student loan years
Can a collection company come after you after 10 years for a defaulted federal student loan?
I had a student loan over ten years ago that I defaulted on. I am now getting calls from a collection agency to try and collect the debt. Is there no time frame that it is illegal to collect on a past due debt. I know there is for general monies owed, but do federal student loans also fall under that time frame?
Well, one thing that happens is that there are these companies now that buy up what is called “garbage debt,” ancient old loans and debts that are so old they are basically uncollectable, but these companies buy them up for pennies on the dollar, and then they start phoning around and harassing the people and sometimes, even though the debt is long dead, the unsuspecting people they’re calling will pay up, even though they really no longer have to.
So, find out the name of the company that is calling you and then find out if they’re one of these garbage debt collecting companies by searching for them on the internet, and, if they are, formally tell them to stop calling you, and they have to comply, although they might not.
On the other hand, if the company calling you really is the Federal Government, then, yes, you will have to pay up, but don’t pay anything until you find out for sure who it is that’s calling.
Good luck!… ?
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