ok, I have a friend who was involved in a relationship.  She agreed to be the cosigner on her boyfriends student loan (actually might have been considered common law since they had been together like 4 years).  Now, the relationship is long over, they even live in separate states.  Every time he is late on a payment, she gets warning letters from Sallie Mae (the loan holder) about this affecting her credit, legal action, etc.  She is afraid that if he defaults that she will get stuck with this 40K student loan, while he just gets off scott free except for the black mark on his credit.  Is there anything she can do about this?  Any way to get off the loan, or is she doomed to have this hanging over her head for the next 30 years?
123432
Well, since she signed for it, legally she can be held responsible for it.  There is no way to get her name off the loan.  The only way that she can try to get it off, is by disputing the signature on the promissory note, otherwise she's stuck.  And no, he won't get off scott free either.  They can take his tax return to pay on it.  She needs to chalk it up to a lesson learned.\n\n\nTo the dude below me:  Student loans can not be discharged thru bankruptcy anymore.  They will go after him first, because he is the primary borrower.  If they can't collect from him, then they will go after her for the money.  Like I said in my source, I work in a student loan company.\n\nI would urge her to call the loan company and find out the staus of the loan.  I can tell you this, none of these things will happen until it goes into default.
284606
hi, she is just your gf. you don't know what might happen to your relationship with her in the future. don't give your money to her. she sound like she like to have your money and not paying back which is so unfair. i know you  love her but she has to control herself. and also, if you are going to loan money for her, let her sign an agreement to pay whatever amount you guys agreed to pay every month. think about yourself too not just hers. anyway, that's not your problem. yes, you can help but don't shoulder all of it. good luck!\n\n i am a woman with almost the same problem and my ex bf paid all my debt, unfortunately, we broke up  and there's no aggreement for me to pay him back every month and now he is suffering to pay for it. careful! i don't wanna do it again though and thinking i will pay him the whole amount at the end of this year but i will just surprise him. he don't know my plan of paying him the whole amount.
151895
Yahoo just had something on the homepage about devious "junk buyers" buying old debt for pennies on the dollar and then trying to make you pay even after the statute of limitations had passed-I know there is limits but as to what they are I can not 100% tell you.  \n\nAnd actually it is never 'removed' from your credit report, but companies only 'pull' a 7-10 year history, so it does not show, the debt is always listed on the report, so it never really disappears, just hanging out in old debt land, and if you go for a Senate Hearing or something they will pull it up.\n\nThe report said something about the basement buyers buying the debt and then reporting it as a 'new' debt to get it back active on your Credit Report, which is against the law.  The report also said they target those that paid some debt, because they were more worried about the ramifications of the credit report.  I will research and see if I can find the article-it was an informative read.
669655
If her loans are thru the Dept Of Ed, yes.   Anytime a person who was a student and has educational loans then returns to school, she can get a forbearance for a certain length of time.  But I would look into if the loans are subsidized or not...interest still accrues on the unsubsidized loans, where no interest accrues for the subsidized ones.  If there are unsub'd loans I would suggest that she pay what she can on them, due to the interest.  Go here for more answers:\n\nhttp://studentaid.ed.gov/PORTALSWebApp/students/english/returning.jsp\n\nI wish her the best of luck!!
