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Adon
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Subject: Co-signer on an account
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Mon Aug 30, 2010 5:51 am
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Hi,
I co-signed an account for my cousin (medical procedure). She missed two payments earlier this year, and now it's affecting my credit too. I tried disputing this, but they verified that I am a cosigner.
Can I do anything about this or is it possible to take my name OFF the joint account?
Recently I had applied for a credit card but was denied credit as my revolving debt is too high. However, everything else on my credit is up to date, and this is the only negative issue.
Please help |
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Aaron
Joined: 08 Feb 2010
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Posts: 2675
48566 Magic Points
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Subject: co signer
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Mon Aug 30, 2010 11:15 am
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Hi Adon,
You can't dispute this reporting as this is correct information. You had co-signed on this account and now as your cousin had made the late payments, the negatives will get added onto your credit report. As a co-signer you are responsible for the debt.
| Quote: |
| Can I do anything about this or is it possible to take my name OFF the joint account? |
No, the creditor won't agree to remove your name from this joint account till the debt is paid off. You had tried to help your cousin, but now you are into a mess. I think you should talk to your cousin about the payments. Ask her to make the payments and do a "Pay for delete" (PFD) on this account.
If the creditor/lender agrees to PFD the negatives will be removed.
Thanks,
Aaron
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fireyone
Joined: 26 Feb 2008
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Posts: 4285
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Mon Aug 30, 2010 1:12 pm
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This is correct. Once you are on an account as a co-signer you can not be removed until the debt is paid. I have seen people take relatives (and non relatives) to court over this. Usually the judge tries to get the person to get a loan in their own name and pay off the bill. The only other option that I could think of is if you would pay it then sue her for return of the money. Of curse this is usually done in small claims court and each state has their own set limit of how much you can sue for.
If the medical loan is more than your state allows then you would be risking losing money. Good luck. |
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Aaron
Joined: 08 Feb 2010
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Posts: 2675
48566 Magic Points
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Subject: co signer
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Tue Aug 31, 2010 9:57 am
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This is indeed a very bad situation. Taking a relative to court is too bad. However, in case of the OP if his cousin does not agree to pay off the loan then I think there would be no other option but file the lawsuit.
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