I cosigned and I do regret doing it, but my question is- If I cancelled the account so that the person I cosigned for would stop racking up the bill, does that make it guaranteed so that the person cannot rack the bil up anymore? Im paying the bill off but Im afraid the person I cosigned for might continue charging on the account. Also does the bill have to be paid off in order to not be linked to the person you cosigned for?
2007-02-25 15:05:39 · 5 answers · asked by Anonymous in Business & Finance ➔ Credit
Once you have cosigned, you are pretty well stuck.
Cosigning means you are guaranteeing payment if the other person defaults.
Never cosign unless you are 100% sure the other person is reliable. Which basicly means you shouldn't cosign.
2007-02-25 15:10:18 · answer #1 · answered by Anonymous · 1⤊ 0⤋
If you close the account then is can't be used anymore. Unforunately you are still responsible for the amount owed. You can go before Judge Judy and posssibly get your money back but don't count on it. Consider this a lesson learned. Never cosign on anything for anyone, you are ultimately responsible. There is a saying out there that you should never lend more than you can afford to lose and that you can lose a good friend if you loan them money (or other things) and they don't pay it back or return it. Shakespere said it best "neither a lender or borrower be".
2007-02-25 23:12:44 · answer #2 · answered by sweet sue 6 · 0⤊ 0⤋
Actually, I'm surprised you were able to cancel the account since you are just the co-signer & not the primary name on the account. I would double check that to make sure it shows up. Unfortunately, you are still responsible for any unpaid debt & whatever is not paid will show up on your credit just like theirs. Co-signing is a pain for all parties. Yes, it will have to be paid off in order for you not to be linked with the account or the other person.
2007-02-25 23:17:57 · answer #3 · answered by lovemy2babies 4 · 0⤊ 0⤋
Usually it is the cosigners liability if they dont pay their bill......
BUT because you cancelled your part of the agreement so the person you signed for is completely liable.
2007-02-25 23:12:05 · answer #4 · answered by Tweetalette 3 · 0⤊ 0⤋
If you cancel your part, then you are no longer liable for the cosigning of the debt.
2007-02-25 23:08:36 · answer #5 · answered by healthspot_2000 4 · 0⤊ 1⤋