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Roger, Attorney
Category: Legal
Satisfied Customers: 31672
Experience:  BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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I am wonder how or if i can obtain payment history or full

Customer Question

I am wonder how or if i can obtain payment history or full documentation of a private student loan.
JA: What state are you in? It matters because laws vary by location.
Customer: I am in California.
JA: Has anything been filed or reported?
Customer: Yes, to the credit report agencies
JA: Anything else you want the lawyer to know before I connect you?
Customer: Yes, I had a private student loan that was being service by Sallie Mae and in 2013 when they split up into Navient, my repayment terms were not honored so I have not made a payment since. The agreement I had with Sallie Mae was verbal (yes, I know I made a huge mistake there). They agreed to reduce my interest rate and bring me out of default if I made a $3,000 lump sum payment and set up automatic deductions, which I did. When Navient took over my loan they stopped the automatic payments and said they had no idea about the lower interest rate. I am not financially savvy and could barely understand how my interest was being accrued on my account when Sallie Mae was servicing it and they stopped sending me statements, so I am not certain how this reduced interest rate worked or if they simply lied to me from the moment I made this arrangement with them. I requested information from Navient when they originally contacted me about my late payment (they stopped my automatic payments) and they never sent me any information. I am about 3 years into my states SOL which is 4 years, so I am considering what options I have. If I should try to settle it or if I should wait it out for another year and see what happens.
Submitted: 11 months ago.
Category: Legal
Expert:  Roger replied 11 months ago.

Hi - my name is ***** ***** I'll be glad to assist.

If your student loan is a federally subsidized loan, there is no statute of limitations. But, if it is a private student loan (no federal money), then the state of limitations is set by state statute. If this was a Sallie Mae loan, it is likely that you're dealing with a federally subsidized waiting it out wouldn't be an option. But, you may want to check and see if that's the case.

Expert:  Roger replied 11 months ago.

As for the account history, you can demand an accounting from the lender. An accounting will show the beginning balance, all payments and all interest applied to the debt from the beginning of the loan to date.

Customer: replied 11 months ago.
This a private student loan. Part of the reason I want to know my payment history is because they are showing my last payment being made in 9/2013 but the account as a charge off since 2012 which is when I made the lump sum payment. They have sent me two settlement offers in the last 6 or 7 months, one for $30,000 and another for $15,000. The original loan was for about $25,000 and it has increased to $66,000. I'd like to settle for $12,000 and don't know if I should wait for them to attempt to sue me or if I should contact them in the next month or so when I have a bit more money. I'm also curios about the likelihood of them suing as they waited for 3 years of nonpayment.
Expert:  Roger replied 11 months ago.

If there is a statute of limitations that applies, they'll ramp up collection efforts before the time expires.....and they'll likely sue IF you don't work a deal out before the limitations period is up.

Expert:  Roger replied 11 months ago.

The charge off date is largely irrelevant....that doesn't represent the last payments to the account; instead, it just establishes the day that the original creditor stopped collection attempts.

Expert:  Roger replied 11 months ago.

But, you are entitled to an accounting that outlines when your last payment was so you can accurately determine the statute of limitations.

Expert:  Roger replied 11 months ago.

That said, it would be highly unlikely for the creditor to let the statute of limitations expire. So, you may want to endeavor to try and settle as the creditor will likely be less cooperative when/if it hires a lawyer to handle the case.

Customer: replied 11 months ago.
Should I contact them on my own or find a student loan lawyer to negotiate with them? When they originally said they would settle I requested for something in writing and they never sent me any documents. A year letter I received an informal letter offering a settlement. I don't have much money to pay for a lawyer but they have been somewhat deceitful in the past and I don't know if I can trust them.
Expert:  Roger replied 11 months ago.

You're probably better off to start negotiations on your own...and if you're not getting anywhere, then consult a lawyer to assist with trying to resolve this debt.

Expert:  Roger replied 11 months ago.

Please let me know if you have any additional questions. Also, please take time to positively rate our conversation so I may receive credit for assisting.