My student loan debt starred in night of the living dead
Thank you for the time you've taken to answer my questions. This is a defaulted student loan follow up question in regards to https://consumerrecoverynetwork.com/question/student-loan-debtthats-12-years-old-its-off-my-credit-reports-but-with-collection/
I've taken your advise and logged into the student loan database and show that I owe absolutely nothing on any type of loan whatsoever. The records do go back to 1998, all the way up until 2006, so the information is definitely good...
Given the fact that it's off my credit report from all 3 bureaus, there are zero references from the student loan database, and I haven't had my wages garnished and tax refunds taken (to clarify I went to this private university in 2000), could I be one of the lucky few that this could be a zombie debt?
To be honest, my parents have paid off all the student loans (god bless them) during the school year (1999-2000) as they were the cosigners from the private university I went to. I'm sure that if I did default on the loan, they would have went after my parents as the cosigners.
Could I be one of the lucky few to have really old student loans slip through the cracks?
—Patrick
It is completely possible that the student loan debt you have is zombified – without the ability to get hold of, and eat you.
Without federal backing some of the collection teeth (withholding income tax refunds), on this student debt zombie are missing.
The negative credit reporting time will have expired extracting a few more teeth (pressure to pay in order to restore and rebuild your credit score).
The SOL expiration would pull what teeth remained (no ability to enforce student loan debt repayment like the government means you would have to be sued and a judgment entered).
This may indeed be a toothless student loan debt zombie. No risk of injury if you dance with it. Just looks ugly.
If your parents paid off these loans to your knowledge, could this collection be in error?
I forgot to turn the comments on in the other thread you linked to above. I will go turn them on there and have done so below.
About Michael Bovee
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Michael started CRN in 2004 with a mission to provide people in need with detailed debt and credit help and education. Michael has participated as an expert panelist in federal consumer protection rule making, collaborated on state law changes governing debt consolidation, has worked as an expert witness in court matters related to the debt relief industry, and is a regular contributor to several personal finance websites.
Ran into to hardships and couldn’t make the payments on a pnc private school loan ($10600.) Due to large sums of my monthly payments, on the other student loans from sallie mae ,and department of education, and credit card payments . I neglected my payment to pnc in order to stay afloat and survive. Now it has gone to collection. The collection agent advised me to find another loan to pay off this one due to the 10.75% interest its collecting. She than stated this is not like a credit card collection and reassured me of the consequences. She than asked what I could pay. I said I might be able to pull $100 but not sure. Nothing is in writing and I haven’t paid anything but I feel like I entered into a verbal agreement of this monthly payment I might not be able to afford. I am still in the hardship phase however I am slow recovering and I still have other delinquency to face. Not sure how to talk with a collection agent and how to get my options with out agreeing to something I can not do.
How long has your PNC loan been considered in default?
Private student loans are more and more able to be negotiated for a lower lump sum pay off. Can you identify a way to raise money to offer as a settlement?
Affordable payment options on private student loans are not great if you are not meeting an agreed upon amount (could still end up with hefty collection fees if they have not been charged already).