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How to know if loan is Statue Barred

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Topic: How to know if loan is Statue Barred
Posted By: TeddyBear565
Subject: How to know if loan is Statue Barred
Date Posted: 07/May/2013 at 6:13am
I have recently been having problems with a student loan collections. I obtained a student loan in 1998 and was done in 1999. I have had several interest relief application done from 1999 to 2003. When my husband and i claimed bankruptcy in 2003 it was included in the bankruptcy but not cleared. A couple of years later a collection angency called about the debt. I got some advice from a paralegal to make small payment until a 10 period was up in order to include it in the bankruptcy. (It changed to what i believe 7 years). I went to contact the paralegal and he was disquailified for illegal practices. (out $500 dollars). I continued to make the small payments until recently one of the creditors started harassing me. I'm not sure what step to take. Was told i could try having it included in previous bankruptcy under the hardship application. But i'm not sure if the loans are statued barred. I have read that there is a 6 year limitation prior to 2002. My loans are approx. 3500 and 8000. I told the one creditor that i can only afford the $10.00 payment which i've been paying for a while. The other one i pay $30.00 a month and i havn't heard from them. The one creditor pulled a credit report on me and said i have to pay more because i have credit cards. Told them i can only afford $10.00 dollars. I want to stop paying alltogether if the loans are statue barred. I'm not sure if this is the right step. 
Can you please help.
TeddyBear



Replies:
Posted By: administrator
Date Posted: 07/May/2013 at 11:01am
For stats barred, it would be six years from the last payment or acknowledgement of the debt. The paralegal was advising you to make payment to show that you were acting in good faith, which would help in the application for inclusion in the previous bankruptcy,

Others may have better advice on how to include in a previous bankruptcy....


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Posted By: TeddyBear565
Date Posted: 08/May/2013 at 7:04am
Ok Ty. I will keep searching.




Posted By: SolveStudentDebt
Date Posted: 08/May/2013 at 7:50am
If you want to appeal to have it discharged in a prior bankruptcy, and feel that you would qualify, then it is a good move. However, by doing so it will likely disrupt a limitation issue if there is one in place. You will have acknowledged the debt, of course. If the appeal is lost then you are stuck with a reset.
 
Find out if it is barred first then make ther appeal if it is not. You can contact an attorney to help you if you can find one that does this sort of work, or we can open a file and do a limitation exam for you.  We specialize in this work.
 
V


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Solve Student Debt specializes in solutions for students and graduates in student loan default, and those at risk of defaulting.

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