Texas woman thinks her mom took out a $20K loan in her name without permission. Dave Ramsey offers her 2 'ugly' options
A 23-year-old woman from Houston says she was blindsided when she discovered a $20,000 student loan had been taken out in her name without her knowledge — and she believes her mother may be responsible.
Amanda called into The Ramsey Show seeking advice, saying she learned about the loan only after receiving a credit alert from her bank showing her score had dropped because the debt had accrued interest (1). Until then, she wasn’t aware she had a credit history.
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“I didn’t even know I had a credit score,” she told co-hosts Dave Ramsey and Jade Warshaw in a clip posted Jan. 16. “I have no other debt.”
Now a teacher earning about $48,000 a year, plus a small stipend, Amanda said the mystery loan was taken out during her final year of college, roughly two years ago. She had agreed to an initial $20,000 loan that covered tuition, but said a second $20,000 loan suddenly appeared that far exceeded any reasonable education or living expenses, which were being paid for by mom.
“There’s no way my living expenses were $20,000,” she said. “The only thing she was paying was my rent for a shared place with 10 girls.”
She has not confronted her mother directly about the loan. Her parents recently divorced, and she believes any conversation would likely lead to denial or emotional manipulation rather than clarity. But through communication with her dad, it seems Amanda’s mom may have been aware of the loan and claimed to have been paying it off. Amanda thinks otherwise.
Two 'ugly' options
Ramsey told Amanda she effectively has two paths forward — and “neither one of them are pretty.”
One option is to report the loan as identity theft by contacting the loan servicer and filing formal documentation, including a police report, even though the alleged perpetrator is her mother.
“The second option is equally as ugly: shut up and pay it,” Ramsey said bluntly. “I don’t like either one of them.”
Read More: The average net worth of Americans is a surprising $620,654. But it almost means nothing. Here’s the number that counts (and how to make it skyrocket)
Taking out a loan in someone else’s name without authorization is identity theft, even when the person responsible is a parent.
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