Hi everyone, Here's the problem; my 75y/o mother-in-law cosigned a student loan for her niece's husband 3 years ago. He refuses to pay & now the lender is after her to collect the $4000 he borrowed. Apparently they can't get a hold of him so they are aggressively coming for what little she has. They have even threaten to cut off her medicare/aid benefits. We want to send them a letter asking them to refinance the loan & remove her name from it. Is 30 days enough for them to get this resolved? Should we include that we intend to sue if they don't take any action within this time? Please let me know where I can access sample letters. This isn't the 1st time we've tried to contact them on this matter. By now her credit is shot. Also, they live in a different state from us.
First take a deep breath.They can't touch her benefits.By threatening to do that their in violation of fdcpa.send them a dispute letter.don't mention any legal action there's plenty of time for that.Find the young man and tell him to step up and be a man and take care of this.
Yes, you're right, I do need to take a deep breath & relax. lol It just upsets me so much for some people to be so irresponsible. It's not like they are not doing well. She's a doctor & his loan was for medical school. As far a getting him to step up, we just don't see it happening. We tried a year ago & all they did was run. We just recently found were they were. Even the lender can't find him or get him to pay up. It's hard because she's family & she is a good person. We just don't want my m-i-l to be going through this at her age. We don't know if we should tap into our savings & pay up ourselves.
Wait--if it's a federally-backed loan, they can possibly take federal payments. Federally-backed loans are a whole different ballgame. So, first we need to determine what type of loan it is. You wanting the loan refinanced isn't going to make it happen. She cosigned, she's on the hook if he doesn't pay. If he doesn't have the credit or means to pay, it's likely that he won't get the loan refinanced. You might want to start by contacting the Dept. of Education's Ombudsman and see if there's anything they can do.
