Cosigner for a Loan

[baby29646]

My question involves collection proceedings in the State of: South Carolina

7yrs ago I got a loan and was a cosigner on it. About for years later I received a phone call on a past due payment. Needless to say the loan wasn't paid off yet and the original payments amount was changed from 250 a month to 50 a month so about 3000 was still owed on the loan that should have been paid off. I contacted the other person he stated he was giving the money to his mom to pay the payment. So I contacted her and then she informed me that they couldn't afford the 250 payments so bc she knew the loan people so well they agreed to lower the original payments from 250 a month 50. I went to the loan place and argued the fact of why I wasn't notified since it affects my credit when the payments was changed and how she had the right to change the arrangments. The loan place said they didn't have to notify me bc the contract wasn't redone and if she stated that the borrow if having hardship then they will change the payment amount. Now 2 yrs later I received a phone call the other day a total of 7 yrs after loan was opened and still 3000 is owed bc of late payments and interest this is only the 2nd time in 6 yrs of being called about this loan. What can I do I don't want this on my credit but don't feel like the loan company should have let this happen without notifing me since I'm held responsible also, it affects my credit and the fact letting the person mother make changes on this loan. This didn't have to get this high balance if I was informed when it first happened but they let it get deliquent over a year before the mother started making payments again and I never was informed so now the balance is more than the original loan. Please any advice HELP!!

[Dogmatique]

The loan company did nothing wrong, legally speaking.

Have you been keeping tabs on your credit?

[baby29646]

How isn't against federal law to give his mother information about an account that isn't in her name without either of our permission.. She didn't have her son permission either he thought it was paid off also bc he was giving her the money to pay the loan and she kept some of the money. She admitted this to both of us. But I still think the loan company should have to notify the cosigner before any changes are made to the account when I' help responsible and it affects my credit also. I personally know w/ me having had several loans w/ my husband and me being a cosigner anytime a payment is late or changed I have to be notified and a paper signed saying I agree..my best friend is a loan person she said they are suppose to notify me anytime changes are done or a payment is late.