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Sallie Mae Said They Were Willing to Release Me as a Co-Borrower. – David

By on September 19, 2012
Sallie Mae Said They Were Willing to Release Me as a Co-Borrower. – David

“Dear Steve,

I’ve cosigned 3 Sallie Mae loans and had my signature forged on a fourth loan original principal was $32k. Now with interest, penalties, etc. the balance is about $50K. I’ve no idea where the primary borrower is and his mother (an ex-girlfriend) is somewhere in Florida, but not responded to any phone calls, texts, nor emails since May. I’ve decided to just get a co-borrower release from Sallie Mae and move on with a bad credit rating and life.

I’ve been told by Sallie Mae verbally and the collection agency in an email that I can be released from the loans I cosigned for $10k. The collection agency has not sent a written agreement to this fact, so I’ve not yet made the payment. They sent a letter stating that the 10K was payment towards a full debt of $50k which I did not think reflected the agreement; hence, did not make the payment.

I’ve already reported the collection agency to the BBB, but the agency has refused to respond to the BBB complaint by yesterday’s due date. Sallie Mae insists that I must deal directly with the agency. I don’t want to make a $10K payment and still be in this mess. How do I get an accurate agreement letter prior to making the lump sum payment?

David”

Dear David,

Without the letter you would be making the payment on blind trust, which would be stupid.

I find it very unusual that Sallie Mae would let you walk away from the debt. The reason they suckered you in as the co-signer is because they thought you were a better person to go after in the case of a default.

I’m not quite sure what your beef is here with the collection agency. While they may have uttered some statement on the phone it was an inducement to pay and without proof or support is not going to be binding on anyone. Your legal costs of trying to enforce this verbal statement would most likely far exceed the $10,000 you might pay.

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Without the written agreement you have no agreement and if the collection agency or Sallie Mae doesn’t want to send you one, well, they don’t have to.

Rather than alienate the collection agency, if you want to attempt a settlement for a release, you are probably better off trying to make them an ally in this effort.

Please post your responses and follow-up messages to me on this in the comments section below.

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Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

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