My question involves collection proceedings in the State of: Michigan and/or New York
I attended a private university in New York State from 2002-2005. Left before graduation due to family health emergency. My federal (Perkins, Sallie Mae) loans have already been repaid.
In my last semester at school I took out a PRIVATE loan from a bank to pay my tuition. I've never made a payment on it. I probably won't be able to start making payments on it for another five years at least.
I have lived in Michigan since late 2007.
The bank first turned it over to a collection agency in March 2007. Since then a bunch of different collection agencies have passed it around.
Here are my questions:
1. I've been told there is a statute of limitations on the time the bank has to sue me in court and get a judgement. Are the statutes of limitations different for New York and Michigan?
2. Which statute of limitations would apply to my loan, New York or Michigan? (And while I was in school in Ithaca, my actual home address was in Connecticut, where my family still lives.)
3. When does the statute of limitations start running? Is it when the bank issued the loan, or when I missed the first payment? Or when the first collection agency got it? Or some other significant date?