Heres the backstory: My older sister dated this dude. After 3 months, they moved in together. He was broke as fuck: he was barely able to pay for was half the rent while my mom paid for my sister half the rent, cable, utilities and food. Fast forward, 3 months after they move in together, the boyfriend needed a $30,000 loan to finish the semester at his institute. His parents, while wealthy, don't give a shit about him and wouldn't co sign the loan. My sister basically dragged my mom into this: saying hes not going to be able to get his degree because of this and basically guilt tripped her into co signing the loan, EVEN THOUGH I made it very clear to my mom that it is a huge mistake. I don't know why women are so idealistic: the fucking truth is, people don't get married when they are 22. If they do, the majority of those end in divorce, although I argued this, my mom was still convinced the boyfriend would be with my sister forever and pay off the loan. Fast forward 6 months: the boyfriend breaks up with my sister and then...skips 2 months on his loan payment. Surprise surprise? He simply told my sister "I don't have the money". He definitely has the money: even those his ass is probably homeless, I know he has a 42" LCD TV and a post 2000 chevy sedan. So all this being said, I pretty much have my mind made up that I'm gonna drive 3 hours out to where the boyfriend is staying at and have a "talk" with him. Before I do anything drastic, does anyone know any legal loopholes in these situations? Any way for my mom to lose liability, even though she cosigned the loan? Sorry for the long read guys, I need some advice, badly.
yea, you dont cosign for deadbeats. thats your loophole. sucks, but id look at mom and say hate to say i told you so. its a crappy situation that people put themselves in time and time again, and theres really nothing you can do except bend over and take it. maybe talk to an attorney.
Damn. That guy is a straight-up asshole. Dumping the girl and then skimping on the loan? I assume your mom understands her fault now. You'll probably have to take legal action against this guy to ultimately get the money back. (I'm assuming you're more down for your parents getting their money back than for you to just earn pride points by kicking some deadbeat's ass.) My suggestion? Go and have your talk with the guy, but don't threaten or use violence. Repeat these talks, and just stay on his nuts about it. DON'T give any threats or throw any punches. If you do this, and your situation winds up as a legal case, the ball will be in his court as he can talk about threats of violence or physical assault. Just make sure he knows you haven't forgotten and stay on his nuts. Don't attack him. If it doesn't clear up, sue his ass.
lmao i thought your mom was pissed at your sister at first and so was her ex and they fucked to get revenge on your sister. title is misleading but hilarious. sorry about the situation. is it really a huge concern for you though? i mean you're probably not living with them for much longer and you can say "told ya so"
She would have to have something in writing since she co-signed. She may want to look into an attorney and take civil action for the money. The court can make a judgement, and then she can go a step further and the atorney can motion for garnishments, when/if he gets or has a job. It may take some time, but that judgement remains for at least 7 yrs. So there is ways to get her money, just nothing that is automatic.
Thanks for all the responses guys. I know being threatening is not the most logical option, but how else should one feel when their mom helped someone out in their time of need, when no one else was there and he goes, turns around and pretty much gives her a giant middle finger? My parents work extremely hard for their money, a lot of people their age would be retired by now. Although I'm moving out in less than a year, this bothers me a lot. I'm very close to my mom and it seriously feels like someone just mugged her and got away with it.
Here's the deal...... DO NOT.......I repeat DO NOT go see him, talk to him or threaten him. Contact him through certified, registered mail (which requires him to sign a reciept for the letter which is legal proof that he recieved the correspondence.) Do not use any kind of threats or harsh language in the letter. Just politely ask that he make good on the loan payments. Keep copies of all correspondence and US Postal Service reciepts. When he doesn't make good on the loan, contact the lawyer with your evidence, including a copy of the loan agreement with his signature on it. I understand that your mother co-signed, but he signed the agreement also, and that's your legal precidence to take legal action against him. The sad fact of the matter is two things...... 1. If you win the legal proceedings, the court will probably only put a lien on him, which means you will eventually get paid. This can take years. They MAY also garnish his paycheck, which he can counter by working for cash, and they MAY also garnish any income tax returns or state earnings he may be entitled to like Lottery winnings, etc. The garnishing scenario is highly unlikely though, as it is a loan that we are talking about here and the full amount of the loan is technically not due yet. And...... 2. The lawyer for this motion could potentially cost in the neighborhood of $20,000.00 - $25,000.00. The judge will probably award your mother legal fees, but this will just be added to the lein they put on him. Again, this will take YEARS to recieve and your mother will have to pay the attorney now, so she will not only be out the monthly loan payments, she'll also be out the legal fees. Unfortunately, it's actually cheaper in the long run for your sister to re-establish the relationship, which would probably inspire the boyfriend to start paying the loan. Good luck and let us know how this pans out.
That's the right way to go about it, but if that doesn't yield results, or isn't in your timeframe, I personally would kill and rob him. You said he had rich parents too? Payday son. I'm not gonna SUGGEST you do that, but it's an option that should be on the table nevertheless.
Your mom's incredibly foolish mistake and this retarded deadbeat are not worth going to jail over and ruining your life. Don't do anything stupid. After all of these years I'm very surprised that your mom would do this. Has it really taken her this long to see the bad side of people? 30k is a shit ton of money, I wouldn't even lend that to real family unless it was life or death.
Sorry about your luck man. Fortunately I can help your mother out, I just need her to send me $30,000.
Your in luck! I have a Cousin in Nigeria who is next in line to the crown! He can help you out right now! He just needs you to send your mothers bank account details to me so I can forward them onto him for verification and you have money in 2-3 weeks! But seriously, that sucks balls man.
Student loans are different than other unsecured loans. They don't have to take you to civil court and get judgement like a credit card or bank (assuming this is a stafford-type loan) and there is no statute of limitations. Without payment it will go to a (likley in-house) collection agency. They will target whomever they believe they can garnish. Typically garnishments are 25% of takehome pay. I think SL are only 10%?...? Usually the best thing to do with agressive collectors is eqnore them --they are either going to sue you or they are not and nothing you say is really going to change that-- the worst thing you can do is bring attention to your file and piss someone off. They have 1,000s of debtors they can't locate, can't find employment for, can't get a responce from,....you want to be one of those. But in this case i dunno... Helping the collectors track HIM might be better. When they call (and they will), give them a target. Let them know where he works, where he use to work, where he lives, where his parents live, where they work. And lie your ass off about your mom. She's dead, she went crazy and was taken to the nut house, she moved to Germany, found Jesus, whatever. I might not let them talk to her. It is an emoitional game with them, and frankly she doesn't seem cut out for it. Hopefully you can make it easy for them to go after him rather than your mom. Because if they can't get money from him, they will get it from her. Your mom must have a good heart, but someone needs to take the checkbook, remote control, and any sharp objects away from her for a while. There is going to be some stupid-tax paid here, the only thing you can do is limit how much. Money for bail will only add to the stupid-tax.