I co-signed for my little sisters car loan several years ago, which is now in serious default.?

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i have a loan with the bank of scotland. i have had to stop payin it due to financial circumstances and having to help save my home.

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erreip76

I co-signed for my little sisters car loan several years ago, which is now in serious default.?

My sister lives in Canada, and I'm moving back up shortly. What could be the legal repercussions on her as well as me as a co-signer regarding this debt? If I decided to move back to the USA later or to visit from time to time, could I be arrested?

sunshine

Since she defaulted on the loan, the lender is coming after you for payment and if you can not come up with the payment, they will repo the car and you and your sister's credit will be ruined... If the car do get repoed, they can come back to you and your sister asking for payment, even though you don't have the car.No you will not get arrested for not paying on the loan.

stan c

The only damage is that it will go on your credit report as a default. Also, if they repo the car, that would also effect your credit. If it is half paid, perhaps you should pay it off and get over it. I also hope you learned never to co-sign for family or friends again.

Doctor Deth

both of your credit histories will suffer and collectors could come after you if sis doesn't pay-get on her case and tell her to pay her bills and stop partying

shops4you

You are 100% obligated to pay. Not sure about the being arrested part - they would just repossess the car I would think. shops4you

src50

Good to know you're planning on living up to your commitment ...

Jay L

no you cannot be arrested for a debt. We have no debtors prisons here. If we did, 1/2 of the adult population would be in it

Ryan

destroy your credit, will follow you to Canada. As far as their luck collecting, only you can answer that.

adam

No, not arrested, but you need to check your credit report to see if has been charged off, or if there is pending litigation to collect.

www.annualcreditreport.com

lorijotx

Arrested - no.

Credit report screwed up - yes. Taken to court for the debt - yes.

Heavy S & GB

watch out for the Repo Man, he used to be a wrestler in the WWF you know

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