Cosigned on student loan - am i screwed

[TX_92_Notch]

I even taught this guy how to draft so he could do a little side work for me each month and easily earn enough to make the student loan payments... that lasted a few months and then went nowhere.

[TX_92_Notch]

that's a nice cover letter, but what about references?

They’re all dead or mute.

[ceyko]

Can you beat his ass, if not, I can do it for you. You pay my bail and attorneys. I'm 6'5" 280, I can do a good job.

I'm of the opinion the guy has this coming, whether he pays up or not. Screw the bank, credit companies....but not individuals who loan you money/help you get money at their own risk.

[Strychnine]

I'm 6'5" 280, I can do a good job.

that's a nice cover letter, but what about references?

[BradM]

Can you beat his ass, if not, I can do it for you. You pay my bail and attorneys. I'm 6'5" 280, I can do a good job.

[Broncojohnny]

I would use Shaggin Wagon's plan. When the collector's call you, make sure you have all of his information ready to give them, along with everything they can seize.

You may also try the personal loan route. I'd do my best to make him get a home equity loan to pay you off. If he owns the house and has been there for a while, he should have enough.

[TX_92_Notch]

Good replies above. I’m on my phone so I’m not quoting a lot of posts.

Another avenue I’ve considered is paying off the loan (even if I had to refinance in my name under much better terms than the student loan) and then doing a private party loan from myself to him for the payoff amount. Actually, I’d do the loan between he and I first so I don’t pay off the student loan and then have him back out of the personal loan. The perceived benefit to me is that I then have legal recourse to pursue him when he doesn’t pay me monthly like he’s supposed to. And I could require collateral on the loan. He has told me recently that he would be willing to sign a contract for a personal loan from me because it would drop his payment from $386/month to whatever we agree on.

[GeorgeG.]

I would think, buy what you need to buy to secure you're future now with land and the such, then let it student loan go. You have cars, the property the house, what do you need credit for? After about three years, you can start buying again on credit.

I did this when I bought my house in my early 20s. I figure I had everything I needed so I could do without credit for a few years.

This is exactly what I was getting at. Unless you're doing very well financially, I wouldn't pay $115k+ on something like this. I'd get my house and reliable transportation set in place and ride it out. Ideally, you'd want to own up to your decisions but this is a lot of money. And my thought process is that I'd be better off applying that money towards my family and not that douche.

Good luck man

[johnboy]

Take out a life insurance policy out on him and then sit him down and calmly explain that you will get your money back sooner or later. His choice. Maybe do it during a hunting trip to get your point across.
But you're probably screwed. I did the same (cosigned on a car) when I was married, during the divorce I tried to get the judge to make her refinance it and get it out of my name, but her credit sucked. I did my 7 seven years. Learned a very valuable lesson. My 2 cents.

[Shaggin Wagon]

LMFAO!



I already called an attorney. Waiting for someone to call me back. Like I said above, I'm less worried about getting my money back and more worried about paying $386/month for the next 25-35 years until this loan is paid off.



It is private and no, I'm not willing to throw my credit in the tank. We're trying to buy a property right now and my credit score has already taken enough of a hit from this loan that it has me worried.

FWIW - I stopped making payments for 6 months to try and get him to make the payments. He was enjoying his improved credit scores and I figured the hit to his rating might be motivation enough... he paid $100 ONE time in that 6 months (that's less than 1/3 of one payment).

I would think, buy what you need to buy to secure you're future now with land and the such, then let it student loan go. You have cars, the property the house, what do you need credit for? After about three years, you can start buying again on credit.

I did this when I bought my house in my early 20s. I figure I had everything I needed so I could do without credit for a few years.

[Stephen]

I doubt an attorney can do much considering you willingly co-signed. I hope for your sake, I’m wrong. Go grab his dirt bikes and ride them around.. ghost ride them a couple times.. then borrow his car and beat the shit out of it like it’s a rental, awkwardly hit on his wife.. it won’t change anything but you’ll probably feel a little better ha!

[jw33]

I am no help and I can only imagine the amount of frustration you feel paying that bill each month.

Are they on FB? I would send a friend request to everyone they know and then share the story with them. Shame can be a powerful tool, but somehow I don't think it would move the needle much in this case.

[JC316]

My brother in laws credit is shot due to cosigning on a loan. From what I understand, if you secure a judgement in court and he refuses to pay, you can then get a writ of judgement and seize assets that aren't exempt from seizure.

From what I can gather, wages, homestead, heirlooms, jewelry, two firearms, and anything used on a farm/ranch or business is exempt up to $60,000 for married, anything beyond that is on the table. The dirt bikes, 4 wheelers, and cruiser might be on the table for you to seize.

https://www.avvo.com/legal-guides/ugc/what-property-can-i-protect-from-judgment-creditor-seizure-in-texas

You might talk to a lawyer about that, I am by no means an expert. Unless you want to go through a massive headache, see the image below.

[TX_92_Notch]

Isn't there debt cancellation on some of that?

Not for private loans. The debt cancellation stuff only applies to government loans. Private loan holders get fucked.

[TX_92_Notch]

I guess the big question for me when it comes to me stopping the payments is the impact on my ability to buy anything. I'm not Dave Ramsey and I still have to borrow money to buy houses and the like. Sadly, I can't remove my ability to borrow money.