How likely are you to be sued?
Posted by Few_Interaction8745@reddit | studentloandefaulters | View on Reddit | 5 comments
Hey there I recently came into a situation where I could not continue school due to financial reasons but still have a lot in private student loans. I do not make a lot of money and was wondering if primary lenders and if it goes to collections if they take into a factor of how little I make when deciding to file a lawsuit against me. I live in mass and our sol is six years.
DisembarkEmbargo@reddit
What's the loan company?
Some people get sued. Other people do not. I have not been sued yet by Navient but it's been 9 months since last payment. I have been in communication with them here and there. I think they checked out my assets and found that I have a Roth IRA and 2010 car lol.
Ordinary-Milk3060@reddit
have they sued you yet? Sorry if its abrupt but im curious.
My co-signers are both retired with no savings and my taxes would indicate I make 0 a year. SO, I figure I wouldn't be an attractive target to sue.
DisembarkEmbargo@reddit
No one knows if you will be sued or not. Sometimes they sue you out the gate - right when you default. Sometimes they sue a few years later. Sometimes never sue.
I wasn't sued. I was threatened with legal action multiple times but unless they summon you to court you can ignore those letters. My loans were on default for maybe a year. Then those loans were sent to Navient's internal collection agency so they were charged off. After about 5 months I was able to settle with Navient for 32% lump sum.
But I did not have any co-signers. I refinanced my loans back in 2019. Then I stopped paying them after a few payments here and there. I should have never paid them again.
StrangeMost@reddit
The banks determine collectibility based off your credit report and whatever data Lexis Nexis has on you. Lexis is going to have your current employment including position and any real estate you may own. Your credit report will show the rest including payment history on other obligations, debt Amt and if you’re looking to buy anything or were shopping loans etc.
Based on their findings using the 2 sources, a collector can vet you pretty well and if they believe litigation is viable, they may just sue you. Keep in mind that the SOL on most lenders is 3 years. You don’t want to settle before a year past due and if you’re going to be sued, it’ll usually happen in the 2nd or 3rd year past due. If you owe Sallie Mae, you will likely not be sued. Like 95% no. Navient, highly unlikely I would say 80% no chance, discover expect a lawsuit and National Collegiate Trust will sue you if you don’t dispute the debt at some point of the collections process. Just a few of the most common lenders. This is what I do for a living so this is my opinion based on 1000’s of accounts.
Ordinary-Milk3060@reddit
whats the chances of being sued with Mohela? My navient private student loans got transferred to them awhile back.
FIrstmark?