Can I sue?

13 years ago

I put up a 50,000 CD as collateral on a loan at a local Credit Union for my nephew and niece in law.. SHE promised to pay it off within 2 yrs at 800 to 1000 a month. However now they are going thru a divorce and she wants my nephew to pay it off.. Balance is still 22,800. He is working an 9.00 per hr job, she annually makes 85,000! If this goes delinquent, and they take my cd can I sue her? There is no promissory note, only some emails from her thanking us for helping them out.

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Comments (6)

LuAnn_in_PA
13 years ago
What does your lawyer suggest?
azzalea
13 years ago
Exactly--the only one you should be asking legal questions to is your lawyer. With that kind of money involved, you cannot afford NOT to be getting good, legal advice from an attorney. And you're right to ask those questions now--BEFORE things get any more complicated. Call your lawyer, sit down with him/her, find out how you need to be protecting yourself in this instance and follow their advice.
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Alls I have to say Robin, is that I'm not picking apart anything you did. I'm just telling you that at my age, I've seen a lot where kids and divorces are concerned......not only as a family member of some, as a peace officer, as an employee of a Child protective service, and as a kid's nurse. I am just saying that you would never believe how twisted some things can get, when/if they end up with third parties having to step in. You cannot help another person's agenda......and it isn't always clear what the best action is when you are put on a spot. What I am saying is that it seldom is any benefit to do anything out of retribution and that you need to CYA in all your actions, evidently and do everything with a clear head and forethought. It might be very helpful to you down the line to keep a journal and document everything with times/dates/names. If your ex-partner is gaming with you, resist playing along if possible. What I have seen over the years is situations do not necessarily resolve automatically when divorces are final. They can get even grosser. How you deal with your ex now can impact tremendously what gets dished back at you down the line. That's why I mentioned sometimes it's best to keep your cards close to your breast at this point. There may be nothing at all you can do to work this out amicably........but it would be very sad if every time there is a visitation LF has to be in the middle. I have no answers or advice, really. It's just hard enough for a kid to have divorced parents without having to deal with issues. Even in 'easy' divorces, they have their plates full.
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jannie
13 years ago
Never lend money to friends or relatives.
sovra
13 years ago
You need a lawyer, and your nephew needs a divorce attorney.

If the CD was put up as collateral for a loan with the credit union, I would imagine that there's documentation related to how the loan was set up and that there's also documentation that they were the ones paying off the loan. A lawyer would probably be able to use that information to demonstrate that the debt is a marital debt shared between them, and not a gift that you gave them.

You should also keep in mind that the decision regarding who pays you or who pays what percentage may end up being decided as part of their divorce agreement. What she wants and what they agree to legally may not be the same thing. If he ends up being the one to pay you because of the divorce agreement, hopefully you can be okay with it.
User
13 years ago
By putting up the CD you basically co-signed for the loan. Check with a lawyer but if they are behind in their loan if you don't want to forefit your CD start paying the loan and then sue the two of them.
joyfulguy
13 years ago
Firsst off ... have a talk with the credit union, to ensure that the regular payments are made.

I think that I'd be inclined to have a talk with the lady, myself ... if they are having problems, she might be more agreeable to making a better deal with you.

Probably run that one by your lawyer, first.

ole joyful

Can I sue?

Comments (6)

LuAnn_in_PA

azzalea

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sovra

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