not familiar with this process as I've never been sued before. What are the steps I should take and do you think that there is a good chance the case will be dropped?

    I will keep everyone posted as this progresses to get to the bottom of it once and for all.

    This is a PERSONAL student loan that does not appear on www.nslds.ed.gov and has been verified by DOE as NOT FEDERAL. Thank you.
    I think what you mean is that this is a private, not federal, student loan. If it has been verified by DoE as not federal as you say, then it is subject to your state's statute of limitations. In Florida that would be five years: http://www.leg.state.fl.us/statutes/...s/0095.11.html

    When did you default on the loan? You say the loan is "from" 2000, but the SOL doesn't start running from the date the loan is taken out. It starts running from the date of last activity. When was the last time you paid on the loan, or when did you default?

  3. #3
    Join Date
    Sep 2010
    Posts
    16

    Default Re: Statute of Limitations on Private Student Loans

    Quote Quoting KeithDoxen
    View Post
    I think what you mean is that this is a private, not federal, student loan. If it has been verified by DoE as not federal as you say, then it is subject to your state's statute of limitations. In Florida that would be five years: http://www.leg.state.fl.us/statutes/...s/0095.11.html

    When did you default on the loan? You say the loan is "from" 2000, but the SOL doesn't start running from the date the loan is taken out. It starts running from the date of last activity. When was the last time you paid on the loan, or when did you default?
    I never paid, not sure if I defaulted or not. I just realized there was a difference between personal student loans and federal student loans (which i pay on time every month). A collection agency started hassling me a few months ago for a loan in the amount of $2,625. I checked NSLDS and saw that I am already paying a loan in that exact same amount. They kept on about that I still owed the amount, I told them (over the phone) to prove it. I had Ombudsman check it out and they said it was a personal loan. I do not have any record of taking out any personal loans. Why did they wait 10yrs to contact me about a loan I thought was already being taken care of? I think we all know the answer to that, because they want 13 grand for it now. These people are unbelievable...

    My credit report says "OK" on this loan up until May of 2002, then it began reading "Account Closed" & "Account transferred to another office" which I thought was one of the loans I am staying current with due to the amount being exactly to the penny of one of my three consolidated loans that are federal. Now I believe that the unaccredited school I was attending (which was also under FBI investigation for this) had duped me into signing something when I was 20yrs old. Is this worth fighting or bend over and take it? Is the SOL up? How do I find out if it has defaulted? Can they just wait 10yrs to default it? What about Leches, Leiches or however it's spelled?

  4. #4

    Default Re: Statute of Limitations on Private Student Loans

    The fact that the defaulted loan is the same amount as one of your consolidated loans may mean that it actually IS the same loan that you consolidated with your other federal loans and that there was an error on the lender's end. As such, you should not simply roll over. The best thing is to keep trying to figure out just where this loan came from. The fact that the DoE says that all your federal loans are up to date means that this loan is subject to the SOL, which is five years in Florida for both promissory notes and written contracts. It sounds like you defaulted no later than 2002 which means that they should lose on SOL grounds.

    But you may be able to avoid all of this if there was simply a clerical error and if this loan is actually one that you consolidated years ago and have been paying on. Perhaps the original lender never listed your account as paid in full when you consolidated with the new company. The fact that the amounts are the same is suspicious so I would investigate that first. Worst case scenario, they take you to court and you show up and make them prove just where this debt came from.

  5. #5
    Join Date
    Mar 2009
    Location
    Key West, FL
    Posts
    2,350

    Default Re: Statute of Limitations on Private Student Loans

    First, when you file the answer, make sure that you state Statute of Limitations as an affirmative defense. You must explicitly state that or any other affirmative defense.

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