She had to get plastic surgery and in order for her to be approved for care credit, I had to co-sign. Now that we recently had a bad break up, can I take my name off the account since she is the one paying for it.
2006-08-07 12:58:15 · 5 answers · asked by 2glock 2 in Business & Finance ➔ Credit
No, you are both dually responsible for the account. If she defaults on the payments, you will be responsible for the debt.
If at all possible, try to reconcile with her enough that you can be amicable to each other. Then try to get her to re-finance the debt in solely her own name. Unfortunately, If her credit is still not good, she may not be approved for a new loan.
If her credit is good enough, and she can get a new credit card, she may be able to transfer the balance (with a balance transfer check or electronic transfer) to a credit card that has a 0% interest rate for a certain period of time. (Try http://www.bankrate.com to see current offers.) This may be incentive for her to re-finance, since she'd potentially save money on interest.
2006-08-09 09:33:13 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Nope. The only way for this to happen would be for her to try and close out the loan and apply to get it on her own, or with someone else, and pay the loan with you off. So you'd have to have some cooperation by her. Otherwise, you've signed and agreed to the life of the loan, and it's impossible to split a co-owned account or loan of any kind.
2006-08-07 20:26:23 · answer #2 · answered by ShouldBeWorking 6 · 0⤊ 0⤋
Most likely not. You probably signed documents stating that both of you are responsible for the debt until its paid off. But, if your ex-girlfriend can now quallify on her own for the "loan", they may be able to work something out - negotiate terms, etc. Check the documents you signed - there may be a clause relating to responsibilities of a co-signer. If you don't have a copy, ask for one - the company should be able to provide you with one.
2006-08-07 20:14:32 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Most likely they will ask you or her to close the account and open a new one. Contact the credit company and ask.
2006-08-10 01:52:04 · answer #4 · answered by ladycashmere79 1 · 0⤊ 0⤋
Not usually. The creditor is the one who makes the final decision and there is no incentive for them to do so. Best option is for her to refinance it and pay it off.
2006-08-07 21:03:12 · answer #5 · answered by Jim R 5 · 0⤊ 0⤋