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Samuel-II, Lawyer
Category: Consumer Protection Law
Satisfied Customers: 27011
Experience:  Practice of law for 20 years
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I have a Citi Bank Student loan ,000 that ballooned with

Customer Question

I have a Citi Bank Student loan for 10,000 that ballooned with interest over the years while I was in school. I pulled it out in 2004. I was 17 yrs old and my aunt gave me permission to use her as a cosigner. I took a lot of breaks due to working fulltime to support myself so my loan automatically use the forbearance up so when I graduated (2013) I had to immediately pay the student loan back. They would not allow me to defer my payments while I looked for employment. My payments were as low as 500 a month. I could barely make the payments with my other student loans. I was making payments in good faith but I could not afford the minimum payment. My monthly payment ballooned to a grand. They told me if I paid the whole amount I could bring the account current. By the time I got up enough money to bring it current which was the next day. They said the account was sold to a collection agency within one day after they spoke to me. They told me to write a letter to try to reverse the default of the student loan. I wrote the letter and never heard back from them. I could not sign into my account online and when I called the my account was no longer active and they did not have a record of it anymore. My aunt who cosigned on the loan is in desperate need to get off of this debt. My first task I need to complete is to have her released as a cosigner as soon as possible. How can I do this?
Submitted: 1 year ago.
Category: Consumer Protection Law
Customer: replied 1 year ago.
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Expert:  Samuel-II replied 1 year ago.


This is Samuel and I will discuss this and provide you information in this regard.

It is unfortunate, but your aunt will not be removed as a Co Signer. The only way is to find out who holds the collection and then negotiate with them a payment in full to close the matter. You should be able to call Citi Bank and find out which agency has it for collections?

But because your aunt is a co signer, it is possible she could be contacted by the agency before you or before you find out who holds the note now. I suggest you try to find out where it is so you can work something out to have the loan paid in full. At that time, your aunt will no longer be a co signer, obviously.

Customer: replied 1 year ago.
There is something else. I decided to tell her to go and dispute it because she did not sign for the loan. I technically took her information and signed for her. We can go that route but will she have to press charges on me for it to be removed??
Expert:  Samuel-II replied 1 year ago.

That is correct. The lender, Citi Bank, will require her to file charges of fraud and forgery. Otherwise, Citi Bank will hold her just as responsible.

Expert:  Samuel-II replied 1 year ago.

And it is also possible that if she makes that statement to Citi Bank to get off the hook, Citi Bank will investigate and bring criminal charges against you.