My father took loans out in my name.

[mad5289]

I went to the college for two semesters on scholarship. My scholarship paid about 80% of my schooling leaving me 3,000 dollars to pay, which I received through the college through its financial aid program. My father and I took a loan out specifically for my car which added up to 8,000 dollars. All he ever did was tell me to sign this... or sign that on these forms... I just turned 18, so I was not sure of what was going on and I TRUSTED my dad. Now loans are coming due, and I checked my credit, which shows I have 53,000 dollars worth of loans. However, my father did co-sign, but refuses to pay what he has spent, which is definitely the majority of the money. I don't have the money to pay these loans, nor do I think I should pay loans that HE took out. What options do I have? I live in Florida.

[relief13035]

I am so sorry. I don't understand why a father would do such a thing to a child.

[Trixie007]

That's unfathomable. I can't even imagine what he was thinking! Sad to say, your only options are to pay the loans or hire a lawyer to try to prove that he spent the money from your loans. Only you know what the circumstances were and how the money was distributed. Did you not know that you were signing loan paperwork? Was the money given directly to him somehow so that he was in control of it?

[Flamingo]

After reading your posting a few times, from what I can gather you had two paid for semesters of college under a scholarship and just had to pay $3,000 for that year which was also covered. The rest would be covered by student loans, am I correct (next 3 years)? What I am assuming occurred here is that your father obtained student loans for you to cover the rest of your college (that is why he had you sign) but used part of the funds for other purposes after paying for your tuition? The student loans would come due after graduation and you are advising the loans are now coming due so I am assuming you are around 21. What was the full amount of the tuition for the 3 years of college compared to the $53,000 due? The difference is what your father apparently used. You need to do some snooping with your college's financial aid office and obtain a full report of what was paid for your education compared to what the balance is on the loans.

There was a very similar posting on here a while back where a father utilized student loans for one of his children to take the family on a vacation to Europe.

[mad5289]

Well see, I was on scholarship for basketball and track, I was a student athlete. Unfortunately I tore my acl twice, and had two knee surgeries so they dropped my scholarship and I came back home for the next semester, to take a break and figure out what I needed to do. Which I wanted to go to a jr. college and finish up my gen courses and go from there, but now that my lovely father has me in the whole, I am working my ass off to get my education, which is fine... I just do not want the awful credit and have to pay for something I did not spend.

[cyn5]

Are you still living at home? I think if my father did that to me, I would not want anything to do with him ever again. I know sometimes there are legal aid centers at colleges and since you are a student, you might want to try calling one of the local universities that has a law school. They might be able to give you some advice.

Also, your student loan office could probably also gear you in the right direction as to what you need to do. If your loans were taken out fraudulently or funds were used for other things besides your college related expenses, especially without your knowledge I think you might have a case to get part of your loans written off. If your loans are Federal loans, you can call the Dept of Ed Ombudsman http://www.ombudsman.ed.gov/resolve.html and they might be able to help you out.

This is definitely fraud. Perhaps if you get a lawyer, maybe your dad will pay up.

[JRScott]

Well sorry to hear a parent would do this.

When do you have to start paying on the loans?
Are these real student loans or are they personal loans?

Regardless if it comes to it and you have to file bk, then ultimately your father will have to pay since he's the cosigner. If you aren't late yet you might call the loan holders and tell them you'd like to use some of the loans deferrment time. In many cases this causes them to stop pursuing you and move to the cosigner for payment.

[mad5289]

thanks

I definitely do not live at home. I live with my roommate Martin, who has been a good mentor and actually recommended this website. I thank all of you so far, for the advice, It is really getting me going and thinking more of what I should do. I really don't want to file bankruptcy, I always told myself if I am taking money out, or borrowing I will pay it back asap, but its rough when I'm not the one actually taking and spending an abundant amount of money. I was thinking about getting a lawyer, I'm sure paying for a lawyer would be a lot cheaper than paying 50,000 dollars of loans that I have never seen. I believe I'm already through collections so I don't believe I can deffer the payments.

[mad5289]

Also

Also, my loans were private student-loans if that makes sense.... apparently one of the loan agencies out of the two my dad went through.... sent a check to the house which was about 15,000, then he insisted on more and he made me do it and said/promised he would pay it back, because he needed the money, so with the same agency he took out another 15,000 and I never saw neither check.... which means I didn't sign them.

[Trixie007]

That might be your answer right there... he forged your signature somehow?

[OhioFiler]

If you signed the loan documents you're pretty well screwed. If you didn't sign them you should contact the lender and advise them you didn't sign the docs and someone forged your name and ask them to please stop sending you bills.

Reads like your father has taught you some valuable lessons. Prick.

[mad5289]

He signed the checks in my name.... as for documentation... I signed too, which is unfortunate... I feel so stupid and tricked into a terrible situation... and are you calling me a prick? I am not one of those kids trying to bail on students loans... its not like that at all. I am just trying to get advice, and it seems to me I just may have to get an attorney. If I filed for bankruptcy, or actually... can I even do that in my situation?

[OhioFiler]

He signed the checks in my name.... as for documentation... I signed too, which is unfortunate... I feel so stupid and tricked into a terrible situation... and are you calling me a prick? I am not one of those kids trying to bail on students loans... its not like that at all. I am just trying to get advice, and it seems to me I just may have to get an attorney. If I filed for bankruptcy, or actually... can I even do that in my situation?

Your father is the prick, not you.

He had no right to sign your name on those checks. He committed fraud. You can fight the lender.

[cyn5]

Hmmmm, if you signed the promissory notes but never endorced the checks (sounds like your father forged your signature and put them into HIS bank), I agree...you should call your lender and speak to the fraud department telling them that YOU never received the checks or cashed them and you believe they were intercepted and fraudulently signed. File a police report too! After their investigation and they find that your cosigner deposited the checks into his account, perhaps you can make a case that the loans should be put into his name, removing your name from the loans completely.

If I were you, I would get some free consultations with some attorneys at least.

[mgmadara]

If I filed for bankruptcy, or actually... can I even do that in my situation?

You will not be able to discharge student loans in a bankruptcy.