Around 8-9 years ago I cosigned on a debt for my girlfriend who had a teenage girl that was in trouble. The loan was to get her off the street and into a private school in montana. about 3-6 months after the signing, her and I broke up.
present day I started getting calls from creditors saying that they wanted their money. She defaulted and my credit is damaged as a result. So..I got a hold of her and she said she had an attorney dealing with the bank. I called her attorney and they were trying to work a deal with the bank. 3 months go by and I start getting calls from debt collection people. I call her attorney again and he says that he hasn’t heard from her in months and so is not representing her at this time. So… I try to get back ahold of her and she tells me she is going through a tough time.. However I started researching her situation and she works at Intel as a manager, has a real-estate business on the side and also a restoration and bed and breakfest on the side (she has money and assets). She is also married again (she was divorced before I was with her).
Talking to creditors some more they were unaware of some of this, so I sent this information to them and they called back and said indeed it looks like she is trying to “hide” her assets. Putting them in her kids name, or her dads name etc.. Time passes and I’m still getting mail that I need to pay debt and it seems like its a new credit collection company. All the time I call her (my ex girlfriend) weekly and can never get ahold of her, and she won’t return calls.
I believe she is trying to stick me with the loan. I believe her being the primary on the loan AND because she has a job and assets that she needs to be held accountable.
What are my options? Can I pay the loan and then sue her for the full amount? what about also sueing her for stress related around all this?
and finally what are my chances of contacting the bank and trying to pay a % of the loan just to get them to leave me alone and have them go solely after her for the rest?
any other options?
You can always try to negotiate your way out of the loan liability but I doubt the bank would go for that. Right now you are the better person for them to go after.
Probably the better thing to do is consult with a local attorney about suing your ex-girlfriend and try to garnish her wages to pay the judgment you might win.
Outside of that you’ve learned a really tough lesson about why you should never cosign for a loan.
The reason the lender wants a cosigner is because the person applying has bad or insufficient credit and they want deeper pockets to go after. The cosigner gets all the liability for the loan and none of the benefits.
Please post your responses and follow-up messages to me on this in the comments section below.Big Hug!