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If you cosigned for someone who is not paying their bills but it willing to take full responsibility can you get out of it?
Wiki User
∙ 8y ago
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.
Wiki User
∙ 8y ago
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