Do I cancel the card outright and set up a payment plan for the relative at a fixed rate with the card company, or transfer the debt ($8000) to me and have him pay me?
2007-03-25 01:50:26 · 8 answers · asked by Emu 1 in Business & Finance ➔ Credit
I think if you've co-signed it, you're in it for the long haul....I doubt that you can cancel the card without their consent, since you're basically co-owners of the card.
Good luck, though
2007-03-25 01:53:17 · answer #1 · answered by Alecto 5 · 0⤊ 0⤋
If you are a cosigner, you may not be able to cancel the card. I would try anyway. Send the card issuer a certified letter stating that you wish to close the card or be removed from the account. Include a statement that you will only pay for the current balance and any interest related to that balance. Any additional charges will be the sole responsibility of the primary card holder. I have no idea if they are legally required to accept the letter, but it can't possibly hurt. I doubt the card company will negotiate a plan for your relative. YOU will probably have to pay them and try to collect from your relative.
2007-03-25 10:17:10 · answer #2 · answered by STEVEN F 7 · 0⤊ 0⤋
In order to minimize late payments take the card back pay the bill and get your relative to pay you monthly, otherwise your screwed which you probably are already. Sorry, but it seems when you try to help family they never follow through with what they say they will do. They have good intentions but if they had to come to you in the first place it was because they had bad credit and couldn't get it on their own, so what made you think they could make these payments? Unfortunately it ends up causing bad feelings because you will probably never get them to pay the bill in full.
Good Luck.
2007-03-25 09:02:39 · answer #3 · answered by devilgal031948 4 · 0⤊ 0⤋
Let me help you.
What you do is . . .
(1) Cancel the credit card.
(2) Look your relative in your eye.
(3) Tell him/her that you love them so much that you are waiving their debt since you were foolish and naive enough to co-sign their bad behavior.
(4) Release them from the bondage of having to pay you back because they are NOT good for it anyways -- YOU ALREADY KNOW THIS, so please stop avoiding the inevitable.
(5) Remind them that they have your support in SPIRIT only and are to never call you again for money or pity because they messed up a good thing.
Finally, move on with your own life and come to the understanding that it is NOT YOUR DUTY to save your relatives from themselves.
2007-03-25 21:36:16 · answer #4 · answered by DaMan 5 · 0⤊ 0⤋
CONTACT THE CREDIT CARD COMPANY AND SEE IF YOU CAN CANCEL THE CARD SINCE YOU CO~SIGNED. EXPLAIN TO THEM THAT THE RELATIVE IS MESSING UP YOUR OWN CREDIT STANDING.
DON'T LOOK FOR THE RELATIVE TO PAY YOU!!
2007-03-25 08:55:32 · answer #5 · answered by vfstardust 3 · 0⤊ 0⤋
cancel the card, make the minimum payments yourself, and then deal with the relative.
2007-03-25 08:53:23 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Make the payment yourself and keep tract. Then sue him if he defaults.
2007-03-25 08:53:30 · answer #7 · answered by Ted 6 · 0⤊ 0⤋
pay the debt, it's why you signed, to guarantee the debt would be paid.
2007-03-25 08:54:33 · answer #8 · answered by Jo Blo 6 · 0⤊ 0⤋