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Discussion in 'The Okie Corral' started by HerrGlock, Nov 29, 2012.
Prayers for the loss of her son, but this is one of the risks as a cosigner.
You are legally obligated for what you sign for. I hate that this situation came about, but it is what it is.
I guess I don't understand this at all. She cosigned the loan. The primary signer can no longer make payments. They go after her for payments. Simple.
Perhaps she should have bought loan live insurance. Every loan I've ever seen has that as an option.
Well, in this day and age of not being responsible for your own actions, I guess I can see where pity should forgive everything in the views of many.
This. Co-signing a loan makes here debt yours. There was a cheap fix - life insurance.
Life insurance is cheap - especially when you are young. When I was 24 I had far less debt, no one had co-signed any loans and I had a $50k life insurance policy in place to cover all my debts, potential funeral expenses, and leave a fair amount of money (?40k after debt and cremation) left over for my parents.
I can empathize with the mother, and I can see how she never thought this situation would come up, but hopefully between her and her friends and family, she can figure out a way to do the right thing and get the loan repaid.
Maybe collect obama phones and resell them?
Maybe start in Cleveland?
From some of the rumors I have heard, everybody in Cleveland got Obama phones. Perhaps those with disability? Low Income? Social Security?
Just a thought.
Harsh, and cold...but here it is.
1. she started now has nearly 200,000 signatures demanding the companies forgive the loans and change their policies.
2. Jermaine Edwards went to college to study music production,
3. his mother, Ella, agreed to cosign his student loans to help him attend school.
Since he died of "natural causes", there is a possibility that life insurance MIGHT have been expensive (to them).
It is unfortunate, but the debt is hers.
I'm generally against insuring liabilities (young children) as opposed to assets, but in this case the young man was an asset standing between the debt and the mother, so either he should have been insured, or the loan insured.
I don't have a problem with the mom asking the loan company to forgive the debt, but when they said "no" it is time to own up to the debt rather than to try to find a way around it.
Ironically, if everyone who signed the petition kicked in a buck, the loan would be paid off.
If half of those 200k petition signers kicked in 10¢ she could pay the loan off like she's obligated to.
Notice that they are DEMANDING the person carrying the note relieve the debtor of their responsibility.
If a big bank had $20k for her deceased son in an account she would have, in a very shrilly and annoying voice long ago drove them up the wall to give it to her.
Going to college for "Music Production" usually equates to loser who is wandering aimlessly about life. Sorry if that came out harsh (I know someone in music production)
The circumstances suck, but if she didn't want to pay back the loans if the need ever arose, she shouldn't have cosigned in the first place.
I don't see why the need for a news story, it's a fairly simple concept.
It sounds like this lady doesn't have much. If she really can't afford it and doesn't want to do the right thing, maybe she should start looking into filing for bankruptcy.
She is part owner in that debt. Why is anyone shocked they turned to her?
Because in today's world, you are not responsible for your own actions.
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They should - Do what is best for the long term public good.
Which would be - make her pay the loans.
If you make co-signing a loan meaningless - then the people that don't have the credit score required to get a loan - will just not get loans.
BTW - I would never co-sign a loan - but recall my mom co-signing a loan for me when I was 16 so I could buy (my second) car. 1968 Chevy Impala 2 door coupe. Sweet ride for a 16 year old back in 1974.
$800 car - $200 down - 24 month loan - payment was $28 a month. How can I remember these details - but I can't recall what I had for lunch yesterday.
Apparently 200000 people are shocked by it.
I doubt she will get much sympathy around here though.
We should just take all student loan debt and roll it into one big government loan - take the payment required to service the loan - and divide it up between all Americans "lucky" enough to have jobs that pay more than $250,000 a year.
WOW! Someone having to be personally responsible for their obligation.......Wow....what a concept.