Helpful Resources

Community

Popular Discussions

Creditmagic Twitter

Credit on Facebook

Home

Credit Forum

Credit repair

co signed loan in 1999 co siner made payments now i am summo

Post reply Start a topic

Author

Message

Options

	Print this topic
	Invite a friend
	Email this topic

Bookmark online

	Add to del.icio.us
	Add to YahooMyWeb

outlaws69

Joined: 04 Apr 2009
outlaws69's page
Posts: 1

32 Magic Points

Subject: co signed loan in 1999 co siner made payments now i am summo

Sat Apr 04, 2009 5:35 pm

i had a car loan in 1999 and missed 2 payments....i called the bank and the bank said the cosigner paid the payments now in 2009 i am summoned for 1700? the payments were 300 each . am i responsible? is there a statute of limitations?

Guest

Mon Apr 06, 2009 6:01 am

Yes you are not responsible for it .

No there is not a statute of limitations.

Thanks...

sdchargers_63

Joined: 13 Aug 2007
sdchargers_63's page
Posts: 1889

1356 Magic Points

Subject: credit

Mon Apr 06, 2009 10:19 am

OP..do you still ahve the car ( I'm assuming)? When someone Co-Signed for you, they took the responsibility to make the payments if you din't. However....you should (maybe?) talk to the Co-Signer and see what you can do about paying them back ( if you can). I know 'we' fall into hard times, but,..'we' can, at least, try to do what we can to help. Can you Re-Fianance the vehicle so it's 'Up to Date' and current, so YOU can start making payments again?

shekhar

shekhar

Joined: 30 Mar 2009
shekhar's page
Posts: 35

545 Magic Points

Mon Apr 06, 2009 4:51 pm

I agree with sdchargers_63 ,
If you have cosigner he is responsible for your payment if you not paid to company he is responsible to pay company .
I think there is no statute limitations.

Thanks
Shekhar

scott

Joined: 28 Jun 2006
scott's page
Posts: 446

10878 Magic Points

Wed Apr 08, 2009 12:54 pm

If the co-signer has made any payment towards the loan in 2009, it means that the SOL on the debt has restarted and you are again liable for the debt.
But what I think is that, the creditor may be lying just to make you pay $1700 so that they can restart your SOL and sue you to the court to recover the entire amount. You should ask for debt validation by certified mail in order to be sure whether any payment has been made recently.
_________________
SCOTT

Use your credit account responsibly and enjoy a debt free life.

Bella
Guest

Subject: EhulWIbzRqfEUV

Tue Aug 30, 2011 11:12 am

Hey, that's porweful. Thanks for the news.

Quick Reply

Your Name

Subject

Message body


Page 1 of 1

Home|Contact Us|Terms of Services|Privacy Policy|RSS

* Disclosures:

Your personal details (name, email address and phone number) will be delivered to the company advertised on the Creditmagic after ve agreed to go for the counseling session by filling out the no-obligation form. However, it is your discretion to accept or reject their services.
Not all the creditors/debt collectors agree to trim down the outstanding balances, interests, and fees payable by the consumer.
Consumers working with the debt relief companies can still be sued by the creditors/collection agencies.
Debt relief services may have a diminishing effect on the creditworthiness of the consumer. The total outstanding balance may increase as the additional fees get accrued.
The overall amount saved by the consumer through the debt relief services is considered as taxable income by the IRS.