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Biggest mistake of life: spousal consolidation

1 reply [Last post]
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Joined: 05/07/2010
Points: 0

Hi, I am new to this forum and just discovered this site while googling out of frustration looking for help with my situation. I naively consolidated my law school loan together with my (then) spouse's graduate student loan. This was fine while we were married, as it saved us money with a better interest rate. But once we were divorced, there was no way to un-do the consolidation. The lender would not split the loan. Our final judgment divorce decree mandates that we each pay our respective portions of the payment....only problem is that for the past 5 years he has not paid his, and I have been forced to pay the entire payment.

Until November of last year, I had a decent paying job, and although I resented paying his portion, I did it to save my credit. But then I became unemployed and could no longer pay. I started my own company at the end of last year, but I have yet to turn a profit. The student loan is currently in forbearance which expires in August.

My ex now says he will pay his portion if I pay mine.....RIDICULOUS considering I paid the thing for the past five years so he should just pay it now for awhile until I can get on my feet, but he refuses. If the lender would just split the loans, they would have a much better chance at a recovery, as I would be able to get family to help me pay my portion of the loan, but they are not willing to pay one red cent toward the loan, so long as it is partially benefitting my ex by paying down his portion too.

At this point, I don't think I will ever be able to afford to pay back this loan, as I am now remarried, have a toddler and one on the way. I can only work part time right now on my business and am considering that now I will just have to make sure I have NO assets in my name, and that I never make another dollar so that my wages can't be garnished and my tax return can't be taken.

I think it is SO ridiculous that I am stuck in this situation, and despite many calls and pleas to the student loan company, there is nothing they can do to split this loan. I have tried to convince my ex to refinance his portion of the loan into his name and I will do the same, but he claims his credit is bad right now and he cannot get a loan. I just find it unfathomable that there is no rememdy for this. Has anyone had any experience or have any guidance with this dilemma?

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Joined: 03/05/2012
Points: 10
I agree

I am in the same boat as you... I really dont know what to do. Currently I am writing congress and senators in my area... and I will continue to work up the pipleline. For better or for worse, well this is worse

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