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Submitted by on Mon, 05/14/2012 - 10:24
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When I was married my wife had very bad credit and could not take a student loan out for her son. I took out a 12,000 dollar loan for him. I payed the interest on this loan for two years but then became permanently disabled. Because of her drug habit we separated then divorced. During the separation I told her I was not going to make the payment on her sons loan because he never went to school. My stepson spent the year up north at his girlfriends house bought him a full meal plan and sent money and extra food and supply's monthly and he finished the year with a 0.58 gpa. During our separation she did not make one payment because the loan was in my name. Because I make a lot more money than her even though I am retired and on disability the court made me pay her 1,000 a month for life and keep the loan. I am happily remarried but went from makeing almost 10,000 a month to 4,200 a month and paying her a 1,000 a month money is tight. Is there anything I can do about this loan? It is at 18,000 now and I can't afford to pay that back. Thanks for any help


Was this a Federal Plus Loan? Or a private loan? If it was a private loan, is your son on the loan?

If this is federal PLUS loan, they will end up garnishing any federal payment you have coming in SSDI and social security plus your state and/or federal tax refund.

If it is a private loan, they will end up suing you. You will end up with a lien on your home and you risk bank account levy.


Submitted by SOAPLADY on Tue, 05/15/2012 - 03:54

SOAPLADY

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