Legal Question in Credit and Debt Law in New Jersey
Student loan co-signer for ex-girlfriend
I was engaged to get married to my ex-girlfriend/ ex-fiance, two years ago when we broke up. I had co-signed (because I thought we were going to be married) for her student loans, and now I'm getting letters from the debt company that she has not been paying her student loans, and that I am now responsible. We broke up two years ago! I have tried to call her to tell her to pay her debts, but she refuses, and tells me that she's not going to, and that I have to do it. Is there any recourse I can take? My current girlfriend is not happy about this, and has refused to get engaged/ married to me until this is settled. Please help advise!!!
2 Answers from Attorneys
Re: Student loan co-signer for ex-girlfriend
That's what happens when you cosign for someone. Because the two of you were never married, you have a very tough road ahead of you. There are only a handfull of ways to go about all of this and its going to come down to what you consider the lesser of two evils to determine if its worth it to fight it or should you just pay them? Before making any decision, I suggest you at least speak with an attorney as nothing I can say over this site can take the place of a discussion.
Feel free to call me at 732/247/3340 and we can discuss your case. My initial consultations are always free.
Re: Student loan co-signer for ex-girlfriend
Mr. Henninger has given you good advice. I add the following:
1. When you cosign on a debt, you become jointly liable with the primary debtor. If that person does not pay, the creditor can collect against you just as if the debt were yours. The effect on you, including your credit rating, is the same as if you had defaulted on the loan. My experience has been that any time one of these questions contains the word "co-sign" it is bad news for a guarantor (you).
2. You are not without recourse. Whether you pay the debt directly or are sued for it, you can claim against the primary debtor (your ex) and get a judgment. That is actually easier and less expensive to do if the creditor has sued you both. One way or the other, you should get a judgment against your ex. It is good for twenty years so, even if she has no money now, she may at some future time. You can also have it docketed so that it becomes a lein against any real property that she may ever own in New Jersey. It seems that she may not know that you can do that and may be thinking that she can make you pay it for spite. So sue; change her tune.
3. As for your gf, you will have to get here to understand that legal matters can take some time to resolve.
If I can be of help, call or email.
See also: http://info.corbettlaw.net/lawguru.htm
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