A year ago a long-time friend of mine put me in a bad position. He needed a cosigner for a loan to go back to Elon. With the pressure he applied and my own bad judgment, I agreed. The loan was deferred for a year, I'm not sure why, and he and I stopped speaking. I got a phone call from the loan agency today demanding a payment that was late. They said if I didn't pay it they would apply it to my credit score. They haven't been able to get in touch with him.

I'm looking to borrow money right now to buy land, and this loan is killing my credit. The last time I spoke with him it was through myspace, and he said he would look for another cosigner. Since then he's signed on to myspace but has not read any of my messages. I just called his mom's house and spoke to his sister-in-law about it, and she doesn't know where he is either.

Is there ANYTHING I can do here? Or has my poor judgment left me without options? This is by far the dumbest thing I have ever done.

8/8/2007 10:52:20 AM

is he dead? i call his mom's house again and try to get someone who knows what's going on. you may have to drive and confront in person.

bring a bigger dude.

8/8/2007 11:00:34 AM

8/8/2007 11:01:33 AM

Quote :

"my poor judgment left me without options"

Your name is on a legally binding contract. You can't have your name taken off. Best you can hope for is that his mom or other relative will float you some cash to make the payments, or that someone will just start making payments.

[Edited on August 8, 2007 at 11:08 AM. Reason : .]

8/8/2007 11:06:17 AM

One thing you could try is disputing the loan through the credit bureaus. You would have to dispute through all three of them. You can say that the loan is not yours, the loan papers were signed w/o consent, etc. That may get them off of your report, unless the loan provider gives evidence that it is indeed a loan that you have agreed to cosign on. If he does not provide evidence in a timely manner, they will delete that record from your report.

However, it may show up again later. Try to get his relatives to pay for it.

8/8/2007 11:17:18 AM

jesus christ, why are people on here always suggesting some way to scam the system?

If you can't get in touch with the guy and/or his relatives, then suck it up and make the payment and deal with your bad choices. It's not the loan provider's fault the guy is a deadbeat and that you signed an agreement saying that if he couldn't pay, you would take care of it.


To clarify, I am not suggesting the OP is trying to scam, but that suggestion is horrible^.

[Edited on August 8, 2007 at 11:24 AM. Reason : but seriously, have a guy threaten to sledge hammer his toes one by one if he doesn't pay]

8/8/2007 11:23:14 AM

I can't do anything if I can't find him.

8/8/2007 11:27:10 AM

1. Disputing something on your credit report is legal.
2. Threatening someone with a sledgehammer is illegal.

I should have typed more on the "may show up later on the report". Her name will always be associated with the loan, so if he goes into further default, it will show up again as a collection. Disputing it is a temporary, legal fix.

Also, I just gave examples of the possible disputes. I was not suggesting that she use those specific ones. You can dispute the record with no real reason.

[Edited on August 8, 2007 at 11:32 AM. Reason : .]

8/8/2007 11:28:20 AM

Quote :

"I can't do anything if I can't find him."

You said you can contact his family - are they unable to find him????

8/8/2007 11:35:52 AM

wow, the sledgehammer thing was a joke.

Disputing something on your credit report when you are, in fact, responsible for the loan is a scam no matter what justification or reason you put behind it. Sure, you can do it, but it is bullshit.

The lender, under the assumption that this girl would take care of it if he defaulted, gave this guy with apparently pisspoor credit a loan. Now the guy is defaulting and you are suggesting that the girl pretend like she didn't sign it?

The lender doesn't deserve to get screwed because they put their faith in this girl. If I were her, I would spend the next however long it takes to find the guy and basically make him or his family pay.

8/8/2007 11:38:14 AM

yep you are screwed for the life of the loan if he bounces out on it.

your only recourse is taking him to civil court. if he owes you more than 5k, you will have a much better chance of getting something out of him.

8/8/2007 11:39:26 AM

at least you know he's going down with you i guess

how much is still owed?

8/8/2007 11:43:41 AM

She can dispute it, if they don't provide evidence in a timely manner that proves her signature is on the papers, it will temp. be taken off. I do agree that is bullshit and hurts every person that tries to obtain credit in terms of higher rates to shelter defaulting borrowers.

As far as facts, you are just as responsible for this loan as your friend is. If you want to keep your credit clean, pay the monthly payment plus anything past due and seek recourse from him later.

