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Financial POA hiring legal counsel

Date: Fri, 05/17/2013 - 20:04

Submitted by anonymous
on Fri, 05/17/2013 - 20:04

Posts: 202330 Credits: [Donate]

Total Replies: 2


My fiancee has quite a bit of student loan debt that has been in default for a while. Last year, I became her financial power of attorney and was able to get all of her federal loans caught up, but one of her private loans is still in default and has been sold/assigned to several collections agencies. We do not have the money to pay it currently and being collections agencies, they are not willing to work with us to come to an agreement on something we can afford. My question revolves around the collection agencies and their eventual lawsuit. Being as I am her financial power of attorney, will I be able to handle the hiring of legal assistance? She is not able, mentally, to handle her finances or dealing with hiring of a lawyer to handle our eventual case, so I would prefer to do so. We live in Ohio, if that matters.


fyi...student loans are never sold to CA's...only assigned.

With the POA, you should not have a problem.

Private loans have no obligation to give you payments you can afford. Hiring an attorney will not help...in fact it could speed up the suing process. Attornies are expensive and unless there is a valid dispute, there is really nothing he can do for you that you cannot do yourself. You cannot have the loan cancelled for disability so that is not a way out. Best you can do is protect your assets, so any judgment they get will not affect you.


lrhall41

Submitted by SOAPLADY on Fri, 05/17/2013 - 21:46

( Posts: 17315 | Credits: )


Do you have any suggestions for protecting her assets? To be honest, the only assets she has is a 2002 Honda Civic (her car) and a checking account. It's a joint account. Her grandmother is also a cosigner on the loans, but her only income is social security (which is exempt from garnishment, as far as I know), and her assets are in her husband's name.


lrhall41

Submitted by anonymous on Sat, 05/18/2013 - 10:06

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