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  1. #1

    Default Private Student Loan Debt Workflow

    My question involves collection proceedings in the State of: FL

    Hi all. I got a Private Loan to study a graduate program in the US.
    I could not pay it so I asked for a deferment, which I got. After it ended, six months later, I still could not make payments. I was told that my loan would be defaulted after 4 months. Five months have passed, and I just received a call from a debt collector. I was expecting to deal with the bank, but the people at the debt collection agency told me the bank has nothing to do anymore with it.

    Does that mean my loan was sold to another party?
    Is it common that this happens so quick? I only defaulted for four months
    What can I expect next if I can't reach an agreement with them?

    I'm not a US citizen or permanent resident and I don't live in the US, and I have no co-signer on my loan. Could this help exlpain why the bank got rid of the loan so quick?

    Thanks,

    LuckyB.

  2. #2
    Join Date
    Sep 2005
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    Behind a Desk
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    98,846

    Default Re: Private Student Loan Debt Workflow

    It's possible that the lender changed collection agencies. We can't investigate this for you; if there's a collection agency working your file that may be reflected on your credit report.

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