Co-signed for a car loan - Big Mistake
Date: Tue, 07/28/2009 - 22:27
Not only was she deficient on payments, she would also lie to me about every detail - including when the car was reposed (she said she sold it). Now, two years later I have had two different agencies (one a collection agency and one a law office) trying to collect $11,380.04 from me. I realize that I cosigned and I asked for this. I am now sending Suttell & Assoc. a letter requesting validation of debt, but I feel like its a lost cause.
Does anyone have any advice on this matter? Is there anything, short of bankruptcy, I can do? Please - any info or advice is REALLY appreciated. I feel like no one is listening to me and no one cares that I don't deserve this debt, especially when no attempts to reach the other party on the loan have been made. What can I do???
I am sorry to hear about this. But as far as I know the month sh
I am sorry to hear about this. But as far as I know the month she missed a payment the creditor had the right to notify you and make you responsible for the loan. Did they ever send you a letter or call you telling you the loan was in default?
I know there is something more you can do but i cannot remember it right now. I know that you should be able to take your friend to court and get some of the money back.
Someone with more info on this should be along shortly, so please keep checking back.
Unfortunately, legally both of you own the debt. If they cannot
Unfortunately, legally both of you own the debt. If they cannot get the money from her, they can try to get it from you.
HOWEVER, that said, there may be some defense here if they take you to court. Check out the following page of civil court defenses, especially "Defense 11: Collateral Was Not Sold at a Commercially Reasonable Price".
"http://www.nedap.org/hotline/defenses.html"
That's a pretty high amount so I feel safe to assume that they did NOT get a commercially viable price for it (check the Blue Book value, both as trade-in and as retail just to be sure). If that is the case, you may wish to tell them to sue you rather than tip your hat because it is unlikely they'll just shrug their shoulders and give up without a judge telling them to.
