cmit asked in Business & FinanceCredit · 10 years ago

I need to get out of a cosigned student loan for abusive Ex- husband?

10 years ago I cosigned a student loan for my abusive ex husband. Two days after signing the loan I left him and obtained a restraining order. It is in my divorce decree that I an indemnified from it, but the loan company will not honor it. (I get it they are not a party to the divorce) I had to sign the loan because our past years tax return was filed jointly as his wife and they would not give out a loan to either of us independently (my is paid off) He added to the original amount and went on to a masters degree (org amt was $15000 and he took a total of $26000) The loan co says I am responsible for the $26000. Also found out that he forged my name on his tax returns after our divorced and claimed married filing jointly. He is now out of the country in CA and is 2 months behind. Do I have any recourse? I am no longer his wife. I signed because I was afraid of what he would do to me if I didn't sign. I have Documentation of the restraining order which details an example of his abuse, therapist who observed his threatening behavior, police reports of his attempted harm (riped the phone lines from my house). I can not have this damaging my credit right now and can not pay this loan. I can not have any contact with him as he has attempted harm on me in the past when ever we have run into each other. ( ran my car off the road, or follows me around town) what can I do. I can not wait till it damages my credit and then take him to court.

Update:

I still will not get the money if I sue him. And I will not pay the loan. He is not in the country and even if he does appear in court, that does not make him pay. It just "orders" him to pay and good luck getting your money. Will spend more in court fees them the loan

Update 2:

DO not need another loan. Please read post as any solicitations for loan will be reported. What do you work for my Ex Husband?

7 Answers

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  • Best Answer

    In order for a loan to be enforceable (in most states) it has to be entered into voluntarily. If a court already indemnified you from the loan, it is unenforceable. Send them a copy of the official documentation of such along with a letter stating that your part in the loan was due to fraud and that you were never voluntarily added to it. Let them know that if they continue their collection efforts you will consider it harrassment and pursue your legal recourse through the court system. Interestingly enough, the courts will award you damages when a collection company fraudulently tries to collect debts from you after you have notified them in writing to stop. If they keep contacting you they are in violation of the law, but you have to contact them in writing. Send your letter certified mail, return reeipt requested. Just because someone else puts your name on a loan doesn't make it valid. Keep copies of all communication and return receipts of your letters, and log any communication from them. If they try to put it on your credit report, dispute it with the credit reporting agency, who is legally obligated to remove inaccurate information (reporting debt you have been found not responsible for is not accurate reporting). Above all, NEVER admit you are now or ever were responsible (or agreed to be responsible) for the debt. If they keep harrassing you follow through with your threat to sue. Good luck!

  • Laura
    Lv 4
    4 years ago

    A divorce has no effect on an agreement with a 3rd party lender unless the lender agreed to the terms as well. Bankruptcy won't help you on this because: "The 2005 amendments to the Bankruptcy Code expanded the protection of student loan lenders to include private student loans. Thus no student loan is dischargeable in bankruptcy unless the court finds, in a specially filed adversary proceeding, that repayment of the loan would impose an "undue hardship" on the debtor and the debtor's dependents." Amended Bankruptcy Code § 523(a)(8)(B) adopts the IRS definition of a qualified education loan found in 26 U.S.C. 221(d). As I also learned the hard way - never co-sign for anything that you aren't willing to pay for yourself. The loan people KNEW she was a credit risk or they wouldn't have asked for a co-signer. The only way out from under it is to pay it off and then sue her. You might want to consider borrowing the money elsewhere for a payoff where you can control the terms.

  • 10 years ago

    Dear Friend,i am Mrs.Tracey Paul.I quite understand your situation,but would like to ask that you take your time and secure a loan.As for me i was in a similar situation some years back.I am widow with 2 kids and was stuck in a financial situation that i was fixed and needed refinance behind bills.I tried seeking loan from various loan firms both private and corporate agency but could not but as God would have it,i was introduced to a man of God a private loan lender,by the name Johnson Ray,who gave me a loan of $50,000 USD and today am a business owner and my kids are doing well the last in college.He gives out loan to people with bad credit or low credit rating.

    So dear,if you must contact any body or firm with reference to securing a loan with low interest rate and better repayment plans and schedule,please you can contact me on this

    Email Address:traceyfinancial@yahoo.com

    Best Regards,

    Mrs.Tracey Paul.

  • 10 years ago

    I am Mrs. Charity John, a legitimate, reputable Charity Organization. We are a company with financial assistance. We loan funds out to individuals in need of financial assistance, that have a bad credit or in need of money to pay bills, to invest on business. I want to use this medium to inform you that we render reliable beneficiary assistance as we will be glad to offer you a loan.

    Services Rendered include;

    *Refinance

    *Home Improvement

    *Investment Loan

    *Auto Loans

    *Debt Consolidation

    *Business Loans

    *Personal Loans

    *International Loans.

    Hope to hear from you soon.

    Regards.

    Mrs. Charity John(Loan Officer)

    Ocean Finance & Mortgages.

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  • 10 years ago

    You are right. The lender was not party to your divorce. He can still come after either one of you. Since the court indemnified you from the loan, you can take your ex to court and sue him for it. You will get a judgment against him.

  • Robert
    Lv 6
    10 years ago

    according to washington state law=all people have to sign by free will!! if they are forced by threat of violence or duress or by force then their signing is not valid and binding in a court of law!! i would expect most states will be the same?? tell the judge you were forced by fear of violence if you didn't sign and he may make it void and no good?? that will make the debt your husbands and not yours!!!

  • 10 years ago

    Sorry about the mess you are in, but what does your lawyer say?

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