391837
Hello Lisa,\n\nUnfortunately alot of people are in the same situation across the country... In fact i hear situations like this on a daily basis..\n\nAlot of student loan companies (sallie mae, nelnet, etc) will give student laons to both parents and students... All sounds fine but what they do alot of the tiem is make the parent think they are just goin gto be the "co-signer"\n\nUnfortunately what it really means is the parent will be the "borrower", and the child will be the "beneficiary"...\n\nSo, on credit the loans are under the parents name ONLY... Meaning the child has no financial obligation to the loan...\n\nSo, being the child has no financial obligation to the loans, the government will NOT allow you to consolidate the parent polus loans into your own federal loans...\n\nBut, that does not mean you are out of luck...\n\nYou will actuually benefit greatly by consolidating the loans you have in your name to one bill.. And then have your parents do the same thing...\n\nThis will make things easier especailly if your parents expect you to pay them back for the loans they took out in your name... \n\nYou will have your consolidation loan (1 payment) and your parents will havfe their loan (also 1 payment)\n\nYou also will still get all of the regualar benefits and rate discounts offered by the department of education for doing  a consolidation program...\n\nI work with Student Aid Lending, we are a nationwide title IV lender administered by the Department of Education... I would be happy to assist you with the consolidation process.. \n\nTake a look at my yahoo 360 profile.. There is alot of helpful information there for anyone to view.. You can also find the direct link to my website..\n\nhttp://360.yahoo.com/my_profile-HlUDUhMib7M9Wlj6o6L2SfGcEYtkt9xsaQ--?cq=1\n\nIt is actually a VERY SIMPLE process, it can be completed in 10 minutes over the phone and internet...\n\nFeel free to call or email me at any time.. Im available at all tiem to answer any questions or concerns you may have..\n\nI hope this helps!\n\nJason Fry\nStudent Aid Lending\n1-800-964-0642 ext 114\njasonf@StudentAidLending.com
262738
M.K\n\nActually you can consolidate your loan with the government now http://www.loanconsolidation.ed.gov (Borrowers Services) and it's actually not as bad as you think. \n\nBefore you consolidate your loan check out the Borrowers Services and see if you can get a better rate. You can consolidate any amount even your $50,000 debt and its free to consolidate your loan!\n\nI know Salliemae is one of the best student loan consolidators but sometimes their rates can be a little high depending on your situation.\n\nDoesn't hurt to check them both out. Hope you get it worked out soon!
363802
There is a statute of limitations, but how long it is depends on what you signed when you arranged for the bond.  \n\nIf the document you signed was a promissory note, the limit is 5 years.  If it was a contract, the limit is 10 years. \n\nOdds are it was a contract, since there was no certainty that there would actually be a debt.  You agreed to it, and even if you weren't 18 at the time, you've gone past the time you could disaffirm it.  \n\nI suspect you're going to have to pay them, with interest for the past six years, plus that attorney's fees.   \n\nIt's probably too late to even get your friend to turn herself in for them to get their money back.
295342
It sounds like the collection agent purchased your debt from the creditor.  The do it all the time, and they depend on harrassment to get you to pay.\n\nFirst, you do NOT have to deal with a collection agent.  Send them a Cease and Desist letter.  That will stop them from bothering you.\n\nNext, read up on the Statute of Limitations (see the link below). All states have them, and none of them are longer then 10 years.  What it means is that you no longer have a legal obligation to pay the debt.  If the creditor files a lawsuit against you, file a motion to dismiss based on the SOL, and the judge immediately dismisses it!\n\nThe way I see it, you have had your credit trashed by these guys for 7 years.  You paid the debt.  If the collection agent keeps pestering you after you sent the cease and desist letter, sue him.
324868
There has to be more to the story than you are stating! Tell us more or you will not get good enough answers to help you. SHE had to sign legal documents and have them explained to her and in most states after a refinance you have 3 days to rescind!
397432
Hi tthere Kit t,\n\nWhat happens alot of the time is when consolidating the lender does not consolidate all of your loans..\n\nIf this happened to you then you will actually be in luck,...\n\nIf you have one outstanding loan, my compnay can then consolidate you again by consolidating what ever samll loans you still ahve out there into your large consoliodated loan..\n\nThe reason this will benefit you is because we will offer you up to 3 years of forebarence at that point..\n\nMeaning, you wont have to worry about making a  payment to prioncipal or oibnterest for 3 years.. You can choose to send interest payments if you choose, but you will not be obligated..\n\nThis is what ido for alot of students that are looking to go back to school.. It can give you a little more breathing room until you are working full time makin genough moneY..\n\nGive me a call when you have a moment.. I would =eb happy to pull up yopur loans on the NSLDS (national student loan database system) This will tell us if we can re-consolidate you or not..\n\nAlso feel free tio check us out online.. Here is a link to my yahoo 360 profile which has links to our website as well..\n\n\n\nhttp://360.yahoo.com/profile-HlUDUhMib7M9Wlj6o6L2SfGcEYtkt9xsaQ--?cq=1\n\n\nLook forward to hearing from you!\n\nJason Fry\nStudent Aid Lending\n1-800-964-0642 ext 114\njasonf@studentaidlending.com
347463
No, they're not.  I have awesome credit and had a difficult time getting a loan without a cosigner.  See if you can come up with someone.. anyone.  I had my bf cosign and his credit is far worse than mine, not to mention he has a ton of student loans himself.  Just keep trying. \n\nIsn't college just grand?
