Check returned by issuer

[MCAPERS]

What is the name of your state? South Carolina

Out of 11 student loans, I have two student loans that was return by Chase bank, back to my bank. The total of the loans that was returned bank totaled $16,000.00. The reason for the return, my sister, who is the co-borrower did not wanted to be my co-borrower anymore. So they had to do stop payment on the checks.

I asked my bank will they set me up on a $500.00 payment plan per month and they said no. I need to provide them with the entire balance. I explained to them the situation and they said they would send it to the magistrates office for further process.

My question is what will happen once my bank turn the stop payment checks over to the court? Will the judge set me up on a payment plan or will it be a judgement against me. I really need your advice, on what will happen to me. I hoping they will set me up on a payment plan.

 

[paroled]

The magistrate will not set you up w/a payment plan most likely.
Your situation is a little confusing.
You are the borrower of all 11 loans?
The check that was cancelled.If it was cancelled why do you need pay anything back?

Or is it now that your co boroower is no longer co borroewer ,the bank wants all their loans paid?

verry confusing..please clarify.

 

[MCAPERS]

Canceled Checks

They just cancel two of my loans b/c the coborrower decided not to cosign for me anymore. I cash the checks and spent the money on school and paying off bills. The bank wrote to me and said they will pursue legal action against me, if I don't pay the money in full. What will happen next?

 

[paroled]

I see now.
There really isnt much they can do now.
They are responsible for screening loan ees and this is part of the buisness.
Kind of like giving someone with bad credit a loan.
They should not have issued the check untill they had the co borrows signature guaranteeing payment.
All they can do now is work with you to retrieve whatever payments your able to make to them.
If anything they will go after the co borrower,but I dont see how they could even do that.
I think they are trying to scare you.

UNless......its your bank ,that got screwed out of the money.

If your main bank"not the lender bank cashed the check,and it was a check you knew that was cancelled ,then your in a hot situation.Definitly grand larceny,theft,forgery and all that.

If it is your main bank and you can prove the check wasnt canceled when you withdrew the balance or used the money,then all they can do is go after you in a civil court.

PLace a lien maybe,report your credit.

Like I said,the dates are most important. If its obvious that you pulled a fast one.
Then criminal charges can filed.But the dates are what s going to tell the story.And where the money went

If the dates show that the check wasnt cancelled while u spent it ,then your golden.

Follow??
I cant guess exactly what happen in your situation.I know you want to tell as little as possible ,but the whole story is needed to give the exact possibities.

If the bank knew they had you dead to rights.they would be playing hardball off the bat..THATS WHAT THEY DO.
If you had a check from the loan company,deposited it into your bank,HOW DO THEY LET YOU SPEND 16K BEFORE IT CLEARS? it dont make sense.

Your bank s policy is to blame.they usually dont let you withdraw that much on a check deposit,only 25% .
Only you know the truth.This is a popular scam on studant loans, in NEW YORK.
let me know some more detail and we can get this straight once and for all.

I have plenty of experience and help you here.But IM still not 100% clear.
OBVIOUSLY.
Illl be looking for ur response

 

[Belle360]

More than likely Legal action will be initiated.