Creditor threatening legal action
I have been making small payments on a private university loan since 2001. The loan was originally for 5,000 and is now almost 10,000. I have missed more than six months of payments and my creditor threatening legal action. I have received a registered letter from the collection agency’s lawyer that threatens to take me to court if I don’t pay off the entirety of my loan in a week. Is it possible for my creditor to take legal action even though my debt is over 7 years old? What’s the best way to handle this situation?
Posted from: British Columbia