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What makes you a co-signer on a credit card account and liable for the debt when the person who initiated the account dies?
Wiki User
∙ 19y ago
Someone who becomes a co-signer for a financial transaction is pledging to be responsible for the debt if the primary borrower defaults. FYI, an authorized user of a cc account is not the same thing, and is not responsible for the cc debt.
Wiki User
∙ 19y ago
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Is the cosigner of a vehicle liable if the it gets repossessed?
Yes, the cosigner is typically liable for the vehicle if the primary borrower defaults and the vehicle is repossessed. The cosigner is equally responsible for the loan and may be pursued for any outstanding debts, fees, or deficiencies resulting from the repossession. It's important for cosigners to understand their obligations before agreeing to cosign a loan.
If the cosigner of your credit card files for bankruptcy will this effect your credit rating as well?
Yes. It's possible that the financial transaction that the cosigner was involved with (liable for) might also be affected.
Is an additional credit card holder liable for the whole debt on the credit card account?
ia an additional credit card holder liable for the whole debt of the credit card account
Is a cosigner liable for a death if the car has no insurance?
No, a co signor would not be liable. A co-buyer would be liable.
How does a credit card account settled for less than the full amount effect a cosigner?
A settled credit card account affects the co-signer in the same manner as the primary card holder. Settlement is payment for less than the full balance on a defaulted debt. Defaulted debts ruin your credit record. The co-signer is liable for the debt and the record of its' activity shows on that persons' credit for the full reporting time period.
Does a cosigner need good credit?
A cosigner is only needed because the primary doesn't have adequate credit rating/history for the needed loan. Hence, the cosigner needs to have credit good enough to qualify for the loan, presumably good, at least betterr than the primary! (Credit scores are not combined or added to get to the needed level). Understand, being a cosigner is essentially the exact same as getting a loan - the cosigner is just as liable as if he got the loan on his own..in fact needs to be more responsible, because he now has to take on the obligations of the primary too, if needed, likely without the control/posession/benefit of what was purchased.
Is a cosigner liable for an automotive repossession in Michigan?
When you cosign for an automobile purchase you are typically liable for an automobile repossession in Michigan. The reason why is because you are responsible for car payments as a cosigner if the primary debtor cannot pay.
Is a cosigner on a car liable if the primary borrower is at fault in an accident?
No. A cosigner's only obligation is the debt incurred by signing the lending agreement.
What if the signature on a joint credit card account was forged?
If you can show it was forged and you did not use the account then you are probably not liable. You should discuss this with a local attorney.
What happens when a car is repossessed and you are the cosigner?
You will also be liable for any deficiency balance
What are the responsibilities of credit card debt for unmarried couple break up?
The name on the account. If both names are on the account, both are fully liable for the debt.
What does it mean to be a co-signer on a credit account?
It mean - BOTH people who sign the agreement are liable for the balance owing.
