Legal Question in Credit and Debt Law in Indiana

Can a co signer sue?
Hi, im 20 yrs old. Back when i was 18 one of my friends approached me about cosigning for her a private student loan for $20,000. At the time we were best friends and she gave me this story saying she needed that much money so she could use it each year for school so she dont have to keep taking loans out each year. She also said that the school was not giving her any financial aid and that her mom could not take out another parent loan because they found out she filed bankruptcy. So i did it but at the time my credit was not so good. I had charged off credit cards (which im just now paying back). Her mother credit was not good either we both co signed. The check came about 3 days later and her and her mother blew the money on everything else but school. Her mother took some of the money and put it into her bank account. I found out that the school was giving her money and that i was used into her and her mothers game for quick money for the summer because school was not in yet when the money came. I contacted the loan company but they said i co signed that there was nothing they could do. I feel there is if it was for educational purposes then they broke the promissary note. Please Help

Asked on 2/20/08, 1:43 am

Samuel Hasler Samuel Hasler

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Re: Can a co signer sue?

Yes, you should be able to do sue her. This will not be a small claims case and you need to hire an attorney.

Answered on 2/20/08, 4:28 am

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