I just recently discovered that I still have an outstanding loan balance from previous employeer in 1989.?

My previous employeer was Sterling Products Int'l Inc. which closed in 1996. I wanted to loan last 2005 only to know I had a salary loan balance. How can I now know the correctness of the balance. What I know was that my previous employeer deducted the salary loan I availed in 1989. Please help me with this dilema. I have not availed of a loan after 1989. Thanks for any help you can extend.

Answers:
Obviously they did not write it off, otherwise it would not be on your record that you have a "salary loan balance".

I would advise you to do your best to clear up the loan 1996 loan. You are young and need a good clean credit report. So do your darnedest to find out how you much you still owe, and how to pay it back.

Maybe you can go back to the place where you wanted to get a loan in 2005, and ask them how to go about it. But one thing is for sure. GET IT OFF YOUR RECORD. It will always be a monkey, hanging on your shoulders.

If there is a will there is a way. So go to it.
Haven't they written it off?
If this is that old then the statute of limitations ran out.
Depending on your state it can be 5 to 15 years.
Go to your state attorney general web site and do a search for statute of limitations on old debt.
You may have to send a letter to the credit agencies to inform them the statute of limitations ran out.
What ever you do,don't pay anything on the debt before you figure this out,it will reset the clock on your debt.
I learned this the hard way.
Best of luck

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