co-signed loan

[michellebrew]

Around March 1999 I co-signed a student loan for a boyfriend I am no longer seeing. The monthly payment is around $80. He paid regularly till we broke up 6 months later, and then fairly regularly with a few late fees. Spring 2001 I started to receive statements from the loan company requesting payment for past-due amounts. I called him and he insisted he was paying by phone and they kept making mistakes. This continued over the summer and every 6 weeks or so I got more letters. He had moved in with a new girlfriend and said they had trouble forwarding the bills. Then he moved back home with his parents but they didn't have that information and the girlfriend gave them my home and cell phone number. In September I got a call and they said that due to a long lapse in payment my credit was about to be affected. Having filed for bankruptcy in November 1994 I am about to hit the 7 year mark and have that erased and have had a good payment history for the past few years, so I am not happy about this situation. I made a payment by phone for 3 months worth of the debt plus late fees. I sent him a certified letter after phone calls just got negative results and he insisted he was making arrangements to pay and to ignore their letters and calls and not to contact him anymore. I just got another call and was told "we" have 4 days to make a payment that is 60 days past due or it will go on my credit. I plan to contact him, but I want my name off the loan and the money I paid reimbursed by him. I co-signed the loan in an altruistic attempt to help him "better himself" and start a new career. That never happened and now I'm getting stuck with a choice of paying his loan or getting my credit screwed up after I've worked so hard to improve it. Can I sue to get my name off the loan and what kind of documentation do I need. I have copies of the letter and unanswered e-mails and I can record nasty phone messages from him. Any advice?

 

[JudgeJudy]

If you've already been through one bankruptcy, you should know better. Obviously, you haven't learned your lesson! You signed to be responsible for the loan, and now you are. Surprise, surprise!

The short of it- pay off the loan yourself, then file against him for all costs involved in satisfying the debt.

Be sure and retain all proof that you paid off the loan, as well as all documentation of late fees and his other payment records.

In court, save yourself from looking the bigger fool with the nasty recordings and stories of your humanitarian efforts. Sorry hun, but most judges don't have the time or inclination to listen. You may want to get it off your chest, but it's probably not germane to your case.

 

[michael1113]

Its sad to learn that one break up and a mutual agreement is history. I wouldn't fight it. He doesn't have to make one single payment ever. Cosignature loans can really hurt someone's credit, and possibly a relationship. You are a very kind person to help someone out like that. I just hope you learn from this mistake and (find someone that has money already) lol.