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06-02-2018, 10:00 AM
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#21
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Moderator Emeritus
Join Date: Sep 2007
Posts: 17,773
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Do you have an signed agreement with your niece that she will pay you back for your making the student loan payments in the event she defaulted on the loan? That agreement would support a lawsuit.
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“Would you like an adventure now, or would you like to have your tea first?” J.M. Barrie, Peter Pan
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06-02-2018, 10:30 AM
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#22
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2014
Posts: 7,322
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Quote:
Originally Posted by pb4uski
OP, has the lender sued your niece to get paid? I read that some states forbids a lender from collecting from a co-signer without first trying to collect from the primary borrower.
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I'm guessing that right now, if the OP is making payments, the lender won't go after anyone. Maybe if the OP stops payment, but then his own credit rating would suffer, which can affect car insurance rates even if he has no plans to borrow money.
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06-02-2018, 10:34 AM
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#23
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Recycles dryer sheets
Join Date: Mar 2014
Location: Lexington
Posts: 83
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I am not saying that loaning to friends/relatives always ends badly, but it changes the relationship. And if you aren't paid back as agreed, it can ruin the relationship.
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06-02-2018, 10:42 AM
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#24
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Thinks s/he gets paid by the post
Join Date: Jun 2004
Location: Diablo Valley (SF Bay Area)
Posts: 2,705
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22k lesson
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06-02-2018, 02:25 PM
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#25
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gone traveling
Join Date: Mar 2015
Posts: 3,508
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Quote:
Originally Posted by 14thMed
Co-signed a student loan for my neice,who hasn’t made a single payment. Seemed like a good idea at the time.My sister neglected to to tell me her daughter had “issues “. Niece went to medical school but has never practiced. She was medically discharged from the military. So, here is my question— Would it do any good to sue her? Other than make me feel better?
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If suing and failing to win a judgement while ostracizing you from your family makes you feel better, then go for it. Otherwise, don't waste your time.
Who do you think you would sue? Under what grounds?
I'm assuming you haven't contacted a lawyer yet. Hope you get a good one who talks you out of it cheaply.
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06-02-2018, 02:30 PM
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#26
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gone traveling
Join Date: Mar 2015
Posts: 3,508
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Quote:
Originally Posted by athena53
I'm guessing that right now, if the OP is making payments, the lender won't go after anyone. Maybe if the OP stops payment, but then his own credit rating would suffer, which can affect car insurance rates even if he has no plans to borrow money.
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When a loan is cosigned, the lender can and will go after whoever has the money to make the payments. That's what cosigning is all about.
No only will the OP's credit rating suffer, they could get sued for the unpaid money, along with legal fees.
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06-02-2018, 03:13 PM
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#27
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Recycles dryer sheets
Join Date: Jun 2017
Location: Rural community
Posts: 217
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Hmm, interesting that she required a co-signer for medical school loans. That’s not the case with my second year med student. Also interesting that she was in the military and had to take out loans. Military med students get scholarships to pay 100% plus a monthly stipend, they need to serve after they graduate.
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06-02-2018, 03:22 PM
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#28
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Thinks s/he gets paid by the post
Join Date: Jun 2017
Location: Western NC
Posts: 4,607
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Quote:
Originally Posted by nhcycling
Hmm, interesting that she required a co-signer for medical school loans. That’s not the case with my second year med student. Also interesting that she was in the military and had to take out loans. Military med students get scholarships to pay 100% plus a monthly stipend, they need to serve after they graduate.
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OP is on the hook for a year of undergrad.
Not clear if she had medical school paid for by the military - professionals (usually doctor/lawyer/clergy) who paid for grad school on their own dime can direct commission into the military.
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06-03-2018, 11:09 AM
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#29
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Full time employment: Posting here.
Join Date: May 2014
Location: Lakewood
Posts: 919
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I concur with most here. Don’t bother to sue, unless you have a lawyer on retainer and you need to keep her busy. I suggest chalking this up to a vicious lesson in human nature.
I personally would never speak to the relatives involved again. I fear if I tried to simply move past this, one of them would come to me for money again in the future and I would be irate; possibly incensed with rage.
If you are a better man than me, perhaps you can communicate how betrayed you feel and that you cannot responsibly do anything like this ever again. And then invite them over for BBQ.
Good luck.
__________________
Why be normal when you can be yourself?
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06-03-2018, 11:27 AM
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#30
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Thinks s/he gets paid by the post
Join Date: Jan 2012
Posts: 2,581
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Quote:
Originally Posted by nhcycling
Hmm, interesting that she required a co-signer for medical school loans. That’s not the case with my second year med student. Also interesting that she was in the military and had to take out loans. Military med students get scholarships to pay 100% plus a monthly stipend, they need to serve after they graduate.
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Yeah, something seems really odd about this whole situation. Will be interesting to see if the niece makes any attempt to pay OP back for the loan after she graduates from med school and gets a decent paying job as a physician (assuming this happens).
