Never Help Your Cousin

Edugrace · #1 Feb 22, 2006, 09:43 AM

My Cousin Had No Credit History So I Took Out A Loan For Him. He Has Been Paying The Monthly Bills (not Always On Time)
I Just Received A Letter From A Lawyer's Office Indicating That He Is Filling For Bankruptcy AND I'm In The List Of People And Institutions That He Owes Money To.

How Will This Affect Me, Would They Make Me Responsible For Paying The Remaining Balance ON THE AUTO LOAN.

Please, I Need Advice. I Called His Lawyer And He Wouldn't Talk To Me.

NeedKarma · Feb 22, 2006, 09:56 AM

Did I miss something or did I not read that he owes money TO you? You're simply named as a debtor. If the loan is in your name then you are indeed responsible for it.

Nez · Feb 22, 2006, 10:32 AM

Need is correct.If a friend of mine,or family member,had a loan in my name,and he/she could not pay at a later date,then I would have to pay off the balance.Plus any extra court costs.Always think twice before "being a good friend".It could even effect your credit rating at a later date.

gazelleintense · May 3, 2007, 03:41 AM

if you cosigned a loan, you are legally required to pay it if he don't. It's the same as if YOU borrowed the money. never cosign. for anyone. not even family.



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