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Emk828

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Student loan from 2007 still haunting me in 2015.
In 2007 I took out a private student loan w my mother as the consigner. My mom passed in 2008 and being a 19 year old with not much financial knowledge, I didn't keep up w the payments. Since then, the debt has been managed by several
Different collections agencies and I have intermittently made random payments when I've been able. The last payment made was sometime last year in 2014. I owe over $12k at this point and the account is still showing up on my credit reports. My first and most important question is When will the account drop off my credit reports? Secondly, paying small monthly payments at this point doesn't even cover the interest and the collection agency is only willing to settle for about half the debt owed. Since I don't have $6,000 laying around, I'm unable to settle. are there other options? How do I resolve this so I don't have this old debt haunting me forever? Thanks in advance for any suggestions or feedback.

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When did you stop making payments on the original loan? Figure that it will stay on your credit reports for seven years from one month after you made your last payment on the original loan (the original loan, not payments to debt collectors).

You can call the credit bureaus and ask when it is slated to be removed. Do some reading on EARLY EXCLUSION too. The payments that you made to the debt collection companies may possibly come back to bite you in the ### regarding the "Statute of Limitations" to be sued for the debt. SOL is different from credit reporting time periods. Hopefully it will work out. If you get any trouble from the debt collectors call an attorney that handles FDCPA cases. For it being removed from your reports, nothing changes that time. Please take the time to do some READING about all credit related topics, you really need to understand all of this stuff for a better future. If you have any more questions please feel free to ask, but make sure that you do some studying.

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