I believe I am Judgement Proof
Date: Mon, 08/02/2010 - 19:24
I am disabled from a spinal cord disease and receive SSDI.
Someone I thought was a friend a couple yrs ago helped me to take out a personal loan of $1,500. For it to go through the finance co put him as the one needing the loan and me the co-signer. My pymts were $80.00 a month. I was on the SSDI at this time also.
I did make some pymts of the agreed amount, then fell behind. I have tried to pay some thing and got the finance company to lower pymt to $40.00. Sometimes I have been able to make that pymt and sometimes not. Now the "friend" is very angry. The finance co filed a sm claim last week. I just found out when I went to make a $35.00 pymt today. They told me if I agree to make the $40.00 EVERY mos they will keep it out of court.
Am I judgement proof even though I was already on SSDI when this money was loaned out to me?
Someone I thought was a friend a couple yrs ago helped me to take out a personal loan of $1,500. For it to go through the finance co put him as the one needing the loan and me the co-signer. My pymts were $80.00 a month. I was on the SSDI at this time also.
I did make some pymts of the agreed amount, then fell behind. I have tried to pay some thing and got the finance company to lower pymt to $40.00. Sometimes I have been able to make that pymt and sometimes not. Now the "friend" is very angry. The finance co filed a sm claim last week. I just found out when I went to make a $35.00 pymt today. They told me if I agree to make the $40.00 EVERY mos they will keep it out of court.
Am I judgement proof even though I was already on SSDI when this money was loaned out to me?
Did the friend cosign? Then they have every right to be angry..
Did the friend cosign? Then they have every right to be angry....you are affected their credit rating. You should not have taken the loan if you couldnt afford the payments being on SSDI when you borrowed.
No such thing as judgment proof. If you dont pay, they will get their judgment against both of you.
