U.S. Asset Management is Suing Me Over Old Private Student Loans

Question:

Dear Steve,

I owe close to $40,000 in private student loan debt. The interests rates are 10% or more on some. The payments are way too high for me to make. I stopped paying in 2016. I am getting letters in the mail from U.S. Asset Management through the court of common pleas in Ohio. I believe it is a complaint against me. It looks like they have all the documentation from Sallie Mae with my signature on it.

How do I handle my current situation?

Dustin

Answer:

Dear Dustin,

The attachment you sent appears to be a valid summons indicating you have been sued over this debt.

The only person you can rely on for legal advice in your state is a licensed attorney.

I did notice that you are in Ohio.

On March 16, 2021, Ohio changed the Statute of Limitations (SOL) on written contracts from eight (8) years to six (6) years. – Source

So at face value, it would appear the suit is within the SOL.

I would advise you to find an Ohio licensed attorney quickly and consult with them. One place to look for an Ohio attorney that specializes in debt collection issues is here.

Dealing with student loans is an even more specialized area. Ohio attorneys listed as specializing in student loan issues can be found here.

If you don’t respond to the suit, you will lose by default. However, just because you have been sued does not mean there isn’t an opportunity to settle the debt at this stage.

However, the critical point to resolving this issue is that you must act and participate. The best way to do that is by getting sound professional advice from an attorney.

Please comment below and let me know what you decide to do.

Sincerly,


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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