I co-signed for a loan on a tv for a friend a while ago. We are recently on the outs, and he went out and bought a $2300 tv on that same line of credit!!! How can i get out of this if he wont pay for it?
2006-07-20 15:15:18 · 10 answers · asked by Shane S 1 in Business & Finance ➔ Credit
Oops. . .oh well. . .this can still work out for you. . .and you will be the wiser next time!
#1 objective for you now is this: that the co-signing arrangement will not harm your credit score. . .so contact the credit line provider and make certain they will contact you if there's ever a delay in payment. . .so as to insure that your credit will NEVER show slow pays or charge offs, etc. (although you may ultimately have to "front" a payment or two while going after your friend. . .but maybe not. . .guys like their tvs!)
Also. . .as a co-signer. . .and something your friend may NOT be anticipating (hoping he will not be reading this Q&A thread). . .you can request an immediate reduction in the credit line amount so that it does not exceed outstandings. . .and that it be non-revolving (so that payments do not increase availability. . only continued reductions in outstandings). . .and if your friend disagrees with this. . .but he can't stop you from taking this action as a co-signer. . .then he can arrange with the credit line provider for this arrangement to be in his name alone!
Yet another way. . .which you could reserve for later. . .after you've both cooled down a bit and can be objective. . .is to ask him to remove you from this arrangement in a reasonable period of time.
Hope this helps!
2006-07-20 19:02:45 · answer #1 · answered by MIKEBAYAREA 3 · 1⤊ 0⤋
Call the bank. Do not tell them who you are, simply ask if there is any possibility of a co-signer pulling out of a line of credit like yours. Ask them if there is a 'safety net' for people who could have gotten into the 'hypothetical' situation you are in now. You can't lose anything by asking them, and your friend doesn't have to know you tried to find out a way to bail on it.
If this fails, you must call your friend and see about writing up a contract where he claims that he will take full control of the responsibility, and that you are not at fault for a default on his part, since you are no longer acquaintances.
2006-07-20 15:21:32 · answer #2 · answered by namelessnomad4 3 · 0⤊ 0⤋
YOU CO-SIGNED!!! you're in value if the distinct individual fails to pay the interior maximum mortgage! Your credit is now happening the tubes also! He received't get any credit precise away with a repo! no longer only are you in value for the $21,000 yet you receives nailed with the $6,000 mastercard debt making that one extreme priced motor motorized vehicle deal! What were you wondering? via technique of reality the previous putting forward is going-----"acquaintances and money do no longer blend"!! If I actual were on your shoes i'd get an criminal specialist an attempt and artwork some thing out with the credit employer the position as you comply with honor your criminal duty in replace they get rid of any unfavorable credit reporting! they do no longer want a repo both! it truly is a no-win proposition for each individual! promote off THE chum! Then sue his assssss in court docket! doesn't bear in mind if he's broke at modern! Sue him besides considering the you by technique of no potential pay interest to even as he may come top right into a win fall from a lawsuit or inheritence--then you definately definately placed across together! save renewing the judgement!!!!!
2016-12-02 00:52:06 · answer #3 · answered by severance 3 · 0⤊ 0⤋
You do have problems.
If he doesn't pay, the credit company will come after you. They will also go after your friend, but they usually go after the person with the money.
There are two things you could do.
First, you could try to have your ex-friend "refinance" the loan. That is tough to do because it is now a used TV and he need your help to get the first loan.
The second option is to make it known that you will be upset if the ex doesn't pay and that you will go after him in small claims court if you get stuck with the bill.
Of course you could just pay the $2,300 and you would have your friend back! ;-) NOT
2006-07-20 15:18:36 · answer #4 · answered by CycloneSteve 3 · 0⤊ 0⤋
I believe you can have your name removed, You signed for him to purchase the previous item, not the current item. I believe if you go to the retailer and advise them of the situation, they should remove your name from the loan. You should also write them a letter advising them of the same so at least you will have a paper trail of communicating with them. It would seem to me that if he paid off the previous loan for the TV, you are no longer responsible for any additional purchases he may make. Let the company know in writing that you are not to be a co-signer on any additional purchases.
2006-07-20 15:25:18 · answer #5 · answered by cajun7_girl 2 · 0⤊ 0⤋
Wow. I don't know what to tell you, take him to court, but since you co-signed, you assumed all responsibility when the other guy couldn't pay. If there is a way you can get him to sign a contract saying HE'LL pay it off, you would be in the clear.
2006-07-20 15:20:28 · answer #6 · answered by annarenee83 3 · 0⤊ 0⤋
You can't, unless you get him to sign something that releases you from being on the credit. Be careful, if he defaults, they can come after you and any assets you have and ding your credit too. That's why you shouldn't co-sign any loans with anyone who's not family. Heck, I won't sign for my brother.
2006-07-20 15:20:07 · answer #7 · answered by Tygirljojo 4 · 0⤊ 0⤋
I agree with the person up front, make sure he is paying the bill. If he does not make the payment so it does not ruin your credit. Then take him to small claims court. Don't allow a dead beat, if he is that, to distroy your credit. Just please, think of yourself first and never sign for anyone else. Take care of yourself first when it comes to things like that. I hope that you have learned a lesson.
2006-07-20 15:31:10 · answer #8 · answered by badkitty 2 · 0⤊ 0⤋
Take him to small claims court. You are stuck with that bill.
2006-07-20 15:20:24 · answer #9 · answered by Anonymous · 0⤊ 0⤋
well I dont think you can do much on this matter
2006-07-20 15:18:42 · answer #10 · answered by nuwanusa 5 · 0⤊ 0⤋