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Iram | My sister in-law wants my husband to co-sign for her.? |
She is getting a loan he doesent know how much..
the thing that concerns me the most is that I don't think she is gonna pay it.She already told my husband that if she doesn't pay she'll pay with her income which she already owes. She needs it to give payments on her house because her husband doesn't work. How would affect my husbands credit if he co-signs?
Additional Details
thank you all for all your help! I've mention everything to my husband and he already told her no. I liked all the answers but I have to pick one only !!!! |
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SPIFIMAN1
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DON'T DO IT.
If your husband co-signs and she doe's not pay as agreed the bad pay history will be reflected on your husbands credit and if she defaults, your husband will be held responsible for the entire debt.
As a Special Finance Manager for a car dealership, I talk to people every week that tell me, I co-signed for somebody and they did not make the payments, that's why my credit is messed up.
Never, never, never co-sign for a loan unless you are ready, willing and able to make the payments yourself. |
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wizjp
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He co-signs it's his debt. If she doens't pay, it messes up his credit; and if she skips out, it's his debit to pay.
Give it a lot of thought; there is a reason they want a co-signer. |
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Roger N
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Actually, it will also affect your credit too.
A cosigner is as responsible for the loan as if it were their own. As soon as the payment is late, your hubby will get a phone call. If it's not paid, it will show on his report. |
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caretaker
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NO NO NO!!!
neither a borrower no a lender be
Familys have broken up for less
He will have crummy credit if she defaults and he will ultimately be responsible for it |
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treverleamon
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I think a good rule of thumb is to never mix money and family. With that aside, remember a co-signer is just as much responsible for the loan than the lendee, should the lendee not pay the bill. If this happens then you and your husband will have to pay, and if you cannot afford the payment then this will ultimately hurt your credit.
Given that she seems horrible with money management... I'd say No. |
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Harry P
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First of all, he should find out what the amount of the loan is. As a matter of fact, if the bank has someone sign or co-sign a loan without clearly telling that signer what the amount of the loan is, then that bank is engaging in "predatory lending practices" and should be reported to the banking authorities.
Secondly, he should only co-sign if he (and you !!!) are willing to make the payments in full on her behalf. If you and your husband want to help your sister-in-law then you should encourage her to seek credit counselling and financial advice from her bank or other financial expert. Sounds to me like she is about to embark on a path that will not only ruin her credit but her entire livelihood... and possibly yours also.
His credit will only be affected if payments are not made on time. Reading between the lines of your question, she intends to default on these payments therefore your husband and you will be obligated to make the payments in order to save your credit rating.
Do your best to stay away from co-signing a loan. That is simply fostering her addiction to credit. Advise her to follow a different path.
Good luck. |
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skcs11
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dont do it |
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sassyliz32
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If she pays like she should, nothing will happen, however if she defaults then you guys are in for a world of trouble. Is there a reason her hubby dont work and if not is he gonna get a job anytime soon? I would also find out why she doesn't just take out a second on her mortgage if she does not already have one. Also before agreeing to anything find out exactly how much the loan is for and how much the interest is, also check your own budget and see if you can afford the payments in case she defaults. If you cant afford the payments then dont do it. |
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rdrnnr1972
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TELL HIM TO RUN FAR AWAY FROM HER!!!! Do not co-sign for someone that is already thinking of defaulting. He will become liable for any payments she doesn't make. |
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J T
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Are you in the UK? If so, your husband would become jointly & severally liable for the debt. This would mean that if your sister in law defaulted on her payments, her creditors would be able to pursue your husband through the courts. His credit rating would also be affected if payments were not kept up to date.
If the loan is secured on property this would mean your home is at risk if payments are not kept up. I would strongly advise your husband to obtain further information from your sister in law and independent advice before signing any documentation. Your local Citizens Advice Bureau would be able to help. |
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iceman
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It wont effect his credit unless she does not pay. He is taking on the debt with her, but as long as she pays his debt will be fine. Its a risky thing, but very normal among family members these days. |
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