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Roger
Roger, Attorney
Category: Bankruptcy Law
Satisfied Customers: 31782
Experience:  BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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I was a co-signer on a student loan friend's cihild in 2000.

Customer Question

I was a co-signer on a student loan for a friend's cihild in 2000. I was checking my Fico score and it decreased from 801 to 727 because of a charge off on the loan. I never received notices from Key bank that no payments were being made. I do not know where my former friend is or her daughter. No one knows where they are living. Doing a favor for someone was a very bad decision on my part. Will my s ore continue to go down and what can I do?
Thank you,
A
Submitted: 2 years ago.
Category: Bankruptcy Law
Expert:  Roger replied 2 years ago.

Hi - my name is ***** ***** I'll be glad to assist.

Unfortunately, when you co-sign a student loan, you are 100% responsible for the debt.....so if the child doesn't pay, you will have to or your score will continue to go down and you will likely be sued eventually for the debt

Expert:  Roger replied 2 years ago.

Also, you can contact the lender and try to reach an agreement to repay the debt....hopefully, you could reach an agreement that would allow you to get things current and avoid any negative affects of this bad situation.