Thanks for any kind of helps
2006-12-18 11:24:33 · 8 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
If I couldn't get out of this one, then should I call a lawyer to sue my friend or what the best way is to resolve it without hurting my credit? Thanks
2006-12-18 11:31:48 · update #1
You don't. When you co-sign for someone you are putting your reputation and credit on the line. As soon as he stopped making payment you now become obligated to make those payments in his absence. Next time 'just say no'.
2006-12-18 11:26:51 · answer #1 · answered by traciatim 3 · 1⤊ 0⤋
co signing ANYTHING no matter what the relationship ( parent / childs husband / wife ) assumes you fully understand the risk and that you will be FULLY liable for the debt in case of the other party not be able to repy the debt.
this is why you NEVER cosign for anything NEVER
Small claims court has a maximum damage that can be given, if whatever you co-signed for is worth more than this amount you are really in trouble. You can still use the court even though your loss is greater than the highest amount they allow you to sue for, but you can only sue for thier maximum amount.
Second, to win this case, you would need to 1) prove that you signed on the loan as a guarantor, not the primary borrower, 2) that you, in fact, made the amount of payments you are suing for and 3) that you did not receive possession of the item.
You need to make the payments. Make sure you have all the necessary payments, to show you have paid it, to show his lack of payment, you have the burden of proof. be prepared.
2006-12-18 19:51:18 · answer #2 · answered by surfer_grl_ca 4 · 0⤊ 0⤋
You will be held responsible for the debt. To avoid a credit blimish, pay off the loan. Keep the documents and notify your FRIEND (?) that he has 15 business days to repay you. When he doesn't, file a claim in small claims court (depending on the amount) and sue him for the loan, any interest and associated fees. To file a claim is usually a nominal fee.
2006-12-18 19:44:15 · answer #3 · answered by Debbi 4 · 0⤊ 0⤋
Bad news -- you can't get out of trouble. You co-signed & are now responsible for making the payments.
If the loan was for a car or for some other real property (a stereo or a television for example), see if you can claim the property. Maybe you can sell it to make some money to help you pay the loan. Unfortnately there is no way for you to get out of this unless your "friend" steps up and does the right thing.
Sorry to bring you bad news. :-(
2006-12-18 19:27:08 · answer #4 · answered by rockgeek56 2 · 1⤊ 0⤋
You are stuck. By signing the agreement, you obligated yourself to be responsible for any and all payments your friend did not make. If it was for an article, you can try to get it back. You can also try to sue your friend for your monetary losses.
2006-12-18 19:33:30 · answer #5 · answered by eilishaa 6 · 1⤊ 0⤋
that's terrible that your so-called friend would do this to you. unfortunately you co signed for him and now your stuck with the payments. i would go and talk to a lawyer anyway and see what he says. good luck.
2006-12-18 19:36:31 · answer #6 · answered by laura s 3 · 0⤊ 0⤋
Been there, done that. Take them to small claims ct., but in the mean time keep making those payments. Sorry. good luck.
2006-12-18 19:35:12 · answer #7 · answered by cookie 4 · 1⤊ 0⤋
I don't think you can. If co-signers could change their minds, what good would that do the lenders? Sorry, I think you're screwed.
2006-12-18 19:27:34 · answer #8 · answered by Tina 3 · 1⤊ 0⤋