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aliciamc911

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Took out a personal loan 10 years ago, haven't paid on it in 4...
I took an 8K personal loan out ten years ago and I haven't paid on it in 4 years. I'm not seeing it on my credit report card. All I see are my current Federal student loans. I need advice on what I should do about it. They just recently started calling me and my mother since my father is a co-signor on the loan. HELP! What should I do??

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If it's not your CR the lender may not be reporting to the CRA's.  First, find out if the person calling is from the original lender or if the loan is collections with a third party.

DO NOT TALK to them, Get everything in writing.  Next time they call ask them to follow up with a written statement of the account and audit of the payments made and interest due. Don't give them any other info on the phone.  From that point on,  do everything in writing. Anyone can say anything on the phone, and collectors will say anything to get payment.

Once you find out who your dealing with, you will have to decide how you want to proceed. IF you are able to make a payments offer to get back on track with the payments, If you can not afford the payments as they stand, Offer to make smaller payments and tell them what you can afford.

If you are able to make a large payment you might be able to do an "offer and comprimise", where you pay off a chunk of the loan and they accept it as payment in full. This depends on the lender, some won't take any kind of compromise.  GET ANYTHING LIKE THIS IN WRITTING BEFORE SENDING ANY PAYMENTS. Otherwise they may not honor the aggrement and still show the original balance after you've made a payment. 

Good Luck.

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