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Unfortunately, they can and will take legal action. Collection agencies can do that.
At this point, it's irrelevant to discuss what you should have done.
Since you are not hurting for money, seek legal advice. Have your lawyer contact them to offer recompense in the form of payments.
This way, you will also have it in writing that, once you've paid off the defaulted loan, they will take the big red X off your credit report.
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