got a call

[bigjoey38]

From wells fargo... Son has not paid on student loans so I have to make a payment or it goes to collections. I need to make a $ 258.00 payment. Even though the payment is small its not something I can do at this time. This was a student loan which I co-signed so now there knocking on my door per say.

My personal payments are not behind and everything is paid up to date. With this additional $$$$$ issue this is going to hurt and not sure yet what to do.
I have until Monday.....My son has several college loans which I co-sign and I just made a payment a couple weeks ago to another creditor....it sucks.

My son also started working again a few days ago but he wont get a check until 2 weeks from now...

I think this might bring me to the edge of bankruptcy.

[keepsmiling]

What's the rest of your story? I see you are like me, contemplating for a long time lol. Only longer in your case.
Two weeks is such a little bit of time. Has your son called them to tell them he'll have a check by then?
Perhaps they'd be reasonable about it-- although Wells is not particularly well known for that.
Just seems like a big cannon over a debt that probably won't ever go away anyway. So much depends on the rest of what's going on with you.

[tobee43]

he can defer the loan for hardship...really he should have done that when he didn't have a job and now just starting one, they will work with you. have him call and set a deferment or another payment plan. don't worry yourself sick on it, he just needs to get on the phone and help out here. (we have all been there and done that, maybe not in the exact situation, but kids are KIDS and sometimes just need a bit of direction as where to go for help), however, in this case it also help YOU.

best of luck, i'm certain it will resolve in a phone call or two.

[bigjoey38]

Thanks... Going to talk to the son tonight... As far a history.... The student loans are the only issue here because I am the co-signer. All of my bills have been paid on time.

The student loans would add an additional $500 a month which would really hurt the wife and I and pretty much force us into bK.

[bigjoey38]

I forgot to mention I cant belive they will send it to collections for $258.20 behind payment which is only two months.

[kornellred]

As a co-signer of any type of loan, you assume full responsibility for the debt. You must have known that from the outset. If you must ditch any dischargeable debt via bankruptcy in order to pay off the non-dischargeable debt, then so be it. It might actually work to both yours and your son's advantage in the long run. Think about it a little while....

Unpaid student loan debt just keeps getting larger and larger the longer it goes unpaid.

[HHM]

First, let's deal in reality...if the student loan lender is calling you demanding payment, the student loans ARE in collection.

Hopefully your son has some deferment options, but my guess is, that is not an option if they are calling.

The real question, why can't you make the payment? If you can't make the payment because of other debt, then BK is an option. If not, then you and your son are essentially screwed until he gets a position where he can make his payments. That is simply reality.

[tobee43]

First, let's deal in reality...if the student loan lender is calling you demanding payment, the student loans ARE in collection.

Hopefully your son has some deferment options, but my guess is, that is not an option if they are calling.

The real question, why can't you make the payment? If you can't make the payment because of other debt, then BK is an option. If not, then you and your son are essentially screwed until he gets a position where he can make his payments. That is simply reality.

i thought OP stated the call came from wells, so i'm figuring it's still "in house". i still have some hope (can't lose it all the time) that maybe they will work with them as opposed to having to file bk. my impression and please correct if i'm incorrect, but it sounds like OP is making it without having to pay his son's loan bill. however, i do agree that if there are other pressing financial obligations involved i can under exploring the possibility of filing at that point.

[HHM]

Okay, are these private student loans or federally guaranteed loans. If the later, your son needs to get in touch with the lender and request an Income Based Repayment plan (IBR).

If the loans are private student loans, bottom line, someone needs to start making the payments or things are going to go from bad to worse.

[bigjoey38]

Yes the call was from Wells Fargo.....and true I do alright without w/o paying my sons loans, however if this is long term then I will be in a bind... I spoke with my son and he will be able to restart paying them back after a couple of weeks on the job. My home was damage some time ago from hail so I received money from the insurance company to pay the contractor. I am still waiting for another check so I will use some of that money to pay the loan and I will put the money back within a couple of months.

I knew as a co-signer that I would be responsible if he could not make the payments, and back then the goal was to join the military and after that get a City/State job. Things have changed over the years and
If I knew things were going to be this bad I would have never co-sign.

[tobee43]

well, at this point this seems to be a plan in place to come to a possible solution. now that he is working hopefully everything will get caught up. however, i would also have your son find information about exactly the type of loan. student loan are is most cases can be deferral, however, as hhm points out it's 'going to depend on whether the loan is in fact private or federally backed.

best of luck, i'm sure it will all work out!

[bigjoey38]

well, at this point this seems to be a plan in place to come to a possible solution. now that he is working hopefully everything will get caught up. however, i would also have your son find information about exactly the type of loan. student loan are is most cases can be deferral, however, as hhm points out it's 'going to depend on whether the loan is in fact private or federally backed.

best of luck, i'm sure it will all work out!

Thanks... I think this is the safe way to go right now.... I claimed BK about 18 years ago and have been doing ok since then... I should have never co-signed but I was better off at the time then I am now...