I am the cosigner on my now ex-husband’s private student loans. Unfortunately, they are currently going into default.
It was over the phone when I cosigned, and I didn’t physically sign anything. I remember he was in Phoenix, and I was in Wales.
Could this work to my advantage? And if so, how do I get them to go after him?
I don’t have contact and don’t know where he is or how to get hold of him, and I’m assuming they don’t either.
A great life lesson to learn is that you agree to be 100 percent responsible for the debt when you cosign for someone. Do not cosign for anyone ever again. Creditors look for a cosigner when they feel the borrower is not going to be able to pay.
Since your ex-husband is missing, you are the logical person to go after. However, the creditor claims you are contractually obligated for the debt.
You raise an interesting point about the process of consigning over the phone. You should discuss your specific situation with an attorney licensed in your state. One place to find an attorney would be to click here.
If you are only authorized to be the cosigner over the phone, and there is nothing in writing, that might be an avenue to pursue to deal with the debt.
Do not admit the debt to the collector before talking to an attorney.
You are not alone. I’m here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don’t give up.