You should consult and attorney for a legal answer. However, my experience would tell you that if you did not sign the contract, you are not responsible. * No, paying a debt or a portion of a debt for another person does not legally obligate the person to assume the debt or continue payment of such. * Actually, his estate is responsible for the debt. So, for example, if you are the heir, or one of them, before his property is released to you, his debts will be paid out of that property. If he had a will, this will be easier, I imagine, and if he died intestate (without leaving a will) it will be more complicated. I do agree that a lawyer is a good idea, and the short answer is no, YOU are not responsible for his debt.
Creditors will often take into account how responsible a person is in making payments on their loans and credit cards.Making payments on time, keeping your credit utilization low and establishing a solid payment history are some actions that can have a positive impact on your score.
Buying something on credit and making many payments on the account over months gradually paying down the debt. If you are seeking to build credit, then don't pay it all off too quickly as that doesn't establish a history of making payments. It takes at least 6 months of payments to even affect your credit report. Also, don't only pay minumim payments. You want to establish that you can be trusted and will not strecth yourself too thin.
Yes, this is only reported on your credit report if it is a collection account.
The lender has the right to receive all the payments. A co-buyer has no rights TO the payments.The co-buyer is equally responsible for making the payments.The lender has the right to receive all the payments. A co-buyer has no rights TO the payments.The co-buyer is equally responsible for making the payments.The lender has the right to receive all the payments. A co-buyer has no rights TO the payments.The co-buyer is equally responsible for making the payments.The lender has the right to receive all the payments. A co-buyer has no rights TO the payments.The co-buyer is equally responsible for making the payments.
Yes. When you co-signed the loan you made yourself legally responsible to pay the amount due if your grandson failed to make the payments. You are as responsible as he is for paying the loan.
When adding an authorized user to your account, you are agreeing to any and all charges that person places on the account. If the authorized user chooses to abuse the account, such as making purchases beyond the amount that you are able to pay or by exceeding the limit of the card, the negative effects goes against the primary users credit. The authorized users credit is not affected at all and they are not responsible for payments. So be careful who you chose to add to your card.
Secondary credit cards are a very BAD idea ! Responsible usage of the card remains the 'problem' of the primary account-holder. If YOU misuse the card - THEY take the consequences ! If you fail to make payments on time (or miss a payment) - THEIR credit rating suffers ! Most credit card companies will issue cards to people with bad credit history - they just charge a higher interest rate, and give you a low credit limit. Once you prove you can be responsible with the account (by making the payments on-time and staying within your credit limit) - they'll usually lower the interest rate, and increase your limit.
It shows on your credit report even before they start making payments.
after 180 days of non payment your account will be charged off and turned over to collection agency
No but if something happens to the card-holder, like dieing or being arrested, the authorized signer will be made responsible.
By using them & only making the minimum payments.
There are many ways one can increase their credit score. This includes paying off any defaults due on their account, as well as making sure all credit payments are done on time.
It depends. Does the high balance put the consumer into a position of too much credit? Does this single high balance cause the consumer to have outstanding $100,000 in credit card debt? Or does the amount merely allow for the consumer to show that they can be responsible with making regular payments (with this account being the only debt owed.)
There are slight risks with making credit card payments online as your details could be stolen and then abused elsewhere. It is important to ensure that the correct precautions are taken.
Start off first by getting a Sears, Target, Circuit City or similar in-store credit card. After making purchases and payments on that for six months, you should become eligible for small limit credit cards. Keep making purchases and payments on all credit and shortly you will have established a ground credit. DO NOT GO OVER LIMITS, MISS PAYMENTS, OR INQUIRE INTO TOO MANY CREDIT ACCOUNTS.
Late payments will do it, so will missed payments. Exceeding your credit limit without authority and increasing your credit limit without paying off your existing balance will all affect your credit score. Managing credit responsibly means paying off your balance before using the facility again, and making the repayments in plenty of time for them to be credited to your account.
The co-signer will be completely responsible for paying the loan if the primary borrower defaults on the payments even though the co-signer will have no ownership interest in the vehicle. A co-signer should always be completely informed about the consequences of co-signing. They are guaranteeing that you will pay. If you miss payments it will affect their credit record. If you default it will also wreck their credit. In short, co-signers are responsible in making sure that the primary borrower is able to make the payments on time, and if not, will be their responsibility to continue and settle the payments if the primary borrower fail to do so.
No. They can't put you in jail.
your financial aid awards. However, your housing costs will no longer be automatically deducted from your student account, and you will be responsible for making rent payments.
My credit score is 606 at the moment,i just have my loan mod done and final. I'm making my payments ahead of time,How much my credit score can go up within a year of making payments on time. Thank you for your answer.
The car, regardless of who's making the payments, is your responsibility. You bought it, you're the owner. This is why it's not wise to buy such large items for others and then assuming they'll make good on the payments. If you have a written agreement with the other person that states they're responsible for payments, you could sue them to collect, but as far as lenders and your credit are concerned, the car belongs to you.
The owner and/or joint owner are solely responsible for the credit card. This includes everything from making payments, dealing with fraud, being reported to the credit bureaus, etc. If an authorized user abuses his/her credit spending, the responsibility still lies in the hands of the owner of the credit card.
Pay your bills on time. If you have missed payments, get current and stay current. Be aware that paying off a collection account will not remove it from your credit report. If you are having trouble making ends meet, contact your creditors or see a legitimate credit counselor.
If you do not make car payments you will default on your loan or lease. It will ruin your credit and end up with a repossession.