1/29/05 Update on page 3 - LISA Finally contacted me today.............NWR - cosigned a student loan THE SAGA CONTINUES

Re: Did a stupid thing and want some advice.............NWR - cosigned a student loan

Ugh! What an awful situation. How much of a difference is there between the 25% and 24 payments? I would probably do whichever one was cheaper.

Re: Did a stupid thing and want some advice.............NWR - cosigned a student loan

Re: Did a stupid thing and want some advice.............NWR - cosigned a student loan

Do you have anything to lose by making the offer?

Re: Did a stupid thing and want some advice.............NWR - cosigned a student loan

i would attempt to go the quickest and easiest route to get it out of your life! it will start to affect your credit if you don't take care of it.

good luck, expensive lesson learned the hard way!

Re: Did a stupid thing and want some advice.............NWR - cosigned a student loan

is there a way to take your name off the loan?

Re: Did a stupid thing and want some advice.............NWR - cosigned a student loan

Re: Did a stupid thing and want some advice.............NWR - cosigned a student loan

Re: Did a stupid thing and want some advice.............NWR - cosigned a student loan

Re: Did a stupid thing and want some advice.............NWR - cosigned a student loan

It stinks, but it sounds like you really want to get out of this sooner rather than later, so I think I would make the offer (if I were you.) Don't be too hard on yourself about it. I know it hurts to give up that money, but it's obvious you were trying to do a good thing. I guess no good deed goes unpunished.

Re: Did a stupid thing and want some advice.............NWR - cosigned a student loan

What a horrible situation. That really, really sucks. Can't you just sue her now so you don't have to make any payments or a settlement?? This shouldn't be your issue. You should have your lawyer draft some papers threatening to sue even if they aren't filed with the courts just to scare her and see what she does.

Re: Did a stupid thing and want some advice.............NWR - cosigned a student loan

wow - thats terrible.

Re: Did a stupid thing and want some advice.............NWR - cosigned a student loan

overall, its just a bad situation. i know its going to hurt your pocketbook, i would just pay the 3 or 4k that would release you from this loan. jmo.

Re: Did a stupid thing and want some advice.............NWR - cosigned a student loan

Re: Did a stupid thing and want some advice.............NWR - cosigned a student loan

---

Posted by smm2675

overall, its just a bad situation. i know its going to hurt your pocketbook, i would just pay the 3 or 4k that would release you from this loan. jmo.

---

I will have my lawyer make the offer and see if they take it.

I don't think she is even working right now.

Re: Did a stupid thing and want some advice.............NWR - cosigned a student loan

UGGG This post made me so mad for you!!!! I hate irresponsible people!!!!!! I know this sounds nuts but I think you will get some finanical windfall as a result of your good deeds. I have seen it happen before and definatley believe in what comes around goes around. Play your lotto tickets and good luck!!! You have my sympathy!!!!!

Re: Did a stupid thing and want some advice.............NWR - cosigned a student loan

Re: Did a stupid thing and want some advice.............NWR - cosigned a student loan

That is really weird... keep playing...I base this karma stuff on my FH and my best friend. Both of them are incredibly generous people. My FH loves to gamble- nothing crazy or what he can't afford but he always ends up ahead. My best friend is the same way- she loves poker and she always wins. I think it is because they are so giving. You are not an idiot- you are a caring person who was helping someone out in a crisis. Please do not beat yourself up.

Re: Did a stupid thing and want some advice.............NWR - cosigned a student loan

Re: Did a stupid thing and want some advice.............NWR - cosigned a student loan

Wow! I feel really horrible for you! I work as a collector on retail loans. Honestly, this is a BAD, BAD situation. The way these things work is that if you are the cosigner or primary borrower it affects your credit the same...you are still a borrower. You can see if you could get some legal action against her to make her take out a loan in her name to pay this off...but that is probably not likely. The way it works in the loans that I deal with is that the cosigner is not released for the life of the loan, meaning the loan would have to be paid in full. If the loan company is willing to work with you, I'd say do it...but make sure you get everything in writing...saying that if you pay this amount you are released from any further obligation. Otherwise, you will have to make the payments to protect your credit.

PLEASE, I BEG OF YOU ALL PLEASE LISTEN TO ME: everyone has the best intentions...they think they are helping people out and are doing the right thing. DO NOT CO-SIGN for loans. It's more trouble then it's worth. Trust me, I see this every day. No matter how much they swear up and down they will be responsible it will not assure you your financial future. I have seen people take advantage of friends, relatives, strangers. The end result is that they skip town w/ what ever they got from the loan and the poor cosigner is left fitting the bill. If their credit is not good enough to get a loan on their own...especially a student loan (very easy to obtain), there is usually a reason for it and they should not have a loan in the 1st place. People have been sued, had wages garnished, and lost homes because of vouching for others. It's really not worth it. You have nothing to gain, but everything to lose. Please think about this when you are approached to co-sign for anything. I have heard over and over again from customers who did not understand what they were getting into 'well this is so-and-so's loan, I have nothing to do with it...I am just the co-signer', but this is not the case. You may as well take out the loan for yourself in your own name only...you are still borrowing the money.

I really hope your situation works out okay. She is hurting herself and if she defaults on these loans she will be unable to get anymore student loans...plus a whole bunch of other consequences. To be honest, they may not accept your offer, but it does not hurt to make an offer anyway. The problem w/ suing her is that you knowingly signed a promisary note agreeing to be financially liable in the event the primary borrower does not make the payments. I don't know if you would really be able to sue her because that is the whole purpose of having a co-signer.
One does not need a degree for acting. She sounds a little out of it. If you have any questions, please FM me.