Question:
Dear Steve,
My dad is over 75 yrs old with diabetes and needs a break from the creditors that harass him about his granddaughter’s loan from a private christian college she attended. He volunteered but now we want him forgiven for cosigning.
How can my daughter and I help him this time around. She pays each time however sometimes she is late by a few days. Can’t we get the calls and letters sent to our home since it is being paid from our home?
Miss Step
Answer:
Dear Miss Step,
Well the chance are he is not going to get himself off the loan. Just recently the Consumer Financial Protection Bureau released data showing 90 percent of people who request to be released as a co-signer, aren’t.
“Parents and grandparents put their financial futures on the line by co-signing private student loans to help family members achieve the dream of higher education,” said CFPB Director Richard Cordray. “Responsible borrowers and their co-signers should have clear information and standards for releasing the co-signer if the time is right. We’re concerned that the broken co-signer release process is leaving responsible consumers at risk of damaged credit or auto-default distress.”
Realistically, the best thing you can do is make a full payment now and get a payment ahead so there is no need to call to look for the payment. If the payments are current and the loan is not delinquent then collectors will vanish.
And paying late can add up to serious fees and charges being tacked on to the account. If your father wanted to help make the calls stop, ask him if he would be willing to make that extra payment to get your account a month ahead.
You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.
Do you have a question you'd like to ask me for free? Go ahead and click here.
- We Rise From the Dead Yet Again – Podcast - October 2, 2023
- Lexington Law Credit Repair Gets Hammered in Lawsuit Settlement. If You Sell Credit Repair – Wake Up! - August 28, 2023
- People That Got Scammed by Robocall Debt Relief Company Life Management Services of Orange County to Get Money Back - July 7, 2023
Just answered your question.