I signed for a student loan for my grandchild with a verbal promise from both her father and my grandchild they would pay the loan, needless to say, I am not receiving any assistance on the $50,000+ loan. I am 64 years and am living on minimum wages - is there anything I can do?? State of VA
Country relating to Question: United States
State (if USA): Virginia
Thank you for using Just Answer.Unfortunately, you are responsible as a cosignor and the lender can look to you for repayment if the borrower defaults. Agreeing to be responsible for the obligation of another is a surety agreement and must be in writing. Therefore, I am sorry to tell you, a verbal promise from the father is not enforceable.
Over 25 years experience representing clients .
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