Can I get a court order to make the person whose loan I co-signed on pay since they now have a job?

I co-signed for a friend’s education loan when she asked me to 4 years ago;  I did so after hearing her hard luck story. After completing her career development course, she began making the initial payments to Sallie Mae when they were $10. Once the payments went up to $243 she didn’t make them and didn’t call to let me know. I received calls from the collections dept just before the delinquency was to be reported to the credit bureau. I made the payments and have records of the payments on credir card statements. her monthly payment is $73 and refuses to pay even though she has a job and can afford.

Asked on September 15, 2011 under Bankruptcy Law, Massachusetts

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

If you co-signed a friend's educational loan where in the end you ended up making payments on the loan so as to not have your credit adversely affected where you have not been repaid what you expended, you should do the following:

1. write you friend a demand letter requsting monthly installment payments from her for what you expended with acccrued interest with a requested response by a certain date;

2. if you do not receive a satisfactory response from her, your option is to file a legal action against her for breach of contract and common counts seeking the money you expended on her behalf and accrued interest on this amount as your damages.

Good luck.

 


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