we did not know brother had gone over limit we verbally agreed to. we have tried being nice. he wont pay. husbands credit is going down fast. can we sue? what do we do?
2006-06-28 07:27:18 · 10 answers · asked by combratable 3 in Business & Finance ➔ Credit
Contact all credit companies NOW. Tell them you Will not guarantee any additional purchases and you want the account closed. Follow up with a written letter. Keep a log of everyone you call with time and date. Request a copy of his loan balance and the agreement you signed. You need to establish a "cut off" point so if the credit companies continue to extend credit it will be at their own risk not yours.
Next ask the "dead beat" if he has anything to sell you to pay off his debt. (Get anything you can. Something is better than nothing.) make a list of what you get and how much it is worth. Send that amount into the credit companies directly. Don't give the money to the "dead beat". Ask for a lien on his car. Tell him that will help you get a loan if needed to pay off his debt.
Now it's 10 days later. Ask the "dead beat" how much he can pay each month towards the debt. Don't put him into a situation he can't live with it will just be a bigger problem. Now call the credit companies ask ask for a reduction in interest rate and a payment schedule that you can afford.
Now comes the time to KICK yourself in the butt for doing a "verbal" agreement and letting it go this far.
2006-06-28 07:44:33 · answer #1 · answered by Gregory B 3 · 3⤊ 0⤋
It is better to have sex with a homeless person than it is to cosign for anyone. Yes, you can sue his lazy and evil behind if you want to and try to collect that way. You should also close any accounts that may have been opened with your help. The credit damage, however, has been done and you will pay the price regardless. I would also advise that you put up for sale any items that have been purchased as a result of this cosignage--the car, t.v., boat, whatever it may have been that you cosigned for. By the way, your husband's debt is also yours since it has taken during your marriage to him. Whose "bro" is this, anyway?
Mr. M on bro...cosign.
2006-06-28 07:37:24 · answer #2 · answered by Humberto M 6 · 0⤊ 0⤋
If you co-sign for someone else's debt, you must understand that you are, in effect, agreeing to pay the debt IN ITS ENTIRETY in case the FICO-poor person you are co-signing for, can not pay.
And just remember, there is a GOOD reason why the creditor requires a co-signer.
Generally, it is because the primary signator's creditworthiness is horrible, shady, and undependable -- to say the very least.
You can sue your brother in civil court, but guess what -- he ain't got no liquid assets worth acquiring after you incur significant legal costs.
Co-signing is RARELY a win-win situation.
You are liable when you put your John Hancock on it.
2006-06-28 07:47:16 · answer #3 · answered by DaMan 5 · 0⤊ 0⤋
the following is a biggy. A bro by no skill tries to snake the present female of a bro. you would imagine that's clear, yet a guy I seen my bro tried this about 3 years in the past. My female and that i have been living at the same time, and this "bro" confident her to bypass in with him, 5 hours away. obviously, besides the undeniable fact that we've provided that change into acquaintances lower back, he's not any longer my bro, and me and the lady in question broke up quickly after.
2016-11-15 09:15:39 · answer #4 · answered by ? 4 · 0⤊ 0⤋
Your husband agreed to cosign, and without a written agreement with brother, your husband is just as liable for the debt.
2006-06-30 05:28:11 · answer #5 · answered by Mama Pastafarian 7 · 0⤊ 0⤋
I agree totally with what Gregory B had to say.
Unfortunately since everything you have agreed to with the brother was verbal, you don't have much of a legal leg to stand on.
"Immediately" contact the creditor and tell them to allow no further charges to that account, follow it up by letter.
Then do the rest of what Gregory B mentioned. He gave some good advice.
2006-06-28 12:45:26 · answer #6 · answered by echo 7 · 1⤊ 0⤋
If you cosigned (guaranteed) that debt, it's yours. I'd start paying on the line, then try to collect from the brother.
2006-06-28 07:32:47 · answer #7 · answered by inaccord18 3 · 0⤊ 0⤋
By co-signing for your brother, your husband took responsibility for the debt in case your brother can not pay it back...that's why banks require co-signers in some cases.
Sorry, you are financially liable for that debt.
2006-06-28 07:33:22 · answer #8 · answered by KL 5 · 0⤊ 0⤋
stop verbally and pick up a pen and put it on paper from now on
what will you show the court? your verbal agreement?
see if you can trick the bro to sign a new agreement that you can use in court
2006-06-28 07:36:05 · answer #9 · answered by Anonymous · 0⤊ 0⤋
cry.
2006-06-28 07:29:52 · answer #10 · answered by INURFACE 1 · 0⤊ 0⤋