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Student Loan Co-Signer's Remedies After Default

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  • 05-19-2010, 08:13 PM
    hithere05
    Student Loan Co-Signer's Remedies After Default
    This question pertains to Florida...

    I cosigned on a student loan for someone about 6 years ago when I was 19. It turns out that the person has not been making payments for about a year. I was contacted by a collections company that notified me that my name could be cleared for $9,253 dollars, but the person is refusing to pay. Is there any way that I can get my name off the loan. I do not want my credit to be affected any further or my wages to be garnished.

    Thank you in advance for your help : )
  • 05-19-2010, 08:21 PM
    525601minutes
    Re: Student Loan Co-Signer
    If you could just 'get your name off' that would really defeat the purpose for having a co-signer in the first place. Unless you have a legal reason why you shouldn't be held responsible - like you have been determined to be incompetent or your signature was forged - then expect to be held to the terms of the agreement.
  • 05-29-2010, 04:14 PM
    hithere05
    Re: Student Loan Co-Signer
    Thank you for your response. Would it matter if I took out a restraining order against this person since I cosigned?
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