It is clear to me that no one is thinking. How am I to go to college fulltime and have a fulltime job. If I had a fulltime job and could handle fulltime student status, I would not need your money. This has got to be the silliest thing I have ever heard. You can borrow up to $35,000 for education, but you have to have a job. If I had a job, I would not be in school and I would not need your money. What a joke.
The loan will go into default and the co-signer will be notified by the lender since the co-signer is legally responsible for the loan, which is why the lender wanted a co-signer in the first place. The co-signer should try to arrange notice from the lender when a payment is late.
Yes. You can file BK. The lender will then go after the co-signer for payment. In other words, the co-signer learns why the lender required a co-signer in the first place.
Someone with bad credit can get an auto loan financed by either getting a co-signer that has better credit than they do, or going to a buy here pay here type of place that helps you rebuild your bad credit or establish your credit if you are just starting out.
It is clear to me that no one is thinking. How am I to go to college fulltime and have a fulltime job. If I had a fulltime job and could handle fulltime student status, I would not need your money. This has got to be the silliest thing I have ever heard. You can borrow up to $35,000 for education, but you have to have a job. If I had a job, I would not be in school and I would not need your money. What a joke.
You are dealing with contract law, and I'm not aware of any credit card agreement, where in the fine print it would state such a inclusion, nor retain any validnesss even if it were. You can't assign credit card debt, or the obligation to a innocent third party, who never agreed to such a agreement in the first place, unless they were a co-signer on the account. Now I know of a party who had this happen to them, when a family member died, the credit card company tried to collect from the family. There is no law that prevents them from asking, nor any law that prevents a family member from opting to pay, but you could never be forced to become a part of the Credit Card agreement, unless you opted to do so, providing you were not a co-signer in the first place.
Co-signers are in fact co-borrowers and are jointly and severally liable for the loans. A co-signer guarantees the lender that if the primary borrower does not make payments, the co-signer will assume the loan obligations and make payments on it in the primary borrower's place. a cosigner of a car? because if they dont pay there car bills they will come after you for the money. and if you dont have it to pay they will reposses the car and you and the other persons credit is down the drain To pay the bill if the 1st signer defaults. If you don't pay, then your credit is ruined so be careful of who you cosign for. Be sure you can trust them and that they are responsible.
The primary borrower may be WILLING to take responsibility, but most likely the lender will not think he is ABLE to make the repayment. That's why he needed a cosigner in the first place. There is a difference in being responsible for a debt and being legally liable for one. The primary debtor may be responsible, but signing a contract as a co-signer makes you legally liable for that debt as well. Credit grantors are in the business of extending credit. They are adept at evaluating risk. When you co-sign for someone, you are taking a risk that a professional lender was unwilling to take. This is why credit grantors make high-risk consumers get a co-signer in the first place, so they will have someone else who "can not get out of it" and will pay the debt.
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you shouldn't take it in the first place.
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Unfortunately when you cosigned the loan you are on it - no matter the outcome. You could check what your options are with the lenders incase they have their own set of rules or/also check with a lawyer.
He never went to school in the first place.