Q: What is the statute of limitations for Navient to sue for private loans?
The loans haven't been paid since 2014, but the loan holder (I'm the cosigner) has put it in forbearance for various reasons including a bankruptcy attempt. I heard the statute of limitations is about the last time you "acknowledge the debt." Someone else said "5 years since it goes into default." The loans were technically not in default till this year, but no payment has been made in over 5 years.
A: In order to get a definitive answer that can be relied on you will have to show all the controlling documents to a very experienced business contracts and banking lawyer and pay them to answer this unusual question.
Charles M. Baron agrees with this answer
A: I agree with Mr. Minnick. General info can be found in Florida Statutes Chapter 95, including a 5-year limitations period for breach of written agreement (including loan agreements) and a 4-year period for submitted statements of account - but to obtain a rock-solid reliable legal opinion, you need to schedule an appointment with an attorney, which will likely cost somewhere between $200 and $500.
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