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Bruce
Joined: 29 Oct 2008
Bruce's page
Posts: 2
119 Magic Points
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Subject: Parents defaulted on my student loan payment
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Wed Oct 29, 2008 2:05 am
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My parents took out a student loan in my name to help pay for my school and also their finaicial set backs. I had no clue about this loan until i get a letter in the mail stating it was in default.. Once i received that letter i caught up my payments right away and am making regular payments.
Do i have any options to dispute this without throwing my parents under the bus? They took the loan in my name without me knowing, and neglected to pay or tell me. |
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Mary
Joined: 06 Jul 2006
Mary's page
Posts: 730
17413 Magic Points
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Wed Oct 29, 2008 12:13 pm
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Hi Bruce
The first think I would like to know is that, have you signed the loan agreement. If you have signed in the loan agreement, then you are fully liable to pay off the debt. You can ask for debt validation from the creditor if it is an unsubsidized government loan or a bank loan. When they validate the loan, they will send you a copy of the original loan application form where you will find out whether the loan application has been signed by you or not.
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Where there's a will, there's a way !! |
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scott
Joined: 28 Jun 2006
scott's page
Posts: 462
10934 Magic Points
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Wed Oct 29, 2008 12:26 pm
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Since you have already started paying off the loan on a monthly payment plan, you should not stop it anytime, since it will build up a repayment history which will help you to improve your credit score. You can also increase your monthly payment if you can afford to, and pay it off faster. However, you should never default your students loan since it may have adverse effect on your credit score. Moreover, disputing the debt would have no effect if you have signed the loan agreement papers.
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SCOTT
Use your credit account responsibly and enjoy a debt free life. |
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sdchargers_63
Joined: 13 Aug 2007
sdchargers_63's page
Posts: 1334
1 Magic Points
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Subject: loan
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Wed Oct 29, 2008 2:00 pm
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| I have a student loan, myself. Even if you DO put in some kind of complaint about your parents getting the loan without your knowledge, they company may take that complaint into 'LESS consideration', because you are making payments on it now. I agree....DON'T stop paying on it. |
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magnix
Joined: 29 Oct 2008
magnix's page
Posts: 1
16 Magic Points
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Wed Oct 29, 2008 4:23 pm
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| That sucks . Do continue making payments and resolve it with your parents . |
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Bruce
Joined: 29 Oct 2008
Bruce's page
Posts: 2
119 Magic Points
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Thu Oct 30, 2008 12:53 am
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I never signed anything. no vaildation papers no loan papers.. nothing.. I was not aware of this AT ALL until i opened the default letter.
Also, i understand not paying is NOT an option as i need to get it paid off as my name is on it (eventhough i didnt do this). I suppose my question is if there is anything i can do to reduce my scar on this issue and improve my score so one day i can get a home loan, car loan etc if need be. |
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sdchargers_63
Joined: 13 Aug 2007
sdchargers_63's page
Posts: 1334
1 Magic Points
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Subject: loan
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Thu Oct 30, 2008 3:00 am
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| Forgot to ask this before. How did they get a loan in YOUR name when you din't have to sign anything? Usually, with Student Loans, you have to sign papers. How did THAT heppen? |
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cinnamngrl
Joined: 01 Nov 2008
cinnamngrl's page
Posts: 17
801 Magic Points
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Subject: fraud
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Sun Nov 02, 2008 7:07 pm
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| if they got a student loan in your name, who was the check disbursed to? Was the loan money put in your account or your parents? I would get some validation on this debt. Request a copy of the application from the loan company. I am sure that you don't want criminal charges on your parents but if you can show that the loan company negligently approved the loan that is currently in good standing, then you might get the lates rehabbed. |
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sdchargers_63
Joined: 13 Aug 2007
sdchargers_63's page
Posts: 1334
1 Magic Points
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Subject: credit
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Sun Nov 02, 2008 11:06 pm
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| Yep...I agree with CINNAMNGRL......I would ask for a validation. ALSO................tell them that is NOT your signature, A signature you CAN prove....they usually take it from your license, etc. i wouldn't want to sue my parents, either.....but, this sure is fraud. |
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carol
Joined: 27 Jun 2006
carol's page
Posts: 1308
28489 Magic Points
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Mon Nov 03, 2008 6:37 am
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If you have not signed in the loan application form, you are in no way responsible for the debt. So as chargers said, you should immediately send a debt validation letter by certified mail. If they validate the debt properly, you should pay it off because if you don't do so, the creditor may bring a judgment against you to recover the debt. However, validating the debt would mean that the creditor must send you the loan agreement paper which will have your signature on it.
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Carol |
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fireyone
Joined: 26 Feb 2008
fireyone's page
Posts: 4124
1011 Magic Points
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Mon Nov 03, 2008 12:08 pm
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| Bruce, have you asked your parents how the y got this loan and did it go to your schooling? I am glad that you jumped to the plate and are paying on it but your report doesn't deserve to be marked. Do as the others ask and if they can't validate they can remove the mark form your credit report. You should always get validation before beggining a repayment process. Just a little note for the future. Have you actually talked to the people you are paying and asked them how this all happened. I am wondering if maybe it was an application for credit that was done by mail and they just put your signature on there. The best place to start here after asking for validation is to go to your parents and ask what is going on. I am pretty sure that if they can't get the money from you they will tehn go back to your parents if they are on the loan so it is in their best interests to be upfront on the issue. |
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Darcy
Guest
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Subject: Student Loan
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Thu Oct 01, 2009 10:17 pm
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I am confused but when students apply for student loan do they make them put a parents name on it also.  |
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