2007-05-04 17:08:02 · 4 answers · asked by Wendy G 1 in Family & Relationships ➔ Family
Yes ... and no!
YES -- because you want the other person to take responsibility for their finances and to budget and pay their own bills.
NO -- because if this other person REFUSES to pay, falls behind in the payments, then ....
The Creditors will come AFTER YOU for the charges, the balance of the loan and other costs -- because you are OBLIGATED to pay if this person does not (That is what co-signer on a loan means!)
SO ... if you do NOT pay .. and the item is repossessed, and additional amounts are owed -- it WILL Affect YOUR credit rating!
2007-05-04 17:55:23 · answer #1 · answered by sglmom 7 · 0⤊ 0⤋
If you co-signed for the loan, it is legally your responsibility to pay the debt if she is not going to. It is your credit that will take the hit if it is not paid.
2007-05-05 00:56:12 · answer #2 · answered by Jinny E 5 · 0⤊ 0⤋
NO THATS WASNT A GOOD THING TO DO. IF SHE DONT PAY THE LOAN OFF THATS GONNA AFFECT YOUR CREDIT.IF I WERE YOU I WOULD MAKE SURE SHE PAYS OFF THE LOAN AND THEN IF SHE NEEDS HELP WITH SOMETHING ELSE THEN YOU NEED TO TELL HER NO AND THAT SHE NEEDS TO DO THINGS FOR HERSELF
2007-05-05 03:21:25 · answer #3 · answered by sweetness23 3 · 0⤊ 0⤋
yes you are doing right but it does affect your credit
2007-05-05 00:19:13 · answer #4 · answered by BOUBOU B 2 · 0⤊ 0⤋