SBA loan, bad debt statute of limitations
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Posted by mary ann hernanez on April 12, 2001 at 15:54:44:
In Reply to: Get rid of the collection agency first then worry posted by Bill Bauer on April 11, 2001 at 10:49:59:
I obtained an SBA disaster loan in 1981. I was making payments until approximately 1998. My exhusband "was informed by an SBA loan office that the loan was forgiven and not to worry about paying further". It is in my credit report as bad debt and I recently recived a call from a collection agency stating that the SBA gave the account over to the US Dept of Treasure and they in turn gave to the collection agnecy. The amount is $ 6,481.48. The collections agency will not consider payment plan and also stated that the US Dept of treasure will turn over to dept of Justice for a judgement? My questions is: What is staute of limitations on bad debts? Should they consider a payment plan?
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