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Tag Archives: co-sign

Cosigned for Sisters Car. Collection Company Put Bad Debt on My Credit Report. – Harriett

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“Dear Steve, Collection agency have placed a bad debt on my credit report because I co-signed for my sister. I co-signed for a car for my sister. she lost her job and the car was repo, since i have received letters from the collection agency for this debt. During that time I was not aware that if something happen this ... Read More »

Can Sallie Mae Garnish My Social Security? – Pam

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“Dear Steve, I have no taxable income I receive VA compensation for being 100% disabled and Social Security can these benefits be garnished for the debt, and if so once my benefits are garnished am i stuck paying forever and this kid gets away scott free? Do I have any options, like suing him or his parents in civil court? ... Read More »

I Co-Signed a Sallie Mae School Tuition Loan for a Friend But They Say They Can’t Pay. – Vincent

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Hi, i co-signed a school tuition loan from sallie mae about 10 yrs ago for then a close family friend. I recently applied for an apartment and found out he didnt pay anything and it destroyed my credit. This person has a personal buisness and a BMW and only crys poverty when I beg him to pay his debt. The ... Read More »

Is It Wise to Sign For a Mortgage For My Parents? – Lisa

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“Dear Steve, Married, mid-30′s and working to manage our credit and stay out of debt. I wanted to know if it is wise to sign a mortgage loan for parents. Recently, there has been a request to do so and I have a feeling in the pit of my stomach that it would not be a wise financial move for ... Read More »

Will My Friend that Cosigned for My Motorcycle Be Stuck With My Debt When I Go Bankrupt? – Tommy

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Tommy “Dear Steve, Currently have two accounts opened with Honda Card Services, financed through GE. On one of the cards I was charged for a motorcycle which later got stolen (No gap, no insurance), and the other card was used for maintenance of the bike (oil changes, etc). Both cards were co-signed with one of my close friends and I ... Read More »

How Long Will My Son’s Car Loan Hurt My Credit? – Merrilyn

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“Dear Steve, I co signed for a GMAc loan for my son and he was late on the payment several times. We have since pd the car off. How long will this hurt MY credit? Merrilyn” Don’t miss our free Get Out of Debt – “How To” Guide Series on a number of topics, for loads of practical advice, tips, ... Read More »

I Cosigned for a Car Loan and that Person Went to Jail. Now I Have to Pay it. – Noname

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Noname “Dear Steve, I am in a distressed situation and i dont know what to do about it. I recently lost my job and I have 2 car payments that along with insurance is taking about 600.00 a month and recently a family member that i signed for a car went to jail so now i have that car as ... Read More »

My Husband Cosigned for His Mothers Jeep. Guess What? She Defaulted. – Erin

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Erin “Dear Steve, OK, here goes. My husband co-signed for his mom on a jeep in 2002 (he was 20). His mom then neglected on the payments and filed bankruptcy in 2005 (not sure weather 7 or 13). The car was repossessed without any contact to my husband (who no longer lived at home) to take over payments or the ... Read More »

I’m Willing to Co-Sign a Loan to Help Out My Guy. – Lou

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Lou “Dear Steve, Asking for my guy. He’s currently about $50,000 in debt between his student loan, car loan, and using his credit card to pay bills while he was out of work. The card is a bit over $6k, car is between $10 and 11k, and the student loan is around $34k. He currently makes about $30,000 a year ... Read More »

I Cosigned on My Wife’s Car But Now I Can’t Get One. – Peter

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“Dear Steve, I cosigned on my wifes car so she could get one and now i want to get my own car and cant because i cosigned for her and im not able to get a second car loan for myself, and her credit is not good enough to refinance in her own name, the dealership said if i can ... Read More »

My Sister-In-Law is a Paranoid Schizophrenic With Student Loans We Cosigned For. – Sara

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Sara “Dear Steve, My sister-in law has recently been diagnosed with paranoid schizophrenia and is currently locked up in in a mental hospital for the next few months, possibily years at this point. She owes about 6000 in student loans for which she has defaulted on. My husband is a co-signer on her loan so he is now forced to ... Read More »

My House is Paid Off. My Husband and I Are in Deep Debt. – Debbie

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“Dear Steve, My house is paid off and has been for about 14 years. My husband and I are in debt deep. He is not able to work and does not draw disability or anything. He applied once about 2 years ago, was denied and has tried to hold down jobs since but he can’t and doesn’t want to give ... Read More »

Will They Go After My Son for the Car I Co-Signed For? – Dawn

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Dawn “Dear Steve, I co-signed for a car for my son. He wasn’t able to make the payments anymore because the engine blew up on the car. I know I’m responsible as a co-signer and all I can afford to do at this time is to turn it back into them. Is there any protection besides Bankruptcy from the amount ... Read More »

My Father Cosigned for Our Truck. He Doesn’t Know He Owes the Debt. – Jami

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“Dear Steve, Hi. We have run into quite a bit of problems. It has been one thing after the other, and some rather bad choices. In 2004, we had a car with a small payment. Only $284 per month. My husband decided that he would like a van for our family since we have 4 kids. (The first car was ... Read More »

I Don’t Want The Car In My Driveway, I Can’t Afford, to be Repossessed or Effect My Credit. – Brandy

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Brandy “Dear Steve, I signed a car loan for an ex, now he is not paying…What do I do next? In November 2008 my boyfriend of 3 years and I went to a auto dealer. We traded in both are vehicles for a 2005 Jeep Liberty (for him) and a 2004 Nissan Murano (for me). He was not able to ... Read More »

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