co-signor responsiblity?

[please_help]

Hello everybody,

I unfortunately am suffering the consequences of co-signing for a student loan. A few years ago, I co-signed for a student loan for my then girlfriend. Now we are not together but, she had said she would pay the loan. I routinely monitor my credit and I recently saw that particular account had activity description of "Transfer/Sold". I am not sure what that means.

Does that mean she consolidated the loan?

Is it going to have any negative impact on my credit?

I tried to get hold of her but no luck. If anybody can help me clear this out, I will appreciate it.

Thanks.

[willingtocope]

If the tradeline says "transferred/sold" and the balance is $0, you almost certainly no longer have any responsibility for the debt...unless...it was sold to a junk debt buyer, who will probably be contacting you about the debt. As cosignor, if she didn't pay, you agreed to. On the other hand, she may have indeed either paid it off or consolidated, which gets you off the hook.

All I can suggest at this point is calling the original creditor directly and see what happened.

[please_help]

Thanks willingtocope,

I reviewed my credit file, it shows the balance as $0 against that loan. Like you said, she might have consolidated. I just hope I no longer have the responsibility as the co-signor. I definitely learned my lesson and will never co-sign for anybody else. I tried to call the lender but I couldn't get hold of them as it is weekend. I will try to find out what really happened, so that I can sleep peacefully.

Anyways thanks for your reply.