KeyBank is forgiving loans for my former Silver State Helicopters student clients that never made any payments on their loans. This is an exciting new development. Up until now, KeyBank was threatening litigation and in many cases demanding payment in full. Within the last week, 2 of my clients have forwarded to me letters from KeyBank National Association that state,
"As part of a review of our accounts and internal processes, we have decided not to pursue the amount remaining due on your obligation because the applicable statute of limitations period may have expired.
Since we strive to be as transparent as possible in how we work with you, here is some additional information:
The statute of limitations is the time period creditors have to file a lawsuit to collect a debt.
The statute of limitations does not necessarily prohibit a creditor from attempting to collect a debt. In your case, however, we have decided to make no further attempts to collect this debt."
The first two of my clients to receive this letter received debt cancellation of $78,242.80 and $76,520.96.
Each one of these clients paid me a flat fee of $800.00 back in 2008 to help them deal with their student loan problem. I call that money well spent!