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Is a cosigner responsible to pay a credit card debt if the credit card limits are increased from what was originally cosigned?

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2006-06-20 18:17:00
2006-06-20 18:17:00

The creditor would likely claim the cosigner is still responsible, but unless it is in the original agreement that such increases are part of the contract the cosigner could make a case for being relieved of the responsibility or only being responsible for the origninally quoted amount.

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A cosigner is only responsible for the items that he has cosigned for.


Pay the loan off and then collect payments from the person you cosigned for.


A cosigner is responsible for anything the primary party does not pay.


Many people cosign a loan for property they don't own. Many are uninformed of the consequences of cosigning. They don't realize they are agreeing to be completely responsible for a loan for property that belongs to someone else. If the primary borrower defaults on the loan and the cosigner must make the payments, the cosigner has no automatic right to the property.


If you are a cosigner on a loan, you are responsible for the debt of the loan if the primary signed defaults on the loan. So, yes you can be called to pay on the loan by the creditors.


The loan would be part of the bankruptcy filing. I can't see how the death of the cosigner is significant. (In financial terms, that is.)


when you cosign on any kind of loan you dont have to pay anything unless the person you cosigned for does not pay the loan, then you are responsible for that the remaining balance on the loan


As a cosigner, You are jointly and separately liable for any and all amounts that might arise out of the finance note you guaranteed.



Unfortunately, no. For all co-signed debts, both signers are liable for repayment of the debt. When one party has their obligation discharged by bankruptcy, the remaining debtor becomes 100% liable for repayment of the balance.


Yes you are still responsible, especially if you didnt put it in your Bankruptcy, Any obligation you dont include you are still responsible for


Yes. If you signed the loan, you are still legally responsible for it.



You may be held responsible for the judgment if the original borrower fails to pay. When you cosigned for the loan you were agreeing to pay it if the borrower defaulted.


No, a cosigner can be retired, or just in good standing with the federal credit bureau. They do not necessarily have to have a job. But the deal with a cosigner is that if the individual they are cosigning for does not pay the bill, the cosigner is responsible for the payment.



The husband, solely. Provided that his signature is the only one on the documentation as being the cosigner. If the wife's name also appears on that document, then both parties are responsible for the debt should the first payee default.


No. A cosigner is just responsible for paying it off if the negligent driver wrecks it and and can't work to make the payments.


a cosigner is a person who is responsible for the rest of the rent that you don't pay if u get evicted the person who signed as a cosigner will have to go to court


A "Cosigner" is a "Co-owner." Cobuyers and buyers are equally responsible for the note they signed.



A cosigner cannot be removed from the debt obligation except by a refinancing of the loan without the original cosigner's participation.


The usual legal recourse for the cosigner when the person named as the primary on a loan has defaulted, is to make the payments on the loan. Then, the cosigner can take the person who defaulted to court to try and recoup some of the money they are out. If the loan was for a car, some states allow the cosigner to take possession of the car and sell it to recoup losses also.


No. Once a cosigner has signed the contract the only way they can be removed from the responsibility is a new agreement being made without the assistance of the original cosigner.


Most Loans Have An Insurance On The Person The Loan Is Made Out To. Check This Out, Get A Copy Of The Contract. If There Is Life Insurance AOn The Person That You Cosigned For, Then The Loan Should Be Paid Off By Insurance On Loan GOOD LUCK



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