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Institutional Student Loans 15+ years after Chapter 13

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  • Goofyme
    You could consider disputing the information with Equifax if there are inaccuracies in how it's being reported on your credit report. Accuracy is vital.
    Regarding the statute of limitations, it's crucial to understand the debt collection laws in your state, as they can vary.
    While the loans currently show as "paid as agreed," the fact that they're accumulating interest and adding to your overall debt is concerning. You'll need to weigh the long-term impact on your credit against the potential benefits of settling for a lower amount.
    In this unique situation, seeking legal advice is essential. An attorney can help you navigate the complexities and decide on the best course of action. And for any other financial matters, don't hesitate to reach out to Mortgage Broker in Howden for expert assistance.‚Äč

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  • justbroke
    Don't poke a sleeping bear. I say this from experience unrelated to student loan debt. That's all I can say.

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  • Institutional Student Loans 15+ years after Chapter 13

    I have a strange situation. I have rougly $8,000 worth of student loans directly from my university that were taken out in 2003 (Yes, 20 years ago).

    I had a chapter 13 in 2008 that included all of the student loans I had at the time.

    The institution did not file a claim in the plan. In fact, they violated my stay at the time by asking for payments after they were notified of the bankruptcy. I sent them a nasty letter through my attorney at the time, and I haven't heard a peep from them since.

    After my chapter 13 plan finished, it had paid off a large chunk of my student loans, and I subsequently ended up paying off the rest of the student loans that were included in the plan in full. As far as I knew, I had no more outstanding student loans. I have credit monitoring for ONE of my credit bureau reports (Transunion). I recently had an attempt at identity theft where someone tried to open a credit card account in my name, so I pulled all 3 reports.

    I found that my university has been reporting to Equifax two accounts totaling around $8000 that are "paid as agreed" (With no payments being reported), and they have been doing so every month since September 2003.

    They have not attempted to collect on this debt since they were threatened for violating the automatic stay.

    These aren't federal loans or anything like that. To me it seems like the debt is way past the statute of limitations. However, student loan debt is super tough to navigate.

    Looking for advice on what I should do... So far I've thought to maybe:
    • Dispute the debt with Equifax
    • Leave it alone because it's a positive account on my report, despite the fact that it's showing $8000 worth of additional debt and is compounding interest (Original loan amounts totaled about $5000).
    • Contact the lender directly to try to settle it (maybe for less than full balance?)
    My concern is that anything I do might start the clock back up on the debt, and they might go "Oh! We were supposed to default this 10 years ago when your bankruptcy plan ended!"

    Anyone have an opinion on this absolutely bizarre situation?
    Last edited by nlbstr; 08-30-2023, 11:33 AM.

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