Regular Contributor
RN67
Posts: 123
Registered: ‎10-01-2012
co-signer on ex's student loan

‎12-10-2012 08:42 AM

In 2002, I co-signed for my exhusband to go back to school. In 2003, we divorced and he was awarded the account in our divorce decree. Since then, he has defaulted numerous times, paid late over and over and it is currently in forebearance until 3-2013. The loan is currently with ACS. I have been working since the beginning of Oct to clean up my credit reports and this is the LAST thing on it. I really don't even know where to start.  Credit reports currently state: Paying as agreed. Forebearnce until 3-2013. But there are numerous 60 and 120 day lates.  What should I do??  ACS will barely give my any info since its in ex's name, but they sure will report everything on my credit. HELP :smileysad:

Starting score (9-29-12)= myfico EQ-562, myfico TU-551, Exp.plus-550
Current score= EQ-732, TU-760, Exp-686
Goal score=775 across the board :smileyhappy:
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Valued Contributor
Jazzzy
Posts: 2,598
Registered: ‎07-29-2009
Re: co-signer on ex's student loan

‎12-10-2012 05:45 PM

When you cosigned this loan you became one of the borrowers. Debt taken by one party or the other in a divorce is still owed by both parties. The lender wasn't part of the divorce.

 

It's unfortunate that his actions have affected your credit negatively, but I doubt you'll have much success in removing what is valid information on a valid debt. Sorry.....maybe someone else will have a different opinion.

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webhopper
Posts: 6,752
Registered: ‎09-16-2011
Re: co-signer on ex's student loan

‎12-10-2012 05:49 PM

Jazzzy wrote:

When you cosigned this loan you became one of the borrowers. Debt taken by one party or the other in a divorce is still owed by both parties. The lender wasn't part of the divorce.

 

It's unfortunate that his actions have affected your credit negatively, but I doubt you'll have much success in removing what is valid information on a valid debt. Sorry.....maybe someone else will have a different opinion.

 

Unfortunately jazzzy is correct. Only thing you could do would be to pay them off in full and then pursue your ex for payment... or take your ex back to court and request that the ex refinances the loan. Otherwise it will be dragging your scores down forever.
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Regular Contributor
RN67
Posts: 123
Registered: ‎10-01-2012
Re: co-signer on ex's student loan

‎12-11-2012 06:47 AM

Somehow I knew that's what the answer was but I was hoping for a Christmas Miracle. LOL.  Thanks for the info. Time to ruin the ex's holidays with some nasty phone calls. BAHAHAHAHA. jk

Starting score (9-29-12)= myfico EQ-562, myfico TU-551, Exp.plus-550
Current score= EQ-732, TU-760, Exp-686
Goal score=775 across the board :smileyhappy:
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Frequent Contributor
bahbahd
Posts: 402
Registered: ‎08-12-2011
Re: co-signer on ex's student loan

‎12-11-2012 07:07 AM

RN67 wrote:

Somehow I knew that's what the answer was but I was hoping for a Christmas Miracle. LOL.  Thanks for the info. Time to ruin the ex's holidays with some nasty phone calls. BAHAHAHAHA. jk

Re: take your ex back to court and request that the ex refinances the loan

 

^^ I'm pretty sure this is a good course of action here. There are probably even damages here which could be awarded to you in a court involved settlement. At this point I would talk to an attorney and have them talk to your ex for you. 

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Frequent Contributor
bahbahd
Posts: 402
Registered: ‎08-12-2011
Re: co-signer on ex's student loan
[ Edited ]

‎12-11-2012 07:11 AM - edited ‎12-11-2012 07:13 AM

webhopper wrote:
Jazzzy wrote:

When you cosigned this loan you became one of the borrowers. Debt taken by one party or the other in a divorce is still owed by both parties. The lender wasn't part of the divorce.

 

It's unfortunate that his actions have affected your credit negatively, but I doubt you'll have much success in removing what is valid information on a valid debt. Sorry.....maybe someone else will have a different opinion.

 

Unfortunately jazzzy is correct. Only thing you could do would be to pay them off in full and then pursue your ex for payment... or take your ex back to court and request that the ex refinances the loan. Otherwise it will be dragging your scores down forever.

This does not mean that you should not attempt to GW ACS sending in copies of the divorce decree and a short GW letter explaining your situation and terms of divorce. You might have much better luck getting the account removed after it is paid, but you never know what sympathetic person's desk your letter might land on. If you do take legal action or at least involve an attorney to help deal with you ex, you could always have the attorney send the removal request for you.

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Regular Contributor
RN67
Posts: 123
Registered: ‎10-01-2012
Re: co-signer on ex's student loan

‎12-11-2012 12:01 PM

I have sent a couple of GW letters to just remove the past late statuses. No response. But I do think I will try an attorney to deal with ex. My ex and I are pretty decent friends, we live in the same town and have a 15 yr old son together. He is a good guy just won't pay his freaking bills. A letter from an attorney may show him I'm serious. Thanks for the info. :smileyhappy:

Starting score (9-29-12)= myfico EQ-562, myfico TU-551, Exp.plus-550
Current score= EQ-732, TU-760, Exp-686
Goal score=775 across the board :smileyhappy:
(300 Views)