My question involves collection proceedings in the State of: Michigan
I have an old "graduate loan" from a large bank in the UK that I defaulted on due to money troubles. I am a US citizen who lived there after graduating in the US. The loan was subsequently sold as junk debt to a firm in Ontario Canada, who began trying to contact me via phone and 3 letters for approximately 4 months before the calls stopped. I did not answer the phone once, nor did I confirm any debt...last payment to the loan originator was in '04. default amount was $10k.
First question: The original letter tried to claim not responding was admission of guilt and responsibility for the loan. I assume this is a scare tactic to get me to pay? Or is this legal? I refused correspondence as I didn't want the SOL to reset.
Second question: I noticed that an attorney in Colorado has reviewed my credit report in March of 08. (His info was on the report). I have not received any correspondence from the lawyer or the collections agency since April. Their last letter was a request to settle for approx half of what was owed. Should he have contacted me by now? I have a good credit report, so I am thinking he was looking to see if I was worth him taking on the case and getting paid.
Third question (and most important): Since the loan originated in the UK, was purchased in Canada, and was being reviewed by an attorney in Colorado, do they even have the ability to collect against a foreign loan?
I am sorry for the length of the post...Its a complicated situation for me as it happened so long ago and I just want to determine whether I should wait for further corespondence or contact an attorney to settle in my favor. I am thinking waiting for a potential summons may eliminate my bargaining power with an attorney.
thanks

