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Dec 12 '16 at 10:08 history protected CommunityBot
Jun 27 '16 at 18:21 comment added Shannon Severance @keshlam, even if you have the money to pay off the loan, you may not find out you need to pay it off until collections comes knocking, at which point you have already taken a hit on your credit report.
Jun 25 '16 at 18:57 answer Glen Pierce timeline score: 1
Jun 24 '16 at 19:22 comment added stannius I am surprised that the bank accepted the OP as a co-signer if they can't actually afford the payment. But maybe the OP just meant they can't comfortably afford the payment without compromising their existing lifestyle. (Of course since the OP is AWOL we'll never know).
Jun 23 '16 at 16:29 comment added Noctis Skytower If you cosign with someone, what does this mean? (1) The bank does not consider the loan with the other person to be secure. (2) You are willing to loan all the money to the other person. (3) You are willing to pay off the entire loan -- in other words, forgive this other person's debt to you per the second point. (4) This should be the expected worse case scenario -- and you should expect it.
Jun 23 '16 at 11:35 comment added user10913 There are only two possibilities you should ever consider when friends ask for a loan. The first is to say no, the second is to give them the money with no expectation of return. Anything else is asking for trouble.
Jun 22 '16 at 23:03 comment added keshlam Don't do it unless you have the money to take over the loan and would trust them to return a gift of that amount. Or do it under acontractn explicit which gives you the same protections as a lender. Lawyer up first.
Jun 22 '16 at 19:27 comment added StormeHawke After the fact not as helpful, but for future reference I find Dave Ramsey's advice on the subject to be very good: Basically, if you want to remain friends, don't do it, ever daveramsey.com/blog/say-no-to-cosigning
Jun 22 '16 at 17:12 comment added Fattie LOL - sad but true
Jun 22 '16 at 16:38 comment added inappropriateCode @JoeBlow the irony of someone posting to complain of a friend bailing on them, and then bailing the topic themselves. Methinks they and their "friend" have something in common.
Jun 22 '16 at 12:28 comment added Zaibis For everyone who is itnerested: law.stackexchange.com/q/11117/1272
Jun 22 '16 at 8:23 answer Shine timeline score: 3
Jun 21 '16 at 21:20 answer Eugene timeline score: 3
Jun 21 '16 at 20:13 comment added R.. GitHub STOP HELPING ICE -1 to the question for omitting all the information (most importantly, the amount of the loan) necessary to answer it well. As written it's turned into a circus of conflicting answers to various other individually interesting questions that don't admit a unified answer, and if one answer ever gets accepted it's just going to be whoever guessed/read OP's mind best.
Jun 21 '16 at 18:35 comment added chux - Reinstate Monica If you find no way out, perhaps negotiate? "The payments are too high for me to manage." implies to me that since you can't make the payments either, the bank is going to lose too. Perhaps you and the bank can negotiate a reduce pay-back. If you offer to pay back 50-90% of the outstanding balance, will they instead fight for every penny?
Jun 21 '16 at 12:29 comment added Fattie it's unfortunate that so many folks have made so much effort on this page - but the OP has just disappeared and offered no further information.
Jun 21 '16 at 10:12 comment added eggyal I agree with asking about this sort of situation on Law—at least in the UK, there are situations in which a guarantee can be set aside (eg if your "friend" made misrepresentations to you that were fundamental to your entering into the agreement), or rendered unenforceable (eg if there was undue influence by the bank to pressure you into providing the guarantee: this can sometimes be the case if they simply did not ensure you had received impartial legal advice prior to entering the agreement).
Jun 21 '16 at 5:32 comment added Rui F Ribeiro Adults should know better cosigning is not something to ask to other family so lightly. And honestly, [expletive] "social pressure". We are not in college anymore. And if family tries to "social pressure" me I would tell them to get lost. It is very unwise to do this kind of thing between family, as it will steal from you the capacity to aid them financially should ruin hit them. And in fact, we have laws that forbid in certain situations brothers co-signing, If I am not wrong.
Jun 21 '16 at 5:26 comment added Rui F Ribeiro @Hack-R I prefer to known I can sleep well in the next 20 years over dreaming when I will be bankrupt than "social pressure". I was recently asked to cosign a house and I simply told I whould not do it even for family. Cosign is just a way to put two families in problems. I am a 40 years-old guy and do not give a single thought to "social pressure". My sister once borrowed 20k from me to buy a better car - however I would not ever cosign anything - e.g I would not cosign anything, it just like giving a black check to a greasy vendor to my bank account.
