Default on loan

[bobo60]

What is the name of your state (only U.S. law)? NC
Hello,
Im asking this question for a friend of mine living in NY. he cosigned a rather large loan for his sister. Well. his sister defaulted on the loan, and the financial institution is comming after him, to make good on the loan. he is being constantly harrassed by bebt collectors, trying to settle this loan. he understands that he is responsible, and is trying to pay what he can, but the debt collectors, as usual, are relentless! Could'nt he send the company(s) a"'cease and desist" letter, just to stop all the harrassment? ive done it with debt collectors for small amounts of debts, but his debt is in the$35000.00 range. Can he send the"cease and desist" letter without getting himself into any legal troble?

Bob

 

[HomeGuru]

What is the name of your state (only U.S. law)? NC
Hello,
Im asking this question for a friend of mine living in NY. he cosigned a rather large loan for his sister. Well. his sister defaulted on the loan, and the financial institution is comming after him, to make good on the loan. he is being constantly harrassed by bebt collectors, trying to settle this loan. he understands that he is responsible, and is trying to pay what he can, but the debt collectors, as usual, are relentless! Could'nt he send the company(s) a"'cease and desist" letter, just to stop all the harrassment? ive done it with debt collectors for small amounts of debts, but his debt is in the$35000.00 range. Can he send the"cease and desist" letter without getting himself into any legal troble?

Bob

**A: yes your friend can indeed send such a letter. In fact Federal allows him to do that so the third party collection calls stop. The original creditor can still call 20 times a day. He will still get letters and such. He will still owe the money and the creditor or third party collection agency can still take him to court.

 

[Zigner]

**A: yes your friend can indeed send such a letter. In fact Federal allows him to do that so the third party collection calls stop. The original creditor can still call 20 times a day. He will still get letters and such. He will still owe the money and the creditor or third party collection agency can still take him to court.

Heck, for $35k, this might actually push the lender/collector in to that action.

 

[HomeGuru]

Heck, for $35k, this might actually push the lender/collector in to that action.

**A: then that would lead to another posting.

 

[bobo60]

Hello,

Thank you all for your replies. I will send my friend a template for a Cease and Desist form letter. Getting the constant phone calls day and night, have him a total wreck! He is going to try and setup some kid of payment plan, and to make matters worst, his job is going away in 4 months!!!

Thanks again for all your help!

Bob

 

[TigerD]

Hello,

Thank you all for your replies. I will send my friend a template for a Cease and Desist form letter. Getting the constant phone calls day and night, have him a total wreck! He is going to try and setup some kid of payment plan, and to make matters worst, his job is going away in 4 months!!!

Thanks again for all your help!

Bob

Don't do that. Send him a link on where to find it himself. Safer for you when it blows back. And it will.

He sends that cease and desist, you can pretty much bet that he'll get sued. Hell, I'd put $10 on it every day of the week.

Your concern for a friend is admirable, but some things friends should avoid.

DC