Last year my boyfriend helped me take out a large student loan for school and he signed as the primary instead of the co-signer. I have been making the payments on the loan however all of the money has been spent...it is all gone. He took out the loan for me thinking I would only spend it on school tuition and in fact i used it on living expenses as well. I take responsibility in deceiving him and wish the whole thing had never happened. However I have no problem continuing to just pay on the loan but he wants his name off of it since the loan was used in ways he wasnt aware of and didnt sign accordingly for. Is there a lawsuit he can take up with me to take his name off of the account? Is there a legal agreement we can come to that says I am completely responsible for it? What type of lawyer would I speak to about this?
2007-08-22 11:47:08 · 4 answers · asked by Anonymous in Politics & Government ➔ Law & Ethics
While you could enter into a written, notarized, agreement that you owe him a certain amount of money on a student loan he signed on your behalf and you benefitted from and agree to repay it to him and at such and such amount each month at an interest rate and penalties that mirror his loan agreement, the debt is still his. If you would default, the lender would sue him, not you; however he could then in turn sue you.
The only way to get his name of the loan is to refinance the debt, otherwise the debt will remain in his name until it is paid off in full.
2007-08-22 17:29:38 · answer #1 · answered by bottleblondemama 7 · 0⤊ 0⤋
Well, first of all, student loans are often used for living and other expenses that aren't necessarily used for school. Second, it was his own stupid fault for signing as the primary person responsible for the debt, so the law is on the side of the loan company, who can come after him, and it's up to him to prove that even though he signed for it, you owe the amount (which will be very difficult to do). He signed the contract, and since it was all money going towards your education, it doesn't matter how it was used and he can't say he wasn't aware, because he signed it.
That said, since you obviously take responsibility for this, work something out with him to pay it back, and this year, you sign for your own loans.
You two can work out a promissory note (which is literally, I Owe You $___, and I will pay $__ per month/week/whatever), and you don't need a lawyer.
2007-08-22 11:55:54 · answer #2 · answered by Hillary 6 · 1⤊ 1⤋
An agreement between the two of you is just that - between the two of you. Even if you are he agree that you will pay, if the lender does not get paid, the lender can demand money from, and sue, either or both of you.
I do not think he can get his name off the loan if the lender does not agree. Otherwise, it would not be fair to the lender; someone with bad credit could have someone with good credit get a loan, then take off the name of the person with good credit, and not pay the lender.
2007-08-22 12:02:48 · answer #3 · answered by StephenWeinstein 7 · 2⤊ 0⤋
You can get free legal advice on websites like LawGuru, FindLaw. Check this out for more info http://www.uelp.org/freelegal.html
2007-08-25 02:37:48 · answer #4 · answered by Anonymous · 0⤊ 0⤋