Cosigning for any sort of credit can land you in financial trouble. Co-signing seems like an innocent thing t do but before you know it you are left holding the debt when the other person runs away.
Question: Dear Steve, I have a guaranteed loan for a relative they have not paid, so I’ve been paying but just decided not to. There is only 300 left, whats the worst they can do if anything? It is unsecured Judi Answer: Dear Judi, The path of least resistance and angst can be achieved by … Read more
Question: Dear Steve, I refinanced student loans with my first wife, we got divorced, and now she refuses to pay her share. Can I sue her to recoup the money I have paid? What are my options? Paul Answer: Dear Paul, This is America; you can sue anyone at any time for any reason. That … Read more
Question: Dear Steve, I am the cosigner on my now ex-husband’s private student loans. Unfortunately, they are currently going into default. It was over the phone when I cosigned, and I didn’t physically sign anything. I remember he was in Phoenix, and I was in Wales. Could this work to my advantage? And if so, … Read more
Question: Dear Steve, I co-signed for a car loan for my Grandson, and now he is nowhere to be found and is behind on the payments. I do not have the money to pay the payments, so what can the credit company do? Can they put a lien on my home or take my wages? … Read more