I’m Being Sued Over a 20 Year Old Debt I Might Not Have Included in My Bankruptcy

Thinking wondering confused

Question: Dear Steve, I was contacted today by a law firm stating that they have a court case against me for a debt to Providian National Bank (Chase Bank) in the amount of $4695.24 from 08/31/2001. They state that the last known payment on this account was on 03/28/2002. I filed a Chapter 13 Bankruptcy …

Read more

Are My Private Student Loans Are Past the Statute of Limitations?

Question: Dear Steve, I have an education loan I took out in 2003, which was initially about 85,000 and is now about 120,000. But unfortunately, I cannot afford the monthly payments, and it is a private loan. I have tried to maintain it out of default for years with Income-based plans, deferments, etc. I recently …

Read more

Attorney Takes Exception With Student Loan Lender Article

On August 4, 2021, SoFi published an article called “Is There a Statute of Limitations on Debt?” (https://www.sofi.com/learn/content/statute-of-limitations-on-debt/). Most would agree that the simple answer is yes because they assume the author is actually referring to lawsuits on debt, not the debt itself. For example, as correctly pointed out in the article, the expiration of …

Read more

I’m Not Coming Back to the U.S. So Can I Stop Paying My Private Student Loans?

Question: Dear Steve, I graduated from a college in the United States that closed. My federal student loans are current thanks to the pay as you earn program, but my private loans are in default. I don’t currently live in the United States and have been granted Citizenship in the country I currently reside in, …

Read more

An Interesting Lawsuit Over the Statute of Limitations and Credit Reports

exercise strong strength

A consumer, Larson, filed a lawsuit against Nationwide Credit and Collection. I scan through a lot of consumer actions every day, but this one caught my eye. It is a good example of why consumers need to be educated and smarter than some debt collectors to recognize problems. In this case, it is alleged that …

Read more

I Tried to do the Right Thing With My Private Loans and Was Sued Instead

Question: Dear Steve, I went to a for-profit school, over 10 years ago and in the process took out private loans. Since then, I have been contacted by a debt collector who I wasn’t aware I did not have to pay (the debt was over 10 years old and was beyond the statute of limitations). …

Read more

CFPB Suit Against Collection Companies Coming to a Settlement

A month or so ago, the Consumer Financial Protection Bureau (CFPB) filed suit against Encore Capital Group, Midland Funding, Midland Credit Management, and Asset Acceptance Capital. Details on that suit are here. It appears the parties have come to a settlement on the matter. Under the proposed agreement, the companies will extend provisions they agreed …

Read more

Submit Your Comment to the CFPB if Debt Collectors Should Not Collect on Debt Outside the Statute of Limitations

The Consumer Financial Protection Bureau (CFPB) has extended the time for people to submit public comments on time-barred debt disclosures. The CFPB proposes to prohibit collectors from using non-litigation means (such as calls) to collect on time-barred debt unless collectors disclose to consumers during the initial contact and on any required validation notice that the …

Read more

Can I Get the Loan Lawsuit Against Me Reversed Because I Was Never Served?

Question: Dear Steve, Had a company that I took out a loan for (Kabbage). That company went under. I never paid back the loan. I recently (last year but found out 2 months ago) that I was sued. I never received anything stating that I was getting sued. I recently revived a letter from this …

Read more