Cosigner Threatening To Sue
My question involves collection proceedings in the State of: texas
My ex's mom co-signed on a student loan for me in an amount exceeding $30k. Once the loan came due I was unable to make the payments.The loan is currently in default around 60 days because she will make a payment once every couple of months. I realize this is affecting her credit as well as mine but I just dont have the money to make payments. She is threatening to sue me for not making the payments on the loan. Is this possible?
Re: Cosigner Threatening To Sue
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swweetipie
My question involves collection proceedings in the State of: texas
My ex's mom co-signed on a student loan for me in an amount exceeding $30k. Once the loan came due I was unable to make the payments.The loan is currently in default around 60 days because she will make a payment once every couple of months. I realize this is affecting her credit as well as mine but I just dont have the money to make payments. She is threatening to sue me for not making the payments on the loan. Is this possible?
why yes it is. You were the beneficiary of the loan and you promised to pay it back. She is only holding you to your word.