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No. They can't put you in jail.
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∙ 15y ago
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How can personal responsibility affect your credit report?
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.
What are the consequences if a person quits making payments and the car is in your name?
If your name is the borrower name and someone else is making payments and they suddenly stop; then the car will eventually get repoed and it will show on your credit report.
Will co signing hurt your credit score if the payments are made ontime?
Provided the payments are made on time, no this will not hurt your credit score. If the person you are co-signing for doesn't make the proper payments on time and you cover the payments so that they are in full and on time, your credit score will be fine. The only concern is if the payments aren't made on time or in full your credit score will be hurt as much as the person's for whom you are co-signing. In essence, co-signing a loan means you take responsibility for making sure the other person will make the proper payments on time and in full.
Can a vehicle be repossessed if you allowed a military person to take over vehicle payments and he has not paid anything?
it doesn't matter if the pope takes over your vehicle payments. if he stops making them, your credit is damaged and the vehicle is repossessed.
Can a co signer sue the person who defaulted on the loan for the amount of the loan in question since the car was reposessed and that person is working and more than capable of making the payments?
Not likely. If you cosign then you are saying "I trust my credit in this person's hands." If the signer does not pay then it is the responsibility of the cosigner to take care of the payments.
You bought a car someone else is making the payments and has defaulted on the loan can you get this off your credit report?
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.
Who is a drawer in a check?
the person making out a cheque and using it for payments
When are you in credit card debt?
A person is in credit card debt when they have charges on their credit card and can not pay them. A person can make charges on a credit card and make payments at a later date. When a person charges on their credit card, the charge is now a debt that must be paid.
What option do you have if the person you co-sign for stop making payment?
If you co-signed on a debt, you are not obligated. If that person stops making payments, you have no option other than to make the payments yourself. If you do not, you would be responsible for the debt. It will probably be sent to collections, which will destroy your credit, and eventually will probably lead to a lawsuit, so you're going to pay it one way or the other.
Are orchard bank online payments legal?
Yes, Orchard Bank online payments are legal payments. Making online payments is faster, easier, and often more secure for both the person making the payment and the bank itself.
If the cosigner is on the title can they take vehicle if person is not making the payments?
Yes..... I did
What is a high credit score rating?
A high credit score rating means someone is in good standing credit wise. They are prompt in payments and always pay payments in full. A good credit score is sought after by many people, because its a mark of a responsible person.
