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-- let's go to Largo Florida that's -- Larry on the line hey Larry how are you tonight.
I'm doing great political at least -- talk to you mr.
You too sir how can I help.
Well back in.
My wife and I cosigned for my grandson to get a Sallie Mae loan.
And I know what you think of those but I've got a particular question not a okay since then since then my wife has it ceased since August.
And they my grandson had the drop out of school he became a father -- and hold down jobs and all that stuff.
He's not make -- -- -- -- payments.
And they're coming after me.
I mean -- in their phone calls at this point but I'm wondering what can be done to me if no payment is received after a certain time period.
I'm debt free except for small mortgage so -- not really concerned about my credit rating but here can affect drivers license.
And like that so yeah.
I can't affect the driver's license at all.
But they can sue you.
And take a lien on your house clean -- your bank account.
-- -- investments and so security.
When can I cannot attach Social Security they can attach any income tax return.
Which are scheduled to get if you are scheduling an income tax refund will attach that.
So you're going to have to be aware that how much is how much is it.
It's actually 9700 dollars of their -- -- and I think a little under 300 right now to bring it up today that's not too far in arrears.
Why can't -- -- that.
Well I think he's kind of irresponsible and setting up the budget I've been trying to get him to do that even before he was living without couple years back.
-- -- training how to set up a budget but it wasn't working too well.
So he can do it he just hasn't.
I think it's more of that yes.
There's some hardships now to it's going to be very are going to be in the new -- and having a baby.
Yep and I'm -- you view and I have been through hardships and we managed to them to do our deal while we're in the hardship.
Very sound you know living outside budget and were construction jobs and -- Republican pay his.
He can pay is.
Student loan in his grandfather's son -- -- do you have any money -- It's quite a bit quite a bit how much.
Well probably about 300000 and kind.
While I can tell you that I have done a lot of stupid things in my life.
And when I do something this stupid and it costs me money.
I call that stupid tax.
-- when you cosigned for the Sloan -- qualify us.
I'm laughing with -- although it's not funny -- I'll I understand well it's hurtful because this young man that you love so dearly.
Is not exhibiting the character that's gonna cause him to prosper long term.
And that's sad that's hard for -- ought to watch.
Very and and it's more than it's more about that than it is the 101000 dollars agreed.
Yes -- some if I were in your shares I can tell you if I -- thousand dollars in the bank.
What I would do is say I'm as much to blame -- is -- -- the dummy this on the note.
And I'm gonna write a check for 101000 dollars I wanna put on the four column of the checks stupid accident that.
And probably don't want this thing and not worry about it.
And then -- some day.
If if he you know -- some character and wants to come back and repay that.
That's fine and if not you can just forgive him and forgive the situation because you participated in it.
And then all about those barriers and those bad feelings and all that stuff can be just taken away.
And then you got 290000 dollars on a clean life.
I ask another question in regards to that answer I don't like it yet I hear what -- plan.
Cut if it became in -- a little bit is that negotiable for pennies on the dollar now now.
The reason is is that Sally may actually means that the government the US government has ensured that.
Against the default to the banks of the local banks on a losing money they're gonna get their money from the government and in the government comes after you.
Now what is negotiable off Sallie Mae -- is that there's a bunch a late charges are a bunch of piled up interest.
But the original principal.
They're not -- negotiate on at all not one penny and we've done this for twenty years trying to get them negotiate.
It was a credit card you probably give -- take 3000 bucks and be done when it.
But if -- if a bunch of the 9700 -- late charges you probably can negotiate some of that now.
But if that's actually pretty close to what the kid borrowed and down you know.
You know a little bit interest in there and there's not a much a -- charges in the in the formula then you're pretty well stuck with that.
I wish somebody come along and take care of it for you but that's the danger of co signing.
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