Help CoSigner of Student Who Defaulted
Date: Thu, 09/20/2012 - 08:27
Hi!
I am looking for advice as I don't know where to turn: I cosigned several student loans for my son who defaulted on one loan and is making payments (not always in timely manner) on the others. He has caused my 30 years of great credit to be trash. I have picked up the payments on the defualted loan however they are $400+ per month. With three of his siblings who still live at home this is a financial burden I honestly cannot afford and know he cannot at this size payment either. Being a private loan in default they call the shots on the size of the payments and are not willing to budge as they have a goal on when to have the loan paid off. Please any advice on how to handle this situation will be most appreciated. Please understand at this rate I will be die before my credit can improve! I am hoping their is a way to have this not happen not to mention if my family has an emergency that may require me to obtain funding, as I am unble to even get a Sears credit card at this point, I would be in serious trouble! Please help! Just a footnote: My son was insisting he had all under control when I would inquire about calls being left in my voicemil as I was preoccupied and facing three consective family tragedies. Yes, My fault as I relied on my son to be forthcoming during this difficult period because I was unable to address the matter myself.
I am looking for advice as I don't know where to turn: I cosigned several student loans for my son who defaulted on one loan and is making payments (not always in timely manner) on the others. He has caused my 30 years of great credit to be trash. I have picked up the payments on the defualted loan however they are $400+ per month. With three of his siblings who still live at home this is a financial burden I honestly cannot afford and know he cannot at this size payment either. Being a private loan in default they call the shots on the size of the payments and are not willing to budge as they have a goal on when to have the loan paid off. Please any advice on how to handle this situation will be most appreciated. Please understand at this rate I will be die before my credit can improve! I am hoping their is a way to have this not happen not to mention if my family has an emergency that may require me to obtain funding, as I am unble to even get a Sears credit card at this point, I would be in serious trouble! Please help! Just a footnote: My son was insisting he had all under control when I would inquire about calls being left in my voicemil as I was preoccupied and facing three consective family tragedies. Yes, My fault as I relied on my son to be forthcoming during this difficult period because I was unable to address the matter myself.
There is actually very little to do right now given the fact tha
There is actually very little to do right now given the fact that this is a private loan. The best you can do is focus all your finances and get the loans repaid as soon as possible before they turn toxic.
Other than that, your son needs to step up to the plate and take some responsibility for his actions. Ask him to get a job (or two if it is required) and get moving with the payments.
Yup, your son is going to have to buckle down and work multiple
Yup, your son is going to have to buckle down and work multiple jobs and stick to a tight budget. Private loans DO sue routinely on defaults even when payments are being made.
