index page

student loan

Date: Wed, 06/29/2011 - 05:55
Submitted by on Wed, 06/29/2011 - 05:55
Posts: 202330
Credits:
[Donate]

I cosigned for son's student loan and I am not working and my son lost his job and got behind. I set up payment arrangements with Citibank but could not bring the loan current. 45 days deliquent now and they accepted our payments and I even told them I would give them money weekly and they still sent it over to a company for collections. I dont see how they can accept my paynments and still turn me over to collections when the rep told me the loan will remain there and they will accept the payments. Now they are demanding payment in full and threatening to take my house. Seeking an attorney now.


Sounds like you have defaulted on a private student loan. If you do not pay as required (they as a general rule do not offer hardship payment plans or deferments or forebearances like federal loans)the loan defaults and is sent to collections. They are aggressive in collections and per the contract you and your son signed, you agreed to balance in full on demand if you default.

There is not much an attorney can do for you plus it will cost you in the region of $200 for a consultation. It is contract law....you have a prom note.

They will sue regardless of payments being made....you are both in breach of contract. They will lien your home but not "take it" per se.

You son needs to get a job asap doing whatever he can do and get this paid down/off as quickly as possible.


Submitted by SOAPLADY on Wed, 06/29/2011 - 06:01

SOAPLADY

( Posts: 17315 | Credits: )