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Reply to "Trying to negotiate a debt with collection agency"
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[quote=Anonymous] Don't let the collector scare you. You can settle with them, typically for 60% of the original balance. There are statute of limitations with ANY kind of debt (including student loans). Federal student loans have no statute of limitations for collections. Private student loans almost all have a 5-7 year statute of limitation on them but that will depend on where you live. If the statute of limitations have expired (which I'm 99 % sure they have since you said it's a 10 year old debt) they CAN'T sue you. They can send you the statements that you owe, but they can't legally force you to pay the debt. Hope this helps.[/quote]
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