4 yrs. ago while working in singapore,i borrowed from financing agency for my cousin's car loan.its about to get paid in 6 repayments.when i went to stay with my wife here in USA,he stopped paying the debt.now the financing bank is running after me since it is under my own name.however, im no longer living in my hometown in the philippines.my cousin who's staying at my place received lots of demand letters and even thretening to sue me in court.is this possible?whereas the company and transactions were all issued and signed in singapore?i hesitate to pay them back because i never use a penny out of the loan.now im trying to collect money from my cousin but it seems impossible because he is out of job.and we dont even have any signed agreement (between me and mu cousin).one thing is im already a permanent resident in US
2007-02-28 13:16:31 · 4 answers · asked by butch a 1 in Business & Finance ➔ Credit
You're gonna be okay here in the States. JUST MAKE SURE YOUR "ROTTEN" COUSIN DOESN'T GIVE YOUR US ADDY TO THE SINGAPORE CO. They shouldn't even know that you are no longer in the Philippines. Those demand letters will eventually stop. Those threats (about suing you) are tactics of collection agencies.
I'm NOT in the legal profession but I personally know several people both here in the States and back home in the Philippines who are in the same predicament and have chosen to ignore the problem.
You said there's no signed agreement between you and cuz - lemme ask you this? Was he paying you by checks then? Worst case scenario, these cancelled checks are your best proof that the loan wasn't for you. Where's the car now?
If I were in your shoes, I'd stop worrying. But if you want to sleep a lot better at nights, consult a Pinoy lawyer.
2007-02-28 16:00:42 · answer #1 · answered by Anonymous · 1⤊ 0⤋
It is irrelevant that your cousin is a deadbeat. The finance company knew it, that's why they made him get a cosignor. I don't know if you can be legally made to pay a debt when you are not in the country the debt was made in, but MORALLY, you are obligated to pay it b/c you signed for it. What is the lesson here? NEVER, NEVER, NEVER cosign (or borrow for yourself, for that matter).
2007-02-28 21:24:04 · answer #2 · answered by Tom's Mom 4 · 0⤊ 0⤋
Bail to the US or pay your deadbeat cousins loan.
2007-02-28 21:20:13 · answer #3 · answered by Anonymous · 0⤊ 1⤋
Your cousin sure was appreciative wasn't he
2007-02-28 21:22:06 · answer #4 · answered by workin_man66 3 · 0⤊ 0⤋