college loans
Date: Tue, 11/27/2012 - 09:58
My son has Sallie Mae loans and has been paying $500 a month for over two years on these loans and now they are asking him to double his payment. He is self employed so money is not always consistent. I have co signed on some of these loans. Are they allowed to demand he make higher payments? I have read some of the FDPCA information and I don't understand alot of the legal jargon. by making the same payment, he is now behind on other important bills and utilities. Any suggestions.
Quote:My son has Sallie Mae loans and has been paying $500 a mon
Quote:
My son has Sallie Mae loans and has been paying $500 a month for over two years on these loans and now they are asking him to double his payment. |
Need more information. What is the status of his loan?? Is he in current standing?? Are the loans defaulted?? How much does he owe?? Quote:
He is self employed so money is not always consistent. I have co signed on some of these loans. Are they allowed to demand he make higher payments? I have read some of the FDPCA information and I don't understand alot of the legal jargon. by making the same payment, he is now behind on other important bills and utilities. Any suggestions. |
FDCPA would be irrelevant. You and your son signed prom notes. Those are the terms. Hardship payments may have been set up temporarily and now Sallie Mae wants the full payment which is very legal. If those higher payments are not made, he will default which will severely damage BOTH of your credit reports. On top of that, Sallie Mae routinely sues BOTH parties and will pursue wage garnishment and bank levies.
