i co-signed for someone for school loans,(sallie Mae). two loans are now in collections, one more about to. Not aware of the default on his loans, i have been racking my brain on how to pay. My son was going to pay me for some other debts i took care of for him, which would clear up some money on charge cards, then i was going to pay the 2 loans with my charge card. sallie mae put a freeze on his bank account (knowing we were keeping in touch with the collector) and now my son can not give me the money to pay my charge card. i planned on this money to pay my cards down to make room for these school loans. there will be another loan coming up soon ($14,000 loan,$14,000 interest).i have no idea how to pay that. last collection's call, the collector is telling me what cards i have with what available balances. is he allow to know all that. just because i have those balances, doesn't mean i can afford to pay them. i will still have a problem with paying them. i did get a lawyer who is hard to reach to ask these questions. latest is that sallie mae took all the money in my son's bank account that was supposed to pay for his other debts to help me solve this new problem. are debt collectors allowed to know all my personal hx of crdit card available balances? i have never had bad credit and at almost 55 yrs of age, feel like i am sinking
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collectors have a way of collecting information some how, I am not sure if it is legal or not. I know that they can contact the credit reporting agencies and get information and this may be what happened in your case.
They can go in and freeze or take money from your bank account, so I would not leave much in there. If you get direct deposit, stop it immediately so that you have money to live on, tell your son to do the same.
collectors don't care what happens to you as long as they get their money.
Shouldn't they have had a judgement in order to take the money out of the sons account? I do not believe that any collection company can just go into an account and take what they want If this is the case and there was no court hearing your son may be able to file a grievence with the bank to get the money back.. I would first check though to see if there are any judgemnts against him.
Also I was wondering if you have available balances on your cards it leads me to think you may have good enough credit to go to a bank and get these loans or credit cards combined. It may lower the amount of money you are putting out monthly.
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they did put a freeze on son's account. by the time we got the job to stop the direct dep., 6 weeks pay went into account. collections took all his money, which was to pay for car pymnt, ins. bills ect. i am very responsible for paying my bills, only using them for very short term purchases, and the balances i have on my charge cards were to make it possible to clear the collections up. i had good credit
till all this happened. if i combine the cards, then i will have nothing available to pay these debts. we are trying to work on IBRs ( a program to help college kids pay their debts in these times). IBR is very confusing and i do not know where to turn. :(