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Tag Archives: cosigning

How Can I Stop Being a Cosigner on My Ex-Wife’s Student Loans?

Sagging Economy

Question: Dear Steve, I cosigned on two private student loans for my ex-wife when I was 23. Oops. It was during the time when a lot of private loan companies were very predatory. Each loan was for about $40,000 (Total $80,000). My ex and I agreed via a bi-lateral agreement that she would take all responsibility for these loans and ... Read More »

    Want to Stop Getting into Debt? Quit Doing This One Thing

    2015-03-10-1425996280-6599772-OMalleyStamp-thumb

    I know someone whose 20-year-old niece wanted to buy a new car. She asked her grandma to co-sign for the car loan, but grandma said, “I love you. But no, I will not co-sign. If you miss a payment, I’m responsible.” So, the niece turned to her mom who couldn’t say “No” and co-signed the car loan. Doh! Who’s Liable ... Read More »

      Nasty Niece Leaves Aunt Hanging on Sallie Mae Student Loans

      Women fighting

      “Dear Steve, My wife cosigned on several Sallie Mae loans for her niece. Her neice stopped repaying her loans several years ago and my wife has been paying the interest only since then, which Sallie Mae approved per a phone conversation. They never sent a paper confirmation of the agreement, now they claim she should start paying off principal. When ... Read More »

        I Cosigned for a Private Student Loan and The Loan Has Gone Missing. – Jan

        Woman in safari hat looking through binoculars

        “Dear Steve, I cosigned a private school loan for someone, and upon being due she defaulted and I have been paying the payment now for about 1 1/2 years each month to the prior loan servicer AES. She never paid a payment, and has recently filed Chapter 13, and when I went into the AES site to make this month’s ... Read More »

          I’m Willing to Co-Sign a Loan to Help Out My Guy. – Lou

          Ready to Collapse

          Lou “Dear Steve, Asking for my guy. He’s currently about $50,000 in debt between his student loan, car loan, and using his credit card to pay bills while he was out of work. The card is a bit over $6k, car is between $10 and 11k, and the student loan is around $34k. He currently makes about $30,000 a year ... Read More »

            I Cosigned for a Car for a Guy I Was Dating. – Kate

            Ready to Collapse

            “Dear Steve, I cosigned for a car when I was 19 with a guy I was dating at the time. Since then he stopped paying for the car and it was sent to collections. I was in contact with the guy for a while but since it was sent for collections, he has disappeared with the car. I don’t know ... Read More »

              My Ex-Wife is Claiming Bankruptcy For Some Debt I Am Responsible For. – Steve

              Ready to Collapse

              “Dear Steve, My ex-wife is claiming bankruptcy and she has some debt that I am a co-signer on. I do good to get by with the debt that I have myself. I can not afford to take on her debt (about another $200 a month). Should I consider bankruptcy myself? I fear if i do not i will lose my ... Read More »

                I Put a Business in My Name for my Dad and Now it is Bankrupt. – Sarah

                Ready to Collapse

                “Dear Steve, I put a buisness in my name for my dad trusting it would do well and trusting my dad, now we are going bankrupt and its all in my name, we havent yet declared bankrupcy but the business is closed and the goods have been sold of but we still owe money to the bank and suppliers but ... Read More »

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