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lucrecia | I co-signed a loan several years ago & the signer never paid. do i get stuck with paying it? |
the collection agency is threatening wage garnishment. how can i get the original signer to pay? i can't afford to. the signer claims he can't pay it back either. |
 |
 
Randall Parker, MBA
|
If they are getting a wage garnishment, that means that they must have already gotten a judgment against you. If they are threatening you with wage garnishment, but they have not yet sued you, then they have violated the Fair Debt Collection Practices Act by making a threat that they cannot fulfill.
Speak to a Consumer Credit Rights attorney in your area who has experience in taking on collection agencies who violate FCRA and FDCPA regulations. If they do have a judgment, get an attorney to see if this can be vacated, assuming that you were never served with a copy of the lawsuit. You have a limited amount of time for this, so get help right away.
If the original signer can't pay, then you are stuck, as you guaranteed the loan. I recommend never to cosign for another person, unless you would be willing to just loan them the money yourself, without the expectation of receiving it back.
Co-signing too often results in problems just like you face now.
I wish you luck. Let me know how things turn out. |
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justwondering
 |
Yep - that is what you agreed to do when you co-signed. That was the whole purpose - the bank was not willing to trust that person, which should have been an indication for you not to either. |
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Windy
 |
Yes, Your stuck--Maybe you won't do that again. |
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Sarah
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Yes ma'am you have to pay. When you signed the loan documents as a co-signer you're taking responsbility as well. Try to set up a payment plan if you can't pay it all at once. I know it sucks sorry.... :( |
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loser
|
sounds like your stuck with the bill, you should never co-sing a loan unless it's your spouse or child and you plan to pay it anyway |
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Grandpa
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you may need to take him to small claims court to get the money for the loan and to you can ask the judge for a garnishment against him fo r the amount if need to be |
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stephenweinstein
 |
Sue the original signer. You might still have to pay the collection agency, but you might eventually get reimbursed by the original signer. |
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Serge M
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The whole purpose of having a cosigner on a loan is to protect the lender if the borrower does not pay. By cosigning, you agreed to repay the loan if the borrower defaults, which is what happened. Therefore you are obligated to the lender for the amount of the loan.
You should avoid wage garnishment by arranging to repay the loan based on a schedule that you can handle. It is better than having a suit filed against you which results in wage garnishment.
You may be able to sue the borrower to recover the repayment of the debt you have to make, but you may not be able to get a judgment, and even if you do, the borrower may be judgment proof. |
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bryce k
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Randall Parker hit the nail on the head. if they are threading you with suit or wage garnishment you might be able to counter sue. Hopefully you have it on paper. You can sue for 1000 per offense.
http://creditcardcardwarehouseonline.com |
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Jeanne R
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Yes, you are stuck paying the loan. When you cosign for a loan, you are guaranteeing that the payments will be made. So if the signer doesn't pay, the loan company goes after you. |
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