My boyfriend's ex girlfriend (whom he was with for 3 yrs) prior to me, asked him to "cosign" a $10,000 student loan for her. Personally I think its just another way for her to hold on to him and stay present in his life, so they have "reason" to talk or, if need be, meet up.
But regardless of that, I think asking someone to "cosign" for you is kind of a big/personal favor to ask AND as for him... agreeing to cosign a loan seems like a pretty BIG commitment to make to an ex especially when you consider the amount AND, the fact that you live with your current girlfriend (whom you've been with for over a year). Am I wrong?
Its an Education Maximizer Loan through Bank of America for $10,000. Since the day she asked him to do this they've been dealing with trying getting this loan approved for almost a month now (since Sept. 28). And since that day she asked him to cosign, they talk to each other 2, 3, 4 times a week and see each other maybe once a week ... you know, for "loan" stuff. And of course, I am never told any of the phone calls, her stopping by his work, or him running by her house. I have to look in his phone (which is shady) and confront him about it.
And maybe I am crazy to be completely irritated by this whole situation but, in my opinion, the involvement they’ve had with each other over the past month seems to be a little excessive for cosigning a loan. No?
She txt him to tell him that the loan was finally approved yesterday and the check will getting here this Thursday morning. Then she follows up by asking him what he's doing that morning because, and I quote, "we both have to go to the bank and be there to cash the check." In which he respond to her text by calling her. Is this the usual procedure for borrower/cosigner? Does he REALLY have to be there to cash HER loan check? How much involvement is really necessary, or does this seem excessive to you too? As cosigner, what does his involvement REALLY consist of? Maybe I am totally out of line but I really feel like they are both over stepping some boundaries. I had to ask someone who was familiar with student loans and the involvement between borrower/cosigner because I think ENOUGH is ENOUGH!
Thank you so much for your time.
2007-10-24 07:10:29 · 4 answers · asked by Anonymous in Business & Finance ➔ Credit
Your boyfriend is an idiot if he is co-signing a $10K loan for an ex-girlfriend. Co-signing is pretty stupid to start with but for an ex ....
The check will probably be in both of their names and he will have to endorse the check. The bank may require he be there in person, since he isn't on her bank account.
The biggest problem will come if she fails to make timely payments. The creditor will be calling him. As co-signer he's responsible for making payment if she doesn't. She could just default and leave him holding the bag.
I recommend that you don't plan on being stuck with this idiot. He's going to be having some big financial problems in the near future.
2007-10-24 07:24:10 · answer #1 · answered by bdancer222 7 · 0⤊ 0⤋
1
2016-10-24 02:50:08 · answer #2 · answered by ? 3 · 0⤊ 0⤋
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2014-07-17 02:53:02 · answer #3 · answered by Anonymous · 0⤊ 0⤋
unless the check is made out to both of them with "and" between their names, he doesn't have to be there.
2007-10-24 07:20:12 · answer #4 · answered by Magick Kitty 7 · 0⤊ 0⤋