Legal Question in Credit and Debt Law in Montana

Student loan default.
In 1986 I signed a student loan contract. The original amount was 5000 dollars. I repaid about 1000 through 1987, then was laid off. I eventually defaulted and kept getting notices from my creditor. Eventually the letters stopped. Then the letters started again. In January of 06 I decided to begin making payments again and 200 per month was agreed on. The debt was then about 7000. Because of marital problems I quit my job and am now living with my sister in Montana. I drive a school bus and earn about 650 per month. The new owners of the contract are threatening all kinds of things and the bottom line is that I need to know what my rights are in the state of Montana. The remaining balance is 6181 and they won't accept my offer of 100 per month.

Asked on 12/19/06, 3:37 pm

David Anderson Anderson Business Law LLC

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Re: Student loan default.

Why only $7000? THis is a 20 year old loan. Wasn't interest accruing on it?

Other than death or departing the country, you are unlikely to find a way out of this obligation.

Answered on 12/19/06, 8:48 pm

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