anyone get sued by sallie mae private loans
Posted by Practical-Annual-305@reddit | studentloandefaulters | View on Reddit | 19 comments
So i decided to default on my sallie mae private loans total around 88k with a cosigner...They just got updated to charged off and the got the phone calls threatening further collections. What are further collections, do they just sell to another company? Has anyone actually got sued with a balance like as high as mine and if so how long did it take them to do it?
I personally am dirt poor atm with no assets though am hopeful i will be able to put my degree to work by the end of the year. I would like to start saving up and make a settlement offer then but im worried they will go after my cosigner, anyone able to give a timetable for when sallie mae actually did a lawsuit?
thestorythistime@reddit
I'm popping in here because I'm curious about updates on people's situations. I'm a cosigner for a Sallie Mae loan that's about 60K. The person who I co-signed for has unstable employment and cannot pay the $900 something a month they're asking for. I live in Los Angeles plus inflation so even though making almost 90K a year would have been a flex back in the day, with my own student loan debt (250k+ in federal student loans), housing etc, it's still semi hand to mouth on my end. I don't have any assets like a home or anything. I rent and all I own is a car. The person I co-signed for is in the same position with no assets.
I'm curious about what can even be done to us. It's blood out of a turnip at this point and I feel like it's doing them a disservice to pay people to continue to call us 💀💀. For those who have been sued and didn't have any assets, what were your consequences? Should we try to default and wait out the statute of limitations?
Mukapah@reddit
It saids the SOL for California is 4 years.
littlewashu45@reddit
what about Mississippi? SOL?
deleted_by_reddit@reddit
I did something similar (loans also through Sallie Mae and $99k in debt). I’m 3 years in and only 1 year left until the statute of limitations is reached and I can’t be sued. Loans were charged off and a collections agency spammed in hopes of me acknowledging the debt or settling. I’ve blocked all their numbers. Honestly, ever since the pandemic I haven’t heard from the collection agencies.
It’s doubtful that they will sue. I mean our debts are pocket change to these companies. Sallie Mae made well over $5 billion last quarter. It’s too costly to bother suing unless they perhaps know that you have something of value.
ExtentSevere3226@reddit
They will sue, actually. I have court in 3 days for a tiny loan of 3300.00.
FJB444@reddit
Was it sallie Mae?
Practical-Annual-305@reddit (OP)
That is reassuring though I am a bit worried for my cosigner, she has a house and makes more than me though cant help due to her own debt and i really dont want her getting hit by a judgement. I would love to wait out the SOL but I just need till the end of the year to hopefully get a 30-40% settlement without and lawsuits happening.
deleted_by_reddit@reddit
Honestly, a settlement is much more likely than a judgement. The thing with judgements is that they are a pain to enforce. Not only would Sallie Mae need to drag you or the co-signer to court, but they also have to win in court and then the judgement can simply be made void by switching your job. I know in the case of your co-signer that might not be possible. But Sallie Mae doesn’t know that. Sallie Mae would rather get some money through and easy settlement than nothing.
ExtentSevere3226@reddit
You will be served to go to court and if you do not show, they will automatically judge in favor of the Plaintiff and they will be able to seize assets or garnish your wages. It's best to be proactive. It may take several years, but they will still do this.
No_Mycologist8420@reddit
any update?
littlewashu45@reddit
I am scared of Sallie Mae, I have a cosigner, and I still having a hard time finding a job, I am in forbearance right now.
DMHCLTSR2012@reddit
Tho this is old … I just got served the paperwork for court for Sallie Mae 🙃
Anxious_Choice_7697@reddit
I’m popping in here in because my sister was served papers for me from Sallie Mae and I’m freaking out. I haven’t seen the papers yet but I don’t have a co-signer and I mean I don’t have any assets so I’m freaking out. I guess I need to get an attorney but I don’t know that I even have money for that. I don’t even know what to do. I’d appreciate any advice.Â
Mukapah@reddit
Hmmm been waiting it will be 3 years soon. However my state is 6 years..I was wondering if I move to another state that’s 4 years, do I need to update the address on file for the private loans for the Statue of limitation to work or what?
thestorythistime@reddit
Would love an update on your situation. Are you still waiting out the clock?
Mukapah@reddit
Yes still waiting
nobutokaywhatever@reddit
I am 3 years in default. Debt has been sold twice since SM charged off. My co-signer (not me) was served with lawsuit 3 months ago. They sued her and not me because she has assets (house) and I have nothing. I owe 82k.
Currently working with an attorney for settlement. However, something weird going on with mine. The attorney who is representing the debt collectors is now stating that my accounts are in hold status and they are not actively attempting to collect the debt. Attorney and I are trying to figure out what the heck this means. Part of my is hopeful that they have been flagged as part of the Navient settlement (mine were from SM before Navient split, subprime and all that Jazz).
But, yes I am sorry to say that you could easily be sued. I hope you aren't and your SOL runs out. IF your co-signor has anything of value for assets, it significantly increases those chances.
lilxhhh@reddit
Did SM succeed in suing your cosigner? Why do you need to settle and why did you decide to go through with it?
I'm in a similar boat. My 26k loan just defaulted a few days ago. I have no assets and work part-time. I'm wondering if SM is going to sue my cosigner, who definitely has assets they can go after.
nobutokaywhatever@reddit
They were. They never did sue me. My parents ended up settling it for 50 k. They would not accept any lower settlement. They knew they could just get a judgement against their home, so they had all the leverage. It settled last July. I would prepare your cosigner so they can perhaps get things in order if they can. My parents ended up taking out an equity loan on their home. It sucked so much, but we are all glad to have it behind us and have some peace again. I think it took them about 2-3 years to sue if I'm remembering correctly.