by Nosonofmine » Mon Aug 11, 2008 12:41:52 PM
Help, please, I am so distraught about my son's debt. He was doing so well, but was diagnosed as Bi-Polar last year and everything went crazy. He refuses to take medication and his life turned upside down. He had such good credit before that the bank had given him a 20K loan(which he was doing fine with until the winter) NOw the bank has sent letter of arrears and today I recieved a rude call from them. He no longer lives with us and I hardly ever see him, so I told the young man that "no, he doesn't stay with us anymore" and he rudley commented that his MOM would not have put it that way and said he thought I was covering up for my son's whereabouts. In a way I was because I know he has a cell phone and can't afford the minutes on it as it is and he is barley making enough money to pay rent with his 2 friends.
My first question is this: Will the bank "SUE" my son for the money and could he go to jail?(I have suggested bankruptcy but his state of mind will not hear of it)
my second question is: do I have rights as to how I was treated by the bank's personel that was rude to me. I have no legal or financial obligation towards my 23 year old and told him that but he insisted I was covering up for him. There is no co-signer on the loan either.
My first question is the most important becuase they did state in a letter that legal action would be taken to get this debt paid.