I Have a Younomics Student Loan I’ve Never Paid On and Want to Settle – Amber


Dear Steve,

I have a private student loan (originally My Rich Uncle, now called Younomics) that I took in 2007 for $6,000. I never made a payment and the loan is now close to $20,000. I would like to settle as I don’t want to wait another three to four years for this to fall off, but am unsure of how to settle, what settlement amount to try for, etc. I have tried to find a lawyer to help me settle, but have been unsuccessful.

What are the steps of settling, and what settlement amount is reasonable? Do you have a lawyer that you would recommend to assist me with the process?



Dear Amber,

In general this advice I wrote in 2013 about how to settle, still applies.

A 2007 debt should no longer be reported on your credit report now. If you have not looked at your credit reports recently, go to AnnualCreditReport.com and get copies for free.

I don’t know what state you are in so I have no idea if the statute of limitations has expired. Even if it has that just means if they sue you over the debt you can use that as a defense why you don’t have to pay it. And if it is expired, keep in mind they can still make efforts to collect and try to get you to admit you owe the debt to get the statute of limitations clock to start again.

Before you do anything I would urge you to invest in a consultation with a Consumer Advocate attorney in your state and understand the legal issues attempting to settle the debt at this time and if it will revivie the statute of limitations. Only then can you make a decision this is a door you want to open.


You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.

Damon Day - Pro Debt Coach

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