Here’s the problem – 3yrs ago, my neice who was 18yrs old at the time and needed a co-signer for a loan to get into a University – I was the go to person (nervous about doing it – i co-signed because she did very very well in high school and seemed to show promise – graduated 3rd in her class) well 3yrs later, or i should say she completed only 2yrs of college, moved in an apt. w/a loser boyfriend- dropped out of college – unemployed (simply because she did not listen to her mother) – lost the apt – moved back home w/me in my home – i put her out in June because she was not paying anytype of rent to me (she neglected to tell me when she moved back home that she was collecting an unemployment check – it may not have been much of a check if i listen to her mother, but she could have given me something (30dollars to put to a bill would have been nice) im not hard to get along with well just 2days ago, i checked my credit report and yes, there is her loan in 60days of default – my credit score was 765 – 754 – 775 from the 3 credit bureaus, well on one of the credit bureaus my score is now 608 (poor) – i am devestated, i worked too hard to keep my score up and now this – this loan provider did not send me any type of letter letting me know of any default or delinquencies – what can i do to get this fixed on my credit report – i cannot lose this – i cannot go backwards in this situation – please help – only serious responses please
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Sun, Aug 8, 2010
August 8th, 2010 at 7:24 pm
Call the loan company/creditor. Make arrangements to pay it in exchange for them removing the damaging information from your credit report. How you arrange to pay it is your business. Depending on what they agree to, you might pay it all off in one lump sum (least likely, even if you got a loan to do so). I think it would be unwise to do that, but you might be able to negotiate paying half of it at one time in exchange for them removing it from your credit and calling it even (you owe no more). You may also be able to take up the payments and just start making monthly payments, with nothing up front.
In the end, your signature will condemn you in any sort of court, so disputing it and having it removed that way will not work.
Even the Holy Bible says, in Proverbs, not to co-sign for anyone. Now you know the reason why.
Sorry. Better luck in the future.
August 8th, 2010 at 7:24 pm
You have few options. By cosigning, you promised to pay the loan if she didn’t. Perhaps you can negotiate a "pay for delete" deal.
August 8th, 2010 at 7:24 pm
She sound’s like a winner!
i’d probably kill someone if they did that to me….
these comments don’t help you though…
find a reputable credit repair company. that’s the best you can do probably. will cost a few bucks to have it done, but they should be able to take care of it.
i wish you luck
August 8th, 2010 at 7:24 pm
Unfortunately there really isn’t much you can do other than pay her debt. Although everyone usually has good intentions when they ask for a cosigner and a person cosigns, cosigning is a commitment just as if you made the loan yourself.
Other than parents, no one should ever cosign for a loan.
August 8th, 2010 at 7:24 pm
This is what happens when a co-sign deal goes wrong.
You are the co-signer on the loan. While the lender should have contacted you when she fell behind in making her loan payments… it doesn’t change the fact that you owe that money now. It could very well be that you moved and the letter went to the old address).
When she was broke and lived with you and could not even give you a token amount for rent…. did you think she was paying back the student loan on time that comes due when she got kicked out of school?
Your first question when she arrived at your door step should have been
"What about that student loan that I co-signed for you?" Where is that paperwork and are you making your payments?
You will need to pay off that loan for her. Sorry… with any luck you can get a "pay for delete" if you can settle with the loan company and pay off the whole settlement amount due at once.
(Do try and negotiate a settlement… I doubt you can afford to pay back the whole student loan at once).
August 9th, 2010 at 8:18 pm
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