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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?




Sub: #1 posted on Wed, 07/25/2012 - 12:52

OhioGal1 OhioGal1
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Yes I did sorry for the re-post. What does it mean the sallie mae loans show charged-off on my credit report?

Sub: #2 posted on Thu, 08/16/2012 - 13:10

hugz4me2day hugz4me2day

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It means that the lender has written it off as a bad debt. You can still be sued for nonpayment.

Sub: #3 posted on Thu, 08/16/2012 - 13:49

OhioGal1 OhioGal1
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Can I sue him in small claims court? Do I have any recourse in this situation, he's gone on with his life, but these loans have ruined my credit rating.

Sub: #4 posted on Tue, 08/21/2012 - 12:28

hugz4me2day hugz4me2day

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Sallie Mae will probably end up suing both of you. Is he aware of that??
They actively garnish wages and levy bank accounts.

When you signed on as cosignor, you agreed to be responsible for the loan. What is the point of suing when you agreed in writing to pay this debt???

Sub: #5 posted on Tue, 08/21/2012 - 12:38

SOAPLADY SOAPLADY
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They cannot touch your income...so they are more likely to pursue him.

Sub: #6 posted on Tue, 08/21/2012 - 12:40

SOAPLADY SOAPLADY
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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.

Sub: #7 posted on Tue, 08/21/2012 - 18:41

hugz4me2day 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....

Sub: #8 posted on Tue, 08/21/2012 - 19:22

SOAPLADY SOAPLADY
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Thank you

Sub: #9 posted on Thu, 08/23/2012 - 09:13

hugz4me2day hugz4me2day

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