What should i do when im on a credit card as joint responsibility the other party is planning?

Question

on letting it go to collections so they can settle it for cheaper amount its for 15K! He called to put it in his name and knows its his debt but the credit card company denied it and it just remains in both names is there anything else to do? should i just dispute it.. those charges are not mine i dont even have a card.

ive never signed for any of the charges ive never used the card i just wanted to see if anybody else has ever had that happen and what to do.. this was my roommates creditcard and i dont live there anymore but now thats its going bad its gonna affect my credit if i dont figure something out? if i make the payments im paying someone elses debt for the sake of my credit.. im calling an attorney to see if anything else but wanted to ask in the meantime. thanks

Answer 1

You are looking at this wrong way. YOU signed up for a joint account and you are about to default on the account.

The fact that one person used the account more than the other or one person never used the account, or that you and the other account holder have some arrangement, ie he will pay the account, etc. is completely irrelevant to the lender. I suspect the other person would have never gotten the account without you as a co-applicant.

Your name will not be removed from the account as you found out.
Dispute what? A dispute is when you have a disagreement with a merchant that put a charge on your account.
You do not have to have signed anything to be liable for the account and the fact you do not have the card does not matter.
From you comments, I don't think you were a fraud victim, and if you were the lender will require you file a police report
I suspect this will be the last time you co-sign on an account.

If you don't mind the bad credit you can let it go and try to settle, but if you have the ability to make the minimum payments the lender may not offer a settlement.
Another option is to have the other person sell assets and try to borrow the money from somewhere else to pay off a chunk of the balance and then you both make payments. At least your liability is reduced.
You might meet with an attorney, if there is some grey area that occured in the setting up of the account, you might be able to work out a settlement. But that most likely would be reported on your credit file. Maybe the attorney could draw up an IOU for your friend to sign, stating that he used the account and everything you pay on the account he promises to pay back to you with monthly payments of 3-5% of the balance.
Last thing. Stay involved in the situation. Do not bury you head in the sand. You need to see copies of all statements and have access to the account on line if available.

Answer 2

i could heed the warning they published on the region: Warnings: be careful whilst entering right into a joint credit card; any rates or outcomes from one individual will impression the two human beings Now, while you are the guy whose credit isn't stable, that's possibly it ought to help you even nevertheless the opposite is likewise the case. I actually does no longer bypass right into a joint account in any respect with a buddy, and so on. those are in many circumstances reserved for individuals who're in any different case dedicated to a minimum of one yet another (significant different, relatives significant different, and so on). subsequently, the warning. while you're married, your credit already is tied in with the significant different, like it or no longer. while you're no longer married, why could a individual with stable credit initiate a joint account with a individual with very undesirable credit via fact it may drag the stable credit down.

Answer 3

You should have agreed to being a co-named party to a credit card, as no card company will accept giving a card to an other without the co-party's signature. That's why they leave your name as the other debtor.

Answer 4

did you sign for the card?? If you did you are responsible. If someone else signed your name thats identity theft. If you are an authorized user you are not responsible.