Cosign of student loans

[Soundman]

What is the name of your state (only U.S. law)? Nebraska
We cosigned on our daughters student loans and now she refuses to pay them and they are in collections. Is there any way to separate ourselves from this and if not any advice? Thanks

 

[Zigner]

What is the name of your state (only U.S. law)? Nebraska
We cosigned on our daughters student loans and now she refuses to pay them and they are in collections. Is there any way to separate ourselves from this and if not any advice? Thanks

When you "cosigned", you agreed to be just as responsible for the debt as your daughter. The way to separate yourselves would be to pay the debt and then pursue your daughter for repayment.

 

[Soundman]

Should we pay the settlement amount? Or the entire amount? Credit is in the crapper all ready because of this. Can we go after her for the tax repercussions we would face because of doing the settlement?

 

[Just Blue]

Should we pay the settlement amount? Or the entire amount? Credit is in the crapper all ready because of this. Can we go after her for the tax repercussions we would face because of doing the settlement?

How old was she when you co-signed these notes?

 

[Zigner]

Should we pay the settlement amount? Or the entire amount?

That is not a legal question.

Credit is in the crapper all ready because of this. Can we go after her for the tax repercussions we would face because of doing the settlement?

Sure - but what makes you think she'll pay?

 

[Soundman]

2 notes one at 18. One at 20.

 

[Just Blue]

2 notes one at 18. One at 20.

Did she finish school?

 

[Soundman]

No. She's married now and does not work. Her husband makes approx $4000 a month plus side jobs for cash. I believe they haven't filed taxes for the past couple years.

 

[tranquility]

Should we pay the settlement amount? Or the entire amount? Credit is in the crapper all ready because of this. Can we go after her for the tax repercussions we would face because of doing the settlement?

If you can get out from under this for less, why not? Also, I don't think you will have tax repercussions in that you would be responsible for any cancellation of debt. You were not the one who took out the loan. Daughter might be the one who gets COD income. If she is making money or you are just angry, after you pay, you can sue her for the amount you had to pay for her benefit.

 

[Just Blue]

If you can get out from under this for less, why not? Also, I don't think you will have tax repercussions in that you would be responsible for any cancellation of debt. You were not the one who took out the loan. Daughter might be the one who gets COD income. If she is making money or you are just angry, after you pay, you can sue her for the amount you had to pay for her benefit.

To add to the ^ post:

IF you do sue...Consider what that action will have with yor relationship with daughter and any current/future grandchildren.

Good luck

 

[not2cleverRed]

The problem with suing is... if she were going to pay, you wouldn't be in this pickle in the first place.

(1) Pay it off. Assume that she will never pay you back.

(2) Write your will. If she is your only child, leave everything to a trust for the grandchildren, or to your favorite charity. If you have more than one child, then deduct from her share the cost of this loan + interest + whatever else it has cost you, explaining that that portion of her share of the inheritance was already given to her.

 

[Proserpina]

To add to the ^ post:

IF you do sue...Consider what that action will have with yor relationship with daughter and any current/future grandchildren.

Good luck

I'm just about 100% in agreement here but ... Adult Daughter is already making a decent attempt at screwing over her parents. They may have nothing to lose, y'know?

 

[Just Blue]

I'm just about 100% in agreement here but ... Adult Daughter is already making a decent attempt at screwing over her parents. They may have nothing to lose, y'know?

I guess...I have the impression she is young...Perhaps she will mature in the near future.

 

[LdiJ]

I'm just about 100% in agreement here but ... Adult Daughter is already making a decent attempt at screwing over her parents. They may have nothing to lose, y'know?

I suspect that it's adult daughter's husband more than adult daughter. She is not the one working and no tax return has been filed for a couple of years. That is pretty telling.

 

[Just Blue]

I suspect that it's adult daughter's husband more than adult daughter. She is not the one working and no tax return has been filed for a couple of years. That is pretty telling.

But she could get a job...Even part time to pull in a few hundred a month to start paying her parents back.