As a cosigner with the borrowing not paying, what recourse do I have?

Question

I am a cosigner on student loan, and the borrower is not paying, and I have no contact with him. What can I do to try to get the borrower to pay? Someone mentioned suing by filing a small claims. What are the risks with that? I've been making payments, but is there no way to get the actual borrower to take responsiblity?

Thanks for all the responses. Unfortunately, I'm already involved as a cosigner. No, there are no assets worth going after, so I will have to go with the advice of writing it all off as a bad investment, which is how I was looking at it in the end. Thanks again, it was helpful hearing it.

Answer 1

You've learned a good lesson. Don't ever co-sign for anyone. All you can do is keep track of what you have paid out, and once the loan is paid in full demand that amount from him. He will either pay you, or not. If he doesn't you have the option of taking him to court, which would give you a piece of paper saying he owes you that amount, plus the court costs. Do you think he will suddenly go "I'd better pay this, she has a piece of paper."? He didn't pay the original loan he took out, and apparently had bad enough credit that he needed a cosigner (which you almost never hear of a cosigner on a student loan),

Does he have an assets worth bothering to attach to get your money back? If so, talk to an attorney about collecting. If not, write it (and him) off as a bad investment.

Answer 2

Take them to court. As cosigner they can go after you, and could ruin your credit.

Answer 3

No. Without any tangible collateral to repossess, you are stuck with going to court. The best you will get is a judgment. Sorry.

Answer 4

Sorry, as the others mentioned, you are stuck with it. NEVER COSIGN.

Answer 5

lesson learned, never ever ever co-sign for anyone, unless you are willing to eat it. As you will.

Answer 6

Don't get involved.