Property Settlement Agreement/Private Student Loans

[pvd]

What is the name of your state? NJ

I had divorced my wife in 2004. We are currently bounded by a PSA agreement in which she was the co-signer for three of my Sallie Mae private student loans. The PSA states that they are my financial responsibility. Since our divorce, I have been under extreme economic pressure and have had to apply for economic forebearance on the loans a number of times. The problem is, to apply for a private loan forbearance I had to pay a $150 dollar processing fee, which on occasion I did not have at my disposal. So, there were times when I finally had the money to apply the economic forebearance, but the account was a month or two late. Eventually Sallie Mae post-dated the forebearance when I submitted the paperwork.

Now, my last processed economic forbearance was in November 2006, on the next month, I was surprised to find a remitted payment for the entire priniciple of the loans. One month into my deferment, it is payed of by my ex. I now have a hearing for enforcement of litigants rights under the PSA. I realized that I was financially struggling with the loans, but tried my best under the circumstances to avoid any problems.

Can anyone give me some good advice.

Thank You.

 

[moburkes]

duplicate post

 

[pvd]

Recourse

Do I have any legal recourse, I was in good faith trying to maintain this responsibility. Because she is in a much better financial position, how could she have the ability to completely re-negotiate this contract according to the PSA.

 

[moburkes]

Do I have any legal recourse, I was in good faith trying to maintain this responsibility. Because she is in a much better financial position, how could she have the ability to completely re-negotiate this contract according to the PSA.

I'm still confused. These loans are on HER credit as well. She paid it to avoid negative entries on her credit report. The student loan company is NOT bound by your divorce decree.

 

[pvd]

Advice

I understand her mind-set, but this was not malicious in nature. My records indicate that I have made a concerted effort to keep this account current. What I would like to know is if I have any legal recourse.

 

[moburkes]

Again, I'm still confused. Are you asking if you can sue her and recover "damages" because she paid off the bill that was on her credit report early? Sure, you can sue. No there are no damages to recover.

 

[LdiJ]

Again, I'm still confused. Are you asking if you can sue her and recover "damages" because she paid off the bill that was on her credit report early? Sure, you can sue. No there are no damages to recover.

I think its the opposite. She is suing him for not honoring the PSA....and as well she should. She had to pay off the loans in order to protect her credit.

 

[pvd]

Honoring the Property Settlement Agreement

I tried to honor the PSA as best as my financial situation allowed me. Again, there was no malicious intent here. I feel that on my part, there was no breach of the PSA and have made an honest effort to keep the account in good standing. I would like to know under what circumstances actually define a breach.

Thanks

 

[fairisfair]

I tried to honor the PSA as best as my financial situation allowed me. Again, there was no malicious intent here. I feel that on my part, there was no breach of the PSA and have made an honest effort to keep the account in good standing. I would like to know under what circumstances actually define a breach.

Thanks

allowing the account to become delinquent would have been the first one.

 

[moburkes]

allowing the account to become delinquent would have been the first one.

I agree. OP, YOU breached the agreement the day after the payment was due, but not made. She is under NO obligation to allow her credit to be ruined because of your money troubles. Get a 2nd or 3rd job if you have to, but don't ruin someone else's credit. Or, move back home with your parents or live in a studio apartment and eat ramen noodles and peanut butter. You have no legal recourse (which is what I still believe he is asking) for failing to uphold your end of 2 contracts - the divorce decree and the one with the lender. I'm not sure why you think you would.