Cosigned on student loan - am i screwed

[Ruffdaddy]

And the most fucked up part:

1. The student loan was for an IT program. He was a mechanic and figured he would get an IT certificate and come out making 100k. Then he started the job search stuff halfway through the first part of the program and saw that he would be making $13 - $15 hourly with his certificate.

2. Knowing this, he dropped out after the first half of the program, but not before enrolling in the second half and doubling the amount of the student loan in the process. He never bothered withdrawing and getting that money back, just walked away from the whole deal.

Fast forward too many years and the school is long gone but the debt is still there.

Isn't there debt cancellation on some of that?

[GeorgeG.]

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.

OH HELL NO! I wouldn't pay that at all!

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.

buy your property, then let that shit go. Maybe it's just me but there's no way in hell I'd pay that when I have other, more important obligations (kids, family, my own personal debt, etc.)

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 truly hope an attorney has some solutions. This really sucks for you. Especially when you tried to help someone in good faith.

[TX_92_Notch]

And the most fucked up part:

1. The student loan was for an IT program. He was a mechanic and figured he would get an IT certificate and come out making 100k. Then he started the job search stuff halfway through the first part of the program and saw that he would be making $13 - $15 hourly with his certificate.

2. Knowing this, he dropped out after the first half of the program, but not before enrolling in the second half and doubling the amount of the student loan in the process. He never bothered withdrawing and getting that money back, just walked away from the whole deal.

Fast forward too many years and the school is long gone but the debt is still there.

[GeorgeG.]

I like the collections lawyer thought process. Who cares if you get a penny out of it, get the debt off you and make him pay.

I think with him being the cosigner, any collections company would go after both of them.

If its a private loan, cant you just let it go and take the hit for 7 years? Government student loans are the ones that chase you and garnish your wages I thought?

This is what I'd seriously consider before I dropped a lot of money on someone's loan. It's a crappy way to handle it but I sure as shit wouldn't pay his school loan. I'd take it as an expensive lesson learned and take the credit score hit for the next 7 years.

Please consult with a professional though before taking my advise.

[TX_92_Notch]

Fuck a letter. Pay me and I'll go leave a message he can't ignore.

I'll even fuck his wife and scream out your name when I bust in her ass.

LMFAO!

I like the collections lawyer thought process. Who cares if you get a penny out of it, get the debt off you and make him pay.

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.

If its a private loan, cant you just let it go and take the hit for 7 years? Government student loans are the ones that chase you and garnish your wages I thought?

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).

[Craizie]

Government loans don't go away. The "hit" he takes may be a stay in jail. For him and the friend.

Re-read what he said.

[Gasser64]

If its a private loan, cant you just let it go and take the hit for 7 years? Government student loans are the ones that chase you and garnish your wages I thought?

Government loans don't go away. The "hit" he takes may be a stay in jail. For him and the friend.

[Shaggin Wagon]

If its a private loan, cant you just let it go and take the hit for 7 years? Government student loans are the ones that chase you and garnish your wages I thought?

[ceyko]

I like the collections lawyer thought process. Who cares if you get a penny out of it, get the debt off you and make him pay.

[Craizie]

Fuck a letter. Pay me and I'll go leave a message he can't ignore.

I'll even fuck his wife and scream out your name when I bust in her ass.

[TX_92_Notch]

It sucks to spend my cash on an attorney but, then again, I'm spending over $1,000 every 3 months on this loan. It's been an easy 10 years and he's made maybe 3 years worth of payments in that whole time.

The loan balance is still dangerously close to the original balance because of the late fees and it's compound interest so you get screwed royally when payments are missed. Paying interest on interest on interest...

Maybe a letter from an attorney threatening legal action would be enough to get him to pay it. I'm going to start looking for an attorney.

[FastFox]

Find a good business lawyer who still will do collections. You might be surprised at what can be done.

[Jose]

Sorry for the quick response earlier. Fuck him. Not sure what it would cost you out of pocket to get anything done legally but I would just on principle alone. That's fucked up.

[32vfromhell]

At least if you get a judgement against him you will have legal right to begin filing liens against him.

[4EyedTurd]

Paint thinner and a brief messege on a car might get it across