Question:

Dear Steve,

Hi Steve, I co-signed my daughter's student loans which she and her husband stopped paying because Navient was asking for $1,100 a month (he lost the overtime advantage he was using to pay back the student loans) and all I could help towards that was $200.

My daughter directed me to your site and we decided to stop paying and wait until they either sue us or the statute of limitations expires. We have paid about $15,000 of a $150,000 debt. I have started saving the $200 a month I was giving them in an account called "If Judgment Comes." :)

The loans are now in collections. I would like to know if the collection agency can either freeze my bank accounts or garnish my pay before we get sued and if they can do it without warning? Thank you.

Rosie