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  1. #1
    Join Date
    Dec 2013
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    Default Collection Agency Wants a Formal Repayment Agreement

    My question involves collection proceedings in the State of: Florida

    Please help. I've made six partial payments on a private student loan originated in Vermont in July 05 totaling 600 dollars. The loan defaulted in 07 past Florida and Vermont SOLs. Not in garnishment, but talking to the CA they seemed exasperated that I was unwilling to pay more and enter into a formal repayment agreement going as far to say that i was not in a real repayment agreement at all. They actually hung up on me odd for a CA. I agreed to call back when speaking to a supervisor, but they stresses that my agreement was only temporary, and I needed to have a written one but at no time did I enter into a written agreement past or present. The Florida SOL statutes are confusing at best and I hope you all can help, none of the info I've read has a definitive answer.
    What confuses me is that I have a loan in rehabilitation with Sallie Mae, and they insisted that I sign and return a contract before any debt agreement was officially entered upon. Did I make a 25k dollar mistake, or do I have a fighting chance if I don't enter into a final agreement. This while ordeal is fishy.
    Thanks,
    SOL on SOL

  2. #2
    Join Date
    Jan 2006
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    38,867

    Default Re: Partial Private Sl Loan Repayment No Written Contract(Fl)

    What confuses me is that I have a loan in rehabilitation with Sallie Mae, and they insisted that I sign and return a contract before any debt agreement was officially entered upon.
    that sounds like sallie mae is simply demanding you abide by all your loan agreements or they are not going to rehab their loans. That then becomes your choice; either sign an agreement with the private entity or forget about a rehab with sallie mae.

    The expiration of the SOL does not mean the debt is not a valid debt. It simply means they cannot enforce collections through the courts.


    since the contract was entered into in Vermont, their SOL would apply, at least in their state. I have not looked to see Florida's position on borrowing statutes.

    Due to that you have two things to consider:

    what does it take to re-age a debt or reset the clock in the SOL in Vermont and;

    does the SOL toll on the clock if you leave the state of Vermont.


    Offhand I don't know but will see what I can find.

    - - - Updated - - -

    § 552. Absence from state
    If a person is out of the state when a cause of action of a personal nature mentioned in this chapter accrues against him, the action may be commenced within the time limited therefor after such person comes into the state. If a person is absent from and resides out of the state after a cause of action accrues against him and before the statute has run, and he has not known property within the state which can by common process of law be attached, the time of his absence shall not be taken as a part of the time limited for the commencement of the action. The provisions of this section shall not extend to a cause of action accruing in another state or government, when the parties thereto at the time of the accruing of such cause of action are residents of such other state or government.
    that means the clock stopped when you left Vermont.


    § 591. New promise must be in writing and signed
    An acknowledgment or promise shall not be held to affect a defense made under the provisions of this chapter, unless such acknowledgment or promise is in writing signed by the party affected thereby.
    It does appear it requires a signed agreement to reset the clock though.

    and I did not read far enough to say with certainty but concerning Florida's borrowing of statutes; it appears they do but since Vermont's is 6 years and the default was that long ago, the creditor could not sue you in Florida.

  3. #3
    Join Date
    Dec 2013
    Posts
    10

    Default Re: Partial Private Sl Loan Repayment No Written Contract(Fl)

    Thanks! I appreciate it. I have the means to pay but I will not negotiate a poor deal for myself. Taking court off the table will go a long way in negotiating a fair deal.

  4. #4
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    Default Re: Partial Private Sl Loan Repayment No Written Contract(Fl)

    Quote Quoting nlovett777
    View Post
    Thanks! I appreciate it. I have the means to pay but I will not negotiate a poor deal for myself. Taking court off the table will go a long way in negotiating a fair deal.
    a poor deal? How about paying what you owe. That would be a good deal, especially since that is what you promised to pay so, unless your word is meaningless, you pay what you owe. No deal required.


    and court is not off the table. Court in Florida is off the table.

    and if sallie mae is requiring you to sign a repayment plan with the private lender before they will agree to a rehab, you have that also.

  5. #5
    Join Date
    Dec 2013
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    Default Re: Partial Private Sl Loan Repayment No Written Contract(Fl)

    For clarification, these are two separate loans. As for your snarky comment, I consider a down payment of twenty five hundred with the balance due in thirty months to be a "bad deal." Especially on a defaulted loan from the Bush administration.

  6. #6
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    Jan 2006
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    38,867

    Default Re: Partial Private Sl Loan Repayment No Written Contract(Fl)

    Quote Quoting nlovett777
    View Post
    For clarification, these are two separate loans. As for your snarky comment, I consider a down payment of twenty five hundred with the balance due in thirty months to be a "bad deal." Especially on a defaulted loan from the Bush administration.
    You borrowed it. An honorable person would not have skated on their obligations. As much as I dislike Bush, he didn't make you take the loan. and the ONLY reason it is a defaulted loan is because you didn't pay what you promised you would pay. They didn't make it go into default through some action they took.




    and I am clear it is two loans. You spoke of a signed agreement only with the private loan. I took the statement of sallie mae to be that they were not going to rehab your loan unless you negotiated with the private lender as well. If not, and the signed agreement was referring to sallie mae only; well, you haven't signed anything yet.

  7. #7
    Join Date
    Dec 2013
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    Default Re: Partial Private Sl Loan Repayment No Written Contract(Fl)

    Thanks alot. I knew it was odd for a CA to try to intimidate a paying debt holder. I will not give them one more penny. There are too many fish in the sea to waste time on "vintage deadbeats."

  8. #8
    Join Date
    Jan 2006
    Posts
    38,867

    Default Re: Partial Private Sl Loan Repayment No Written Contract(Fl)

    and I thought junk debt buyers were scum. Wow. I guess this is what our society has become; professional deadbeats that do anything they can to avoid obligations. I bet your mom is proud of you.

  9. #9
    Join Date
    Dec 2013
    Posts
    10

    Default Re: Partial Private Sl Loan Repayment No Written Contract(Fl)

    I'm not going to dignify that with a response. Childish outbursts are the moderators problem. If you have advice, share, if not, I can do without moral affirmations.

  10. #10
    Join Date
    Apr 2009
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    Somewhere near Canada
    Posts
    35,894

    Default Re: Partial Private Sl Loan Repayment No Written Contract(Fl)

    My advice:

    Pay your debts.

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