Can getting an affidavigt signed guarantee that I get my money back on a loan I cosigned?

Question

two years ago I cosigned a student loan for my ex. He was paying it but all of a sudden he stopped. Now I'm left with the burden of paying this loan back. Will having him sign an afffidavit guarantee that I get my money back?

Answer 1

What you need is a "hold harmless" agreement between you and your ex. Basically, this is a contract that says that if you have to pay the loan, he will pay you for any amounts you pay out. Of course, this, like any contract, isnt worth the paper its written on if the guy has no intention of paying your or if he never has the money to satisfy a judgment. You should have one drafted for you anyway. At least you will have that protection.

Answer 2

1

Answer 3

You have the other answers which pretty much say the same thing. Whenever a person co signs a note, she in effect says" If he doesn't pay, I will." Otherwise what good is a cosigner? First of all he is your ex. That says something. He was paying it back and all of a sudden stopped. That is another bad sign.If he is amoral now , do you think that having him sign another paper will solve the problem? Chalk up the balance to experience. Just thank your lucky stars that you are rid of a loser. If this doesn't teach you a lesson nothing will. Be more cautious and more selective in the future..

Answer 4

No.

When you cosigned the loan, you guaranteed that you would pay the loan if he didn't pay it.

Don't cosign loans if you're not completely sure the borrower will pay the loan back. Hard lesson learned.

Answer 5

No, it won't guarantee it. It is merely a written promise to pay you back. It would, however, give you more credence in a small claims court if he fails to honor the agreement.

Answer 6

I doubt it.