QUESTION
Can i take my child to court for none payment of parent plus loans, which was our agreement when i signed?
Asked on Nov 08th, 2012 on Civil Litigation - Illinois
More details to this question:
My adult child and i had an agreement when went to college that he would pay the loans back when finished as he claimed BK and could not get credit. so I signed Parent Plus Loans based on him paying them back, well he has deferred them several times then i had to beg him for payment, has decided not paying them. i want to know if i can take this court since there is no contact. .
1 ANSWER
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The answer depends on exactly what you signed. If you are the borrower, rather than a guarantor, then you may have a problem. If, on the other hand, you are merely a guarantor, you have a right to require him to perform his obligations to the creditor and to collect from him anything you are required to pay the creditor. Many rights and obligations will depend on the precise terms of the loan agreement and guaranty themselves. You should take these documents to an attorney and have them reviewed. It sounds as if your son doens't have any money. It is hard to get blood from a stone.
Answered on Nov 09th, 2012 at 4:15 AM