Co-Signing
You cosigned & are now 100% obligated for the debt. The only thi
You cosigned & are now 100% obligated for the debt. The only thing to do now is pay or not pay & go after friend for damages.
Since you cosigned a loan,you could go after them for failing to
Since you cosigned a loan,you could go after them for failing to honor the agreement.
I want to interject one moment. There is a difference between b
I want to interject one moment.
There is a difference between being a co-signer (guarantor) and a co-borrower.
If you are a guarantor, then the creditor has to exhaust its collection efforts (lawsuit) on the primary account holder first, before they can legally come after you. At that point, if you had to pay the creditor, then you could in turn sue your friend. But considering that the creditor would have already tried to sue her and got nowhere with it, then your chances at suing are slim as well.
Quote:
Since you cosigned a loan,you could go after them for failing to honor the agreement. |
If you signed as a co-borrower, then that means you actually received a part of the proceeds (benefit) of the loan transaction. In that case, you might not actually have any recourse against your friend, unless you had a separate agreement between the two of you.
For example in a car loan - if you both signed as co-borrower and both of your names went on the car title, then in essence you received some sort of benefit out of the loan (title to the car). In that case, you might not actually be able to sue your friend, unless it was for replevin to force her to give you the car.
Yeah
Yeah I didnt not receive anything from the loan. It was all her. But latly I have yet to hear anything either via mail or phone in regards to the loan, So I have no idea what is going on with that.
I think it may depend on state laws - I know in my state a co si
I think it may depend on state laws - I know in my state a co signer can be sued for a debt, and it considered 100% responsible even if they received no benefit out of it. The creditor does not have to exhaust all collection avenues with the primary first.
Well, I'm not quite sure why they're not acting on it. If you s
Well, I'm not quite sure why they're not acting on it. If you say you haven't talked to your friend in a while, maybe she paid it?
according
According to my credit report it hasn't been so I have no idea. I have no way of gettig in contact with her
Like Goudah said, all states have different laws. The contracts
Like Goudah said, all states have different laws. The contracts we use here in IL -- it depends where you sign as to your degree of liability. If you sign on the front of the contract, then you are just as responsible for the debt; if you sign on the back of the contract, then you are a guarantor and the creditor has to exhaust/sue the primary first before coming after you....
One idea I have is that they may not realize you are on the account as a co-x. I say that because the computer system my company uses does not readily display when there is another signer on an account. We have to press F-6 in order to see who else is on an account; and most of the time my staff forgets to press F6, so they don't realize there's other signers that they could call.