What to do if I am a co-signer for a student loan and the primary borrower isn’t making payments on time like she said she would?
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What to do if I am a co-signer for a student loan and the primary borrower isn’t making payments on time like she said she would?
She’s been avoiding my calls and emails.
Asked on March 25, 2012 under Bankruptcy Law, Virginia
Answers:
Darren Delafield
Answered 12 years ago | Contributor
You need to speak with an attorney. You may be a co-signer or a guarantor. If you are a guarantor, the creditor must exhaust all other means of collection before it can collect the debt from you. If you are a co-signer, you are liable for the debt without the creditor requesting payment from the primary borrower.
You may be able to sue the primary borrower for breach of contract with you if there was a promise made to you that the primary would pay the debt. I am guessing that any such promise was verbal. You should attempt to document the promise. Do you have any letters from the primary that mention the promise to pay? What did you get in exchange for being a co-signer or guarantor? Can you get something in writing?
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