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Tag Archives: cosign

Want to Stop Getting into Debt? Quit Doing This One Thing

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I know someone whose 20-year-old niece wanted to buy a new car. She asked her grandma to co-sign for the car loan, but grandma said, “I love you. But no, I will not co-sign. If you miss a payment, I’m responsible.” So, the niece turned to her mom who couldn’t say “No” and co-signed the car loan. Doh! Who’s Liable ... Read More »

    My Ex-Friend Won’t Pay Me What They Owe And I Cosigned

    angry woman

    “Dear Steve, A friend asked me to use my house for a line of credit for a rental apartment about 7 years ago. I put in $45000, he put in $10000 his boyfriend paid the closing. We stopped talking two years later, but he took care of it and paid the bills. Till last October. He stopped paying the regime ... Read More »

      I Cosigned for a Private Student Loan and The Loan Has Gone Missing. – Jan

      Woman in safari hat looking through binoculars

      “Dear Steve, I cosigned a private school loan for someone, and upon being due she defaulted and I have been paying the payment now for about 1 1/2 years each month to the prior loan servicer AES. She never paid a payment, and has recently filed Chapter 13, and when I went into the AES site to make this month’s ... Read More »

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

        car loan

        “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 »

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

          Ready to Collapse

          “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

            Ready to Collapse

            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 »

              I Cosigned for My Daughter’s Student Loans. – Terry

              Ready to Collapse

              “Dear Steve, Single mother of 2 adults kids. Work FT. No savings, own a home. I cosigned for my daugher’s student loans. She went to an art school that she thought would give her what she wanted but after a year decided it was not for her. Now she has huge loans and credits are not transferrable unless she went ... Read More »

                I Don’t Want to Ruin My Cosigners Credit But I Need Help! – Joe

                Ready to Collapse

                “Dear Steve, I hope you can lead me in the right direction. I am in serious debt trouble. I don’t know were to go from here. My debt is out of control with 2 bank loans 5000 a piece, 1 credit card $16,000 which I have a cosign on and have never been late. 2 student loans one 20,000 the ... Read More »

                  My Children Landed Me in Debt. – Jane

                  Ready to Collapse

                  “Dear Steve, My husband and I have inherited many bills from our children over the last year. One son was in a car accident and was sued by the other party for damages to their vehicle. Since he was under 18 at the time, I had to pay $6000.00 that my husband’s insurance refused to pay, plus our attorney fees. ... Read More »

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

                    Ready to Collapse

                    “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” The Answer Dear Merrilyn, A negative entry on a credit report can appear for 7.5 years from the date it was first reported delinquent. ... Read More »

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

                      Ready to Collapse

                      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

                        Ready to Collapse

                        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 »

                          My Husband Bought a Truck Two Years Ago. He Can’t Pay For It Anymore. his Father Cosigned. – Brandy

                          Ready to Collapse

                          Brandy “Dear Steve, Almost 2 years ago, my husband bought a truck before we were married for a little over $34,000. His monthly notes are roughly $600 due to his bad credit even though his dad was a co-signer. This was okay until a few days ago when he was laid off and now realizes that there are barely any ... Read More »

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

                            Ready to Collapse

                            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 »

                              Ten Years Ago I Guaranteed a Loan For a Friend. Now They Are Coming After Me. – John

                              Ready to Collapse

                              “Dear Steve, I’m 65 yrs old. Sold my business in ’98. Have not worked since. Have 2 homes and travel a lot. That about sums it up. Signed a guarantee for a college Friend in 1999 for a business venture. Credit limit $6-8-10,000(??). Never ever used the card; never got a statement or call telling me the credit limit/balance was ... Read More »

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