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  1. #1
    Join Date
    Aug 2011
    Posts
    2

    Default Parents Took Out Loans Without My Knowledge

    My question involves collection proceedings in the State of: Indiana

    I have an unusual situation. I'm currently 26 years old and in the middle of graduate school. I didn't know this until a couple years after I graduated, but my parents took out a lot of money in private loans in my name while I was in undergrad, much more than was necessary to pay for my education. It turns out that my dad was unemployed for some time, so in order to keep the house and whatnot, they decided to take out student loans. The plan was that my dad would get another job and that my parents would pay these loans off. What happened is that my dad is sick and on disability now. My parents filed bankruptcy two years ago. So, I'm left with nearly $200,000 in debt, most of it private.

    Like I said, I'm in graduate school and have only loans and my husband's part-time income to live off of. It is impossible for me to make any payments. And as apologetic as my parents are, they really aren't in a financial position to help out much either. It's gotten to the point where one of the private loan companies has hired a law firm. Now I'm really starting to worry about my financial future...buying a house, car, employment, etc.

    Question: is there any way, without a lawsuit, to transfer these private loans to my parents' name? My credit is already screwed, and I'm just tyring to figure out a way to get this monkey off my back. Thanks.

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Parents Took Out Loans Without My Knowledge

    As you have known about this for years and chose not to take any action to try to escape the loans on the basis of fraud, you may find that the lenders are not willing to work with you. Call them and ask. Generally they will want you to file a police report in association with a claim of fraud.

  3. #3
    Join Date
    Aug 2011
    Posts
    2

    Default Re: Parents Took Out Loans Without My Knowledge

    So, what happens if I file a police report? What legal actions will be taken against my parents? I don't want to get them into any legal trouble, I just wanted to know if there was a way to get the loans placed in their name.

  4. #4
    Join Date
    Jan 2006
    Posts
    38,867

    Default Re: Parents Took Out Loans Without My Knowledge

    Quote Quoting DebtFW
    View Post
    So, what happens if I file a police report? What legal actions will be taken against my parents? I don't want to get them into any legal trouble, I just wanted to know if there was a way to get the loans placed in their name.
    If you do not want to risk them getting into any legal trouble then you are stuck where you are. Your only chance of denying liability for the loans is to report your parents for fraud. What happens to them would be up to the courts. What they did is illegal so I would expect some penalties for their actions.

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