Negotiate Creditor After Judgement (Co-Signer)
Date: Sun, 01/30/2011 - 19:07
Hello,
When I was in college I had co-signed a lease with 3 friends. 2 had defaulted on the lease and did not make payments. I was never notified of their non payment until about 6 months into the lease. None the less we were eventually evicted and sued for the amount owed. Even though I payed all my rent I realize I am responsible legally due to the co-signed lease. This all took place in Illinois. The amount still owed is 6,000. Money which I have no where close to. I was wondering if it is possible to negotiate a payment for a pay-to-delete (since I payed all my share of rent). Also am a bit confused about the statute of limation regarding civil judgements on your credit report. As in May of this year will be the 7 year mark. I realize that I will still owe the judgement but more worried about it affecting my credit score as I will be looking for a loan in the fall.
Thanks for your input.
When I was in college I had co-signed a lease with 3 friends. 2 had defaulted on the lease and did not make payments. I was never notified of their non payment until about 6 months into the lease. None the less we were eventually evicted and sued for the amount owed. Even though I payed all my rent I realize I am responsible legally due to the co-signed lease. This all took place in Illinois. The amount still owed is 6,000. Money which I have no where close to. I was wondering if it is possible to negotiate a payment for a pay-to-delete (since I payed all my share of rent). Also am a bit confused about the statute of limation regarding civil judgements on your credit report. As in May of this year will be the 7 year mark. I realize that I will still owe the judgement but more worried about it affecting my credit score as I will be looking for a loan in the fall.
Thanks for your input.
Hi! Welcome to the forums! The SOL period on judgments is 20 yea
Hi!
Welcome to the forums!
The SOL period on judgments is 20 years. You can negotiate a pay-for-delete agreement with your creditor. As a co-signer, you're liable to pay off the amount ($6000). So, it is better to settle the debt as early as possible. It will also help you qualify for a loan in future.
