Hello everyone! This is my first time posting to these forums but I have been watching them for the last few months while trying to build my credit. My problem lies with a Private education loan I received about 4 years ago. Since I was a freshman in college at the time I didn't have enough credit to receive the loan so my mother cosigned for it. Everything was fine (albeight the high interest rate), until I graduated from college last year and was trying to gather my student loan bills together to start paying on them. At the same time I checked my fico score and report and everything was as to be expected except for this student loan that said I defaulted on it.
Needless to say I called AES and they explained to me that my parents had claimed bankruptcy and since my mom cosigned the loan it automatically defaulted and was sent to another company. It took me almost another week of calls to find out what company had the loan and to get a hold of them. They said that the interest is still accruing on the loan and I will not have to start repaying it until my parent's backruptcy is over. I am really confused as to how they could do this to me since it was no fault of my own. Now I have a defaulted loan reported on my credit report and I have a loan accruing interest that I can't pay on until my parent's bankruptcy is over.
Can they do this to me? I have contested the mark to the credit bureaus and TU has already thrown it off of my report, and my score went up. I am still waiting to hear about the others.
HELP!
