Can a business use your name a second time.?

Question

I co-signed for my brother and the loan was paid off, he went back to same business and bought more can that business you my name as co-signer for this loan without my permission.

Answer 1

If you agreed to be a co signer on a fixed term finance contract, then your obligation is over once the loan is paid off. If you cosigned on a revolving account (which is what most stores offer) you are liable for any and all charges on that account. You would need to close the account, and have your brother apply for an account in his own name alone, or else he can add items to the account and you are liable.

A revolving account is just like any other credit card, where you can charge additional items up to the credit limit!

Answer 2

If it's a revolving credit thing, like a credit card, yes he can. You are co-owner of the account and the balance going to zero doesn't affect that you are a co-owner of the account. If that is the case, call the company and take your name off the account. If it was a fixed term loan, the minute it reached a zero balance that was the end of the loan and you can't be used again without your express permission. Either way, contact the business and tell them what you want.

Answer 3

Not for a separate loan. Make sure that this was not a case of using the same line of credit, in which case your name would still be attached.

If it was a new loan, then you can force them to remove your name from the debt.

Good luck.