Hello,
My husband and I have a loan for his school totaling almost $60k.
Since he graduated we have been stuck dealing with the lies his school fed us and we are not making enough money to pay back the loan.
We have been told bankruptcy is not an option and we cannot consolidate the majority of it $41,000 (that portion is aPRIVATE loan).
We have been trying to find out if there is a statute of limitations on the private portion (4 yrs for CA written contracts) and what would happen if we moved out of the country.
Would they track us down, or if we came back to the US to visit, would they be able to put us in jail?
We need to know legally what our options are, and what can happen! Help!
2006-06-30 10:12:44 · 4 answers · asked by Anonymous in Education & Reference ➔ Other - Education
Get a lawyer to help negotiate more affordable payment terms.
2006-06-30 10:18:17 · answer #1 · answered by my brain hurts 5 · 0⤊ 0⤋
I can tell you that leaving the country does not stop the lender from pursuing you. My nephew moved out of the country and they are still contacting him (or attempting to contact him) in the new country (Finland) for his outstanding loan balance due. I don't know about jail or not but they can tag your credit history, they can file a judgement against you in court, other than that I'm not sure how far they can go. Maybe you should check with a collection activity site that explains how far a creditor can go to collect on an outstanding debt. The state of CA has limits on how far the activities can go, maybe check the state web site??
2006-06-30 10:20:41 · answer #2 · answered by hr4me 7 · 0⤊ 0⤋
So you expect everyone else in the country to pay your bill? Sweet.
2006-06-30 10:16:56 · answer #3 · answered by Anonymous · 1⤊ 0⤋
move to canada, LOL
2006-06-30 10:20:00 · answer #4 · answered by Anonymous · 0⤊ 0⤋