ChicagoGirl Posted May 22, 2007 Report Share Posted May 22, 2007 I posted this yesterday under the credit repair heading, but since all the student loan experts hang out here I thought I would try and post it here also and see if anyone had any thoughts.I started working on repairing my DHs credit recently. One of the listings I disputed with the CRAs was a Wells Fargo loan for roughly 9k from 1998 (listed as joint with his ex, they lived in VA. We now live in IL). The TL is listed as Closed, transfered.He said he had no idea what this loan was for...this was around the time they seperated.I just received a letter from Wells Fargo Education Finance Services. That says:Dear XXXX,We have invesitgated your concerns regarding information on your credit report. We have determined that the information we reported is accurate, and we ask you to promptly contact us by calling us at 1-800-456-5441 to confirm your agreement with our determination.Education Finance ServicesSo...wtf does "ask you to promptly contact us by calling us at 1-800-456-5441 to confirm your agreement with our determination" mean??He does know his ex went back to school so it is possible that she took out a student loan. Is he stuck with this on his credit now? It looks like it was in collections till 2004 when she must have paid it off..so it still has another 4 years on his credit. It says opened 9/98, reported 6/04. Is this even valid for a response that it is his debt? Should I DV them directly now?Thanks in advance for the help! Mere----------------------------------FAKOs5/13/07: TU - 516, EXP - 520, EQ – 576 5/17/07: TU – 514, EXP – 518, EQ – 582 FICO EQ – 599 Hubbys FAKOs 5/18/07: TU – 576, EXP – 532, EQ – 537 Link to comment Share on other sites More sharing options...
LynnInMN Posted May 22, 2007 Report Share Posted May 22, 2007 This sounds like a private student loan that he co-signed on. Transfered usually means default. Student loan reporting is totally different due to the in school deferment periods and forebearances, even with private loans. If it is in fact paid off in full, reporting continues for 7 years from the default date.I would recommend that you call to make sure that in fact it is paid off. If not, you along with the borrower could end up being sued. Link to comment Share on other sites More sharing options...
ChicagoGirl Posted May 22, 2007 Author Report Share Posted May 22, 2007 Ughh...thanks for the info..I was afraid it was something like that. Any idea if we have to pay it, or make payments on it. Can we sue his ex for it since it was hers? Link to comment Share on other sites More sharing options...
LynnInMN Posted May 22, 2007 Report Share Posted May 22, 2007 Ughh...thanks for the info..I was afraid it was something like that. Any idea if we have to pay it, or make payments on it. Can we sue his ex for it since it was hers?If you are a co-signer, you have as must legal responsibility to pay the debt as the borrower does. Sueing the borrower?? Nope . Was anything written in the divorce agreement?? Even if there was, Wells Fargo doesnt have to abide by it. Under those circumstances, then you would take the ex to court. Link to comment Share on other sites More sharing options...
ChicagoGirl Posted May 22, 2007 Author Report Share Posted May 22, 2007 Thanks for all the info.So if the primary defaults and the co-signor ends up paying. They can't sue the primary? That sucks...looks like I'm going to have to dig out the divorce lawyer that was used contact info... Thanks again for making sense of this for me Link to comment Share on other sites More sharing options...
LynnInMN Posted May 22, 2007 Report Share Posted May 22, 2007 Thanks for all the info.So if the primary defaults and the co-signor ends up paying. They can't sue the primary? That sucks...looks like I'm going to have to dig out the divorce lawyer that was used contact info... Thanks again for making sense of this for me They will sue whoever is easier to collect from. If it wasnt written into the divorce agreement, you might be SOL. Link to comment Share on other sites More sharing options...
Ahntara Posted May 23, 2007 Report Share Posted May 23, 2007 "...If it wasn't written into the divorce agreement, you may be SOL..."Even if it WAS in the divorce decree, you are SOL cause divorce decree's mean nothing to creditors. They don't care about his marital status. They just want their money. All co-signers are 100% liable for the full balance of the debt. Link to comment Share on other sites More sharing options...
LynnInMN Posted May 23, 2007 Report Share Posted May 23, 2007 "...If it wasn't written into the divorce agreement, you may be SOL..."Even if it WAS in the divorce decree, you are SOL cause divorce decree's mean nothing to creditors. They don't care about his marital status. They just want their money. All co-signers are 100% liable for the full balance of the debt.If it WAS written into the divorce agreement, you do have grounds to sue the ex. You may also want to check to see if she made any payments prior to default. Some private loans with actually release the cosigner after a set number of on time payments are made...usually around 24-36. Link to comment Share on other sites More sharing options...
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