Full question:
I am a co-signer on a student loan for my stepdaughter who continuously avoids payment on it. I have paid about $2000.00 on it over a period of 8 years. I am getting harassing phone calls from the lender. She also avoids them as much as possible, but the last 2 times she set up payment she had insufficient funds and then they proceed to me. Can I take out a debt warrant or is there something else I can do to get her attention. She is married and both her and her husband work and have 2 kids. They also are bingo addicts and I know they do not want to sacrifice that and her husbands obsession for fishing and buying expensive fishing equipment.
- Category: Debts and Credit
- Subcategory: Cosigning
- Date:
- State: Virginia
Answer:
It may be possible to sue the primary borrower, your stepdaughter, depending on whether there was an agreement for her to repay the loan. You should consider what evidence exists regarding this agreement. It's advisable to have a written agreement from the borrower stating that they will repay you if they default on the loan.
As a co-signer, you can also contest any negative reports with credit bureaus and communicate with the lender about clearing your credit report if it reflects negatively after you've made payments.
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.