What should I do about a Student loan I co-signed that's going to default in 8 days?

Answers:1   |   LastUpdateAt:2012-10-12 09:53:08  

Asked at 2012-09-20 06:14:02
I mistakenly co - signed a student loan from Chase for a friend about 3 years ago , not knowing what the terms were , after being deceived into thinking that he would have nothing to do with paying them back. Now I realize that the co -signer is as responsible as the benefactor of student loans . He has not paid for the loan ( he promised me that he would consolidate after graduation ) , and now Chase Bank coming after me for payment. I was told to stop paying the 31st of this month if no payment is received . They have been calling me every day , sending payment collection letters , and I have not responded , except once or twice to tell them not my loan , and I 'm not paying . I told them that forged my name , because they had approved the $ 20,000 removed . All I did was that I could use my name and address ( not knowing what it meant co-signing ) . Now it's up to 26,000 and ruin my credit . Late fees , interest and no payments have been made. This guy is not available , and when I contacted her through Facebook , said he would " try to take care of it . " I know he is not going to do anything about it , so what should I do ? Im a job and have no money to pay this. Also, I have my own loans and is pending . Someone please help !
Answer1SiriAnswered at 2012-10-12 09:52:38
Unfortunatetly for you , as you are responsible for payment of this loan as their " friend " . The income tax will be taken and when you have to go to work they will garnish your wages too. You need to get a job and pay it back . NEVER go away until you do ... The sooner the better. It will keep charging interest and penalties and even when small amounts are paid on it , may not even be enough to cover the interest . MedlinePlus MedlinePlus This is your loan and you pay ..... learn from this and although it is too late for you , make sure that their children do not make this mistake .
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