Loan Consolidation with Ex-wife

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kballish

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Long story short, I consolidated a student loan with my ex-wife in 1997. About 90% of the loans were her's and the rest mine. Recently the loan was sold to Vermont Student Assistance Corp who has contacted me about my ex being behind. I wasn't even aware that this consolidation was out there. We were divorced in 1998 and through our divorce decree these were her responsibility. I realize that I'm responsible for her default, but my question is this; in 15 years no one has ever contacted me about this, based on what is still owed, she's been in default before and filed some forbearance in the past. Now she wants another forbearance and I'm told they need me to sign off on it. If this is the case, is the loan in default in that I've never been notified of anything over the last 15 years and there seem to be forbearances in the past without my approval? Has the loan effectively lost the right to hold me responsible by not communicating with me over 15 years and allowing fobearances without my approval?
 
You are likely best off to sign nothing and have no part in the loan.
You might not have any responsibility at all. You have no obligation to do anything at all.
 
Thanks Mightymoose. Do you know is there a specific law or legal term I can reference for the loan owner. Like I mentioned, it appears there have been multiple forbearances without my consent or knowledge. Plus, I have never even received any notice at all over the last 15 years until it was recently purchased by VSAC. Any help is greatly appreciated.
 
Thanks mightymoose. Do you know if there is a law or legal term I could reference when talking with the new owners of the loan. Like I said, it appears that there have been numerous forbearances in the past, but no one ever contacted me about anything over the last 15 years. To be honest I didn't realize this loan even still existed until VSAC purchased the loan and sent something to my house last month that my ex was late on her payment. Any help is greatly appreciated.
 
Do you know if there is a law or legal term I could reference when talking with the new owners of the loan.

I suggest you don't even talk with them. They are only going to threaten you and try to convince you to pay them.
Just because they have contacted you does not mean you are responsible for the debt.
If the debt is as old as you say then it is very possible the statute of limitations is expired and they can't get a judgment against anyone. The only way they collect is by scaring people.
If it were me I would cease all contact with them, monitor my credit report, and not worry the least bit about it. If they want me to pay they can obtain a judgment from the court.
The more contact you have with them the more they will hound you.
 
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