Legal Question in Credit and Debt Law in Florida

Bill collector

My son has a student loan from a loan company. My friend co-signed for him. Unfortunately, he has defaulted. They have been threatening to sue. If I offer to make $500.00 monthly payments, and make them, do they still have the rigght to sue? From 10/05 to 04/06, I was making payments to them. (Around $1400) Than I moved to FLA in 04/06. I didn't hear from them again until 1/07 when they said they were going to sue my son and friend. I made a $1000 payment on 1/30/07 and just made another payment on 2/23 of $500. I have offered to make $500 monthly payments to get this resolved. Again, can they still sue my son and friend. I am more worried about my friends credit rating. pLEASE ADVISE.

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