68887
You are actually asking two questions, one related to your credit report and it's effect on your husband, and your liability on your old debts.\n\nThey will still be able to come after you and garnish your wages (NOT your husbands).  So if you have a job you are still in hot water.\n\nIf there is any property in your name only they can go after that.  Property jointly owned or pruchased after you marry can't be touched.  So if you have a car currently in your name, or a home, it can have a lien placed on it.\n\nWhen the collectors find out your new address, they will continue to hound you.  That's easy to solve....read the links I've supplied below and send them a "Cease and Desist" order not to contact you again.\n\nNow the good news.\n\nYour new husband does not inherrit your credit "baggage" once you are married.  Each of you have your own credit history, and unless you make joint purchases it will not effect him at all.\n\nYour husband's good credit can actually help you rebuild your own credit.  He can co-sign on some credit for you, and by making prompt payments you can re-establish yourself. \n\nI'm speaking from first hand experience here.....\n\nWhen my wife got divorced, her ex was supposed to pay a portion of the debts.  He didn't, so the collectors starting calling her up.  They started threatening her, even saying they was going to jail if she didn't pay.  She was so afraid she fled from Florida and came to Michigan, where her family lived.\n\nThen we got married....and the creditors got here new address.  I came home from work and found her crying and scared to death!  She got a collection notice in the mail!\n\nThen she got mad cause I was laughing!\n\nYou see.....what these guys didn't know was....I WAS ARMED!  I knew the law!  And now I was pissed!  In a very short time I had these guys off her case, no more calls or letters. \n\nIn a couple years her credit was spotless, she purchased her own car and had 2 credit cards.  \n\nYou need to just live off your husband's credit for a while.  You are in good shape, everything will work out fine.\n\nJust get ARMED!  Read the links below.
41200
There is no requirement that BOTH the original debtor AND the co-signer be contacted simultaneously.  The co-signer simply agrees to pay the debt if the original borrower defaults.  Once THAT happens then the lender is free to reclaim its property and/or be repaid by whomever, adn (almost) however they are able.
592784
I can answer this from experience. I used to be a financial counselor in Orlando for a consolidation company. We were always advised to tell the consumer to contact your lender first to see if they would accept payments from a third party. Remember that you would be paying the consolidation company, who in turn pays the lender on your behalf. If you are looking to consolidate your private loans for a reduction in the interest rate, you probably won't get it. \nAlso, if you are looking to consolidate them for the convenience of one monthly payment, I would be careful. Alot of times private student lenders won't allow you to change the payment date for the convenience of the consolidation, and they won't be happy when your payments start coming in a few days late because of it. The possible late fees aren't worth the headaches. I would consolidate just the high interest debt (such as credit cards) and leave the private student loans alone. Continue to pay them seperately.
29838
I had the same problem with a guy that moved in with me. I wanted him to pay some rent to me, along with half utilities and groceries. It seemed only fair since with my school and work schedule he was there more than I was. He always complained and still does afterwards about how he paid part of my mortgage, but seriously, had he lived anywhere else he would have had to pay rent too. We ended up breaking up about a year later for various reasons, but the one thing I was definitely happy I did was to make him pay his way. Honestly, you should really look at it as a roommate situation and not a girlfriend situation. Would you let one of your friends live with you for free? Or even a complete stranger, which happens many times if you're looking for a roommate in a new city? Although I know my boyfriend at the time was a little resentful that I asked him to pay some rent to me, I'm glad I did. So yeah, I would talk to her and work out a reasonable payment she could make to you for rent, then still charge her for utilities. A good way to do it is to sit down and determine what kind of an income she will have and talk about a reasonable number that she will be able to afford without hating you later. As for her parents, they need to stay out of it. If they want their little girl to live somewhere for free, tell them to open up their basement to her. Shes a big girl, in or out of college, and it is about time they let her do her thing. And since it is your condo, they have absolutely no say in how much you charge her or for that matter any thing about your finances. Anyway, I hope you work it out. Good luck!
