Re: SBA loan, bad debt statute of limitations

Posted by L.Grigsby (12.220.195.235) on May 14, 2004 at 23:53:13:

In Reply to: SBA loan, bad debt statute of limitations posted by mary ann hernanez on April 12, 2001 at 15:54:44:

: 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?

My question is; My father took a loan out with sba in 1979,he filed bankruptcy in 1980. He died in 1981. My mother passed away 2001. Her house had to be sold,there was no will.Can SBA still collect.And take what he owed?

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