Legal Question in Credit and Debt Law in Massachusetts
Hi, I cosigned for a friend's education loan when she asked me to in August 2007 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 dollars, once the payments went up to $243 she didnt make them, didnt call to let me know and so 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 cc statements. This has scenario has repeated itself multiple times since.
I've had her sign statements that she will repay me in full and acknowledging that she will be responsible.
Now I know that the reality is that I am just as responsible for this loan but how do i get her to repay me and pay the loan in timely fashion.
Initial loan amount $9000
Amount owed to me$1800
Amount owed Sallie Mae 7450
Because of all the forbearances et at, she now owes more than the initial amount borrowed in spite of the fact that some payments have been made. Can I take her to court to get her wages garnished to that at least sallie mae gets paid ( her payment is not 74$$/month)?
1 Answer from Attorneys
Yes. And you should. There is absolutely nothing you can do about Sallie Mae. If you need to force her to pay, then you should do so.
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