Legal Question in Credit and Debt Law in Iowa

Co-signer of loan

I signed a Sallie-Mae loan for my ex-girlfriend 5 years ago or more, the loan is about to into default and I am getting calls from Sallie-Mae. Should I pay off the loan and then sue her for it? What would be my rights in this situation.


Asked on 2/11/09, 8:09 pm

1 Answer from Attorneys
Thomas Moens Moens Law Offices, Chartered

Re: Co-signer of loan

According to your post, this is your loan, so therefore, you are responsible for paying it. Whether you can collect from your ex-girlfriend depends on two things: First, it depends on your arrangement with her regarding the loan, for example, could it be considered a gift? Second, does she have money to pay you? A judgment will do you little good if she has no assets and no ability to pay you.

Read more
Answered on 2/13/09, 11:48 am


Related Questions & Answers

More Credit, Debt and Collections Law questions and answers in Iowa