Jun 21 '16 at 2:55 answer Harper - Reinstate Monica timeline score: 16
Jun 20 '16 at 22:33 comment added Hack-R @MichaelKjörling You're right but people can give you a lot of social pressure to do this. I've been in that situation. I have to sympathize with him.
Jun 20 '16 at 18:55 comment added Stephan Branczyk Also, you need to learn your rights about debt collection, and when they can, or can not call your job, and what they're allowed to say, or ask for. So assuming you're in the United States, you need to read these articles from the Federal Trade Commission: consumer.ftc.gov/topics/dealing-debt (Also, do not assume that the debt isn't being paid off by the other person. I know someone that was scammed by paying a supposed electrical bill that her tenant had been paying all along, but since the tenant was out on vacation at the time, the timing of the scam was exactly right)
Jun 20 '16 at 18:43 comment added Stephan Branczyk Too high to manage? Is this a car loan? Or a real estate loan? If there is collateral somewhere that can be repossessed, do not pay a single cent until that that property is repossessed. Collection agencies tend to go after the easiest targets. Same goes if you can track down that person and find out if he has a job that they can garnish. Also, if it's a student loan, see that he can not get a copy of his degree, or a copy of his transcript, even if you do manage to pay off that loan. As to Small Claims court, it will depend on the amount in question and the jurisdiction you're in.
Jun 20 '16 at 18:12 answer Adam Davis timeline score: 9
Jun 20 '16 at 18:11 comment added blankip @JoeBlow - Exactly. Lawyer up has gotten 40+ votes and this could be a 2k loan? The advice isn't the problem it is the voting.
Jun 20 '16 at 17:51 answer blankip timeline score: 56
Jun 20 '16 at 16:25 comment added Pete Becker That's why your "friend" needed a co-signer.
Jun 20 '16 at 16:05 comment added Bishop You might try asking this on the legal stack exchange.
Jun 20 '16 at 14:46 comment added Ben Miller - Remember Monica Related: Should you co-sign a personal loan for a friend/family member? Why/why not?
Jun 20 '16 at 14:38 history edited Ben Miller - Remember Monica
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Jun 20 '16 at 14:35 comment added ognockocaten I also co-signed a loan for someone, a friend's student loan, and they also have gone AWOL on it, leaving me with the payment. I regret it severely. Let this be a cautionary tale for people: don't co-sign loans!
Jun 20 '16 at 13:39 answer coteyr timeline score: 3
Jun 20 '16 at 13:37 comment added Eric Lippert Your last question is "should I sue someone who has no money and does not pay what he owes?" Suppose you do and your suit is successful. Where do you suppose the money is going to come from? Your "friend" is playing a game where you try to collect a loan and he tries to not pay it; how good do you think he is at the debtor end of that game compared to how good you are at the creditor end? Evidence so far is that's he's pretty good at this game.
Jun 20 '16 at 13:29 answer Douba timeline score: 3
Jun 20 '16 at 12:30 comment added Fattie It's not possible to help on this QA, Leslie, unless you state the approximate amount and what the item in question was.
Jun 20 '16 at 12:24 comment added MonkeyZeus What was purchased with the loan: car, house, new roof, giraffe?
Jun 20 '16 at 11:46 review Suggested edits
Jun 20 '16 at 11:52
Jun 20 '16 at 10:48 answer Graham timeline score: 20
Jun 20 '16 at 10:01 history tweeted twitter.com/StackFinance/status/744832509708500992
Jun 20 '16 at 1:43 answer enderland timeline score: 90
S Jun 20 '16 at 1:01 history suggested CommunityBot CC BY-SA 3.0
fixed grammar
Jun 20 '16 at 1:01 review Suggested edits
S Jun 20 '16 at 1:01
Jun 19 '16 at 19:11 comment added user It doesn't really help you now, but if the bank doesn't trust the friend to pay the loan on schedule, to the point of requiring a co-signer, you really have to ask yourself: "why should I trust that they will pay on schedule?".
Jun 19 '16 at 18:34 answer keshlam timeline score: 132
Jun 19 '16 at 18:16 answer user44315 timeline score: 2
Jun 19 '16 at 17:41 review First posts
Jun 19 '16 at 19:23
Jun 19 '16 at 17:35 history asked Leslie CC BY-SA 3.0