As for suing her to recover the money, I highly doubt that's an option unless there was some other signed contract (aside from the co-signed loan) that obligates the niece to repay OP for whatever he ended up having to pay as co-signer.
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06-03-2018, 11:30 AM
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#31
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Recycles dryer sheets
Join Date: Mar 2007
Posts: 106
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OP here
Thanks everyone for the thoughts. I probably will start paying the debt, but keep the pressure on the relatives.
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06-03-2018, 11:38 AM
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#32
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2014
Location: Spending the Kids Inheritance and living in Chicago
Posts: 17,008
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So is there interest on the debt and at what rate ? Just wondering if it makes sense to pay it all off at once, or monthly.
Professional advice is probably in order, as if OP pays it regularly, then there is no pressure on kid to pay it. If OP refuses to pay, shouldn't the lender first sue the kid, then if nothing there, go after OP ?
OP - Definitely review your WILL, and make sure you are not accidentally going to reward these undeserving people.
__________________
Fortune favors the prepared mind. ... Louis Pasteur
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06-03-2018, 11:56 AM
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#33
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Apr 2010
Posts: 5,856
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This IS an inexpensive lesson. Could be a lot worse. Forget about it. In the scheme of things it will not count for much.
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06-03-2018, 12:15 PM
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#34
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Recycles dryer sheets
Join Date: Mar 2007
Posts: 106
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Quote:
Originally Posted by Sojourner
Yeah, something seems really odd about this whole situation. Will be interesting to see if the niece makes any attempt to pay OP back for the loan after she graduates from med school and gets a decent paying job as a physician (assuming this happens).
As for suing her to recover the money, I highly doubt that's an option unless there was some other signed contract (aside from the co-signed loan) that obligates the niece to repay OP for whatever he ended up having to pay as co-signer.
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Neice graduated from med school several years ago. Never worked as a Doc. after getting the medical discharge from Army. Living off her and her husbands disability checks. Should be around 6k a month from my knowledge.
She managed to delay paying on loan till now.
Her disability was not combat related.
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06-03-2018, 12:15 PM
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#35
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2015
Location: the prairies
Posts: 5,027
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Quote:
Originally Posted by Hermit
I never lend money with the intent of getting it back. If I get it back, that is great. If I don't, that's OK. I was not expecting it anyway, but there will no more loaned to that individual. Not much difference between lending her money and cosigning the loan.
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If I lend money, it's with the expectation of it being repaid. That's why it's called a loan.
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06-03-2018, 12:55 PM
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#36
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Thinks s/he gets paid by the post
Join Date: Jan 2012
Posts: 2,581
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Quote:
Originally Posted by 14thMed
Neice graduated from med school several years ago. Never worked as a Doc. after getting the medical discharge from Army. Living off her and her husbands disability checks. Should be around 6k a month from my knowledge.
She managed to delay paying on loan till now.
Her disability was not combat related.
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Hmmm... hard to comprehend why someone would go to all the trouble and hard work of graduating from med school and then never work as a doctor. Living off her husband's disability checks implies she's somewhat of a layabout or slacker, which seems inconsistent with the work ethic needed to graduate from med school. Feels like there's much more to the story, but I guess the fundamental elements are clear. She used you to pay for her medical degree that's been rendered useless by her irresponsible behavior. Makes me wonder if you saw any hint of this kind of irresponsibility or immaturity in her personality prior to co-signing for the loan.
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06-03-2018, 01:28 PM
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#37
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Full time employment: Posting here.
Join Date: May 2008
Posts: 597
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Quote:
Originally Posted by pb4uski
Don't forget to amend your will to cut out the niece and her mother.... it would be a nice touch to send them a mark-up showing they have been deleted.
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+1
I always appreciate it when someone saves me the trouble of posting.
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06-03-2018, 01:54 PM
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#38
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Thinks s/he gets paid by the post
Join Date: Oct 2009
Posts: 1,190
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As others have stated, seems like one of those "it is what it is" moments in life. Move on...
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06-03-2018, 02:23 PM
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#39
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Thinks s/he gets paid by the post
Join Date: Jan 2017
Location: Hog Mountian
Posts: 2,077
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Quote:
Originally Posted by Hermit
I never lend money with the intent of getting it back. If I get it back, that is great. If I don't, that's OK. I was not expecting it anyway, but there will no more loaned to that individual. Not much difference between lending her money and cosigning the loan.
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+1.
Co-signing a loan should only be done with the mindset that it is a gift. I wish you good luck getting anything back, but very doubtful about legal remedies.
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Never let yesterday use up too much of today.
W. Rogers
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06-03-2018, 02:51 PM
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#40
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2014
Posts: 7,001
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It is definitely worth the cost of a consultation with a lawyer. I would be furious but only sue if I had a good case. I would never speak to either of them again.
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