Can my lender force me to pay my loan according to their terms?

Question

This is with regards to my question, can my lender force me to pay according to their terms? They may be right when they told me that it is only my ex who was relieved with the loan, not me since my name was not included in the bunkruptcy. but my lender reported to the credit bureau that my loan was charged off in 2004. My point is that, from the time my ex filed bunkruptcy in Aug.2004, they stop sending us the bills. That is why I ask in my letter to them in april 2005 that I would still want to pay my loan and that they send to me my billing statement, but they did not answer me nor send the billing statements. And now after almost 2 years, they want me to pay the principal loan. But I have to pay 1000 up front and the remaining within a year, If I could not do it, they will charge me with the principal including the interest which is 2200, that makes my loan 5200 all in all. My lender is a private company, not government. My problem is I can not pay them on their terms

Answer 1

You probably should consult a bankruptcy attorney for this one, but I'm guessing that since the loan was made while you and your spouse were both together, and you both signed the loan papers, even if he/she did file bankruptcy, since you did not apply for a credit discharge, you are still responsible for the money owed.

As for paying "on their terms" you have three options; work with them, or go to credit counseling or file bankruptcy yourself.

Answer 2

Find a lawyer. Depending on the loan terms they may be able to do almost anything they want at this point, or they may not. It may also be possible to fully renogotiate this with them or find another firm who will lend you the $3,000 under more favorable terms.