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sallie Mae student Loan

Submitted by hugz4me2day on Wed, 07/25/2012 - 12:47
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In 06 and 07 I co signed on loans from sallie mae. The kid has defaulted on the loans and they are showing up as charged off on my credit report. What does that mean? By the way my only income is VA disability and social security can my bank accounts be seized?


Yes I did sorry for the re-post. What does it mean the sallie mae loans show charged-off on my credit report?


Submitted by hugz4me2day on Thu, 08/16/2012 - 13:10

hugz4me2day

( Posts: 12 | Credits: )


You are correct I did co-sign, but he's working, has moved out of his parents home, and got himself a new car. If he can do all that then he should be responsible enough to pay on his loans he went to school, not me, I tried to help him out now I'm stuck with the fall out I was just curious what my options are.


Submitted by hugz4me2day on Tue, 08/21/2012 - 18:41

hugz4me2day

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Call and make sure that Sallie Mae has his work and phone numbers. Or give them his parents phone numbers. Maybe let his parents know he will more than likely be sued and will end up having his wages garnished 25%. With a default on his credit he is probably paying hefty interest on that new car. If he gets garnished, he will probably want to move back home.... Guilt goes a longggg way....


Submitted by SOAPLADY on Tue, 08/21/2012 - 19:22

SOAPLADY

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