520148
It's very simple, you can place a lien on her property where she will not be able to sell it (or re-finance it) unless this obligation is paid. Having said this, I hope you have some kind of proof of the loan, and payments she made to you prior to the placement of the lien. Placing a lien will not get you your money immediately, but I would think that once they have knowledge of the lien, payments will start coming quite regularly. If that happens, do not remove the lien until you are paid in full.\n\nI wouldn't worry about the "Family relationship" crap at this point either, they certainly didn't.\n\n Contacting an attorney that you know might help, just make sure that they don't try to hit you for a fee.
556982
Dealing with old debt \nBy Lucy Lazarony • Bankrate.com \nDon't let an old debt come back to haunt you. \n\n\nSome debt collectors are unearthing old debts, debts that are five to 10 years old or more, in the hope of squeezing some fresh money out of unsuspecting consumers.\n\n"I had one guy who got a call on a debt 14 years later," says Gerri Detweiler, author of "The Ultimate Credit Handbook."\n\nA collection call on an old debt can be tricky to handle, and if you handle it wrong it could lead to big trouble down the road. \n\nFirst off, it's important to realize that an old unpaid debt can't hurt you nearly as much as a new unpaid debt. \n\n- advertisement - \n \n \nAn unpaid credit account will mar your credit report for seven years. But once your debt passes the seven-year mark, you're in the clear. \n\nWith newer debts, debt collectors may call and threaten to sue you day in and day out. With an older debt, any debt collector that threatens to take you to court is breaking the law.\n\nThat's quite a difference and it all hinges on whether the debt a collector is haranguing you about is beyond the statute of limitations for delinquent debt in your state.\n\nOnce a debt is older than the statute of limitations for debt in your state, a debt collector no longer has the right to sue you for payment. You may still have a moral obligation to pay back the debt, but you can't be sued over it.\n\n"They can still ask you to pay, but they can't threaten to sue. If they do, it's a violation of the Fair Debt Collection Practices Act," says John Ventura, a consumer attorney in Brownsville, Texas, and author of the e-book Stop Debt Collectors Cold.\n\nLet's say you still owe some money on an old credit card account left over from your college days, 10 years earlier. And let's say the statute of limitations for credit card accounts in your state is five years. \n\nA debt collector may call you and ask you for payment for this forgotten account, but he can't take you to court or threaten to sue you over it. If he does, he's violating the Fair Debt Collection Practices Act. \n\nAnd since the debt is more than 7 years old, it's no longer listed on your credit report.\n\nWatch your step\n\nEven though a debt collector won't ever admit it, you're the one with the advantage here. But one little misstep could change all that.\n\nIn some states, making a partial payment to a debt collector or even acknowledging that you owe the money is enough to make an old debt new again.\n\nIf this happens, the five-year statute of limitations on your debt starts all over again. A debt collector has five more years in which to sue you for payment. And a non-payment on your new-again debt could be reported on your credit report. Then the advantage transfers to debt collectors.\n\nThe best way to handle a collection call for an old debt is to say as little as possible. Don't agree to pay. Don't acknowledge the debt. \n\nIn her book, "Money Troubles: Legal Strategies to Cope With Your Debts," attorney Robin Leonard offers the following advice: \n\n"You should never talk to the collection agency about it at all, even if they call at a permitted hour of the day. Just hang up the phone or put the receiver down and walk away."\n\nThe best way to respond to a collection notice on an old debt is in writing.\n\nUnder the law, a debt collector must send you a written notice telling you the amount of money you owe and the name of the creditor. If within 30 days of receiving this collection notice you write a letter back disputing the debt, a debt collector may not contact you.\n\nIt's a good idea to send this letter via certified mail so you'll have proof that the debt collector received it. Under the law, a collector may only renew collection activities if proof of the debt, such as a copy of a bill, is sent to you. \n\n"Definitely seek a