8/8/2007 11:43:43 AM

^ That is the best option. I was in a similar situation and made a really, really bad judgment and put my name on the line for someone else. THANK GOD that the loan was paid satisfactorily.

How much is the loan for and what is the monthly?

8/8/2007 12:00:08 PM

I've called his family but his sister-in-law didn't know where his mom was, or where he was. I'm going to call until I find someone who knows where he is. I've also contacted a friend of his on myspace, hoping she'll know where he is or how I can get in touch with him.

The principal balance on the loan is 6,597.51. Another monthly payment of 66.46 is due again on August 18th. How in the hell can I do this? I can't afford this and he knows it.

The last time we talked he said he was going to consolidate outside of the loan agency with another, and find a new cosigner so my credit score wouldn't be hurt while I'm borrowing money for land. Since then I haven't heard from him.

8/8/2007 12:10:44 PM

it is just 6700 bucks... that's a lot and he fucked you over, but it could be much, much worse.

8/8/2007 12:12:38 PM

I'm already in credit card debt of my own. I can't add his debt to it.

This is the dumbest thing I have ever done.

8/8/2007 12:14:05 PM

it sucks, I know... I really feel bad for you because I was in a similar situation where I didn't get bit...

I think we should reinstitute debtor's prison for fuckers like your "friend."

[Edited on August 8, 2007 at 12:16 PM. Reason : .]

8/8/2007 12:15:46 PM

Damn, that's a ten year government loan. GG to his family for being worthless. Try to make the payments, get it back from him when you can. Make copies of checks you send in or get the returned checks if possible. Is he still at Elon?

Quote :

"I can't add his debt to it."

it's your debt too.

[Edited on August 8, 2007 at 12:17 PM. Reason : .]

8/8/2007 12:16:14 PM

obviously not if the loans are now due.

8/8/2007 12:16:47 PM

I don't know where he is. He had the loan deferred when he was there and said he was going to get it deferred this year while he's there as well- but the documentation evidently didn't get to the loan office because the loan is in repayment. If he could get it deferred because he's still going to Elon, that would buy him some time to find another cosigner. It just kills me that I can't do anything about this.

I want him out of my life- if this loan can be cosigned by someone else I won't have anything to do with him ever again. What kind of person does this?

^^Well clearly now it is.

[Edited on August 8, 2007 at 12:20 PM. Reason : .]

8/8/2007 12:20:03 PM

Quote :

"Damn, that's a ten year government loan."

If it was a gov't loan for education (Stafford, Perkins, Battie, etc), he wouldn't have needed a cosigner.

8/8/2007 12:20:03 PM

that's what I was thinking too, but I've never heard of a personal loan that lets you defer for two years. It's probably some kind of gap loan-I don't think they are Federal.

[Edited on August 8, 2007 at 12:23 PM. Reason : .]

8/8/2007 12:22:28 PM

Quote :

"What kind of person does this?"

The type of person who can't get a loan through a bank.

As far as the law is concerned this debt is as much yours as it is his. You better make sure that 8/18 payment is made even if you have to pay it yourself.

8/8/2007 12:26:15 PM

you could get out of it if you were declared legally insane. i know a lot of crazy meredith chicks so this shouldn't be too much of a problem. but even if he used duress (which this isn't really the case here), you couldn't get out of this unless the lender knew of it when it made the loan. you might as well go ahead and pay this, because the lender can legally go after you which could end up in liens and/or garnishment and a shitty credit score.

8/8/2007 12:40:26 PM

If his parents wouldn't even cosign the loan for him, thats a pretty bad sign.

I hope you find him.

8/8/2007 12:51:28 PM

I know where his mother works. If she wont answer the phone, I'll go to her at work.

8/8/2007 12:53:53 PM

Quote :

"Disputing something on your credit report when you are, in fact, responsible for the loan is a scam no matter what justification or reason you put behind it. Sure, you can do it, but it is bullshit."

Seriously. Why not just take your credit card, go buy a bunch of stuff and then claim it was stolen and try to get out of paying for it. That would be known as fraud, and is awful, awful advice.

By co-signing, you are just as legally responsible as this person. The very fact that they couldn't get a loan shows that their credit sucks, so they probably don't care if they or you don't pay (their credit can't get much worse probably), but you apparently have decent credit and don't want to ruin it.

If you can't guilt/intimidate this guy into paying, you'll have to pay it yourself or wreck your credit.

Of course you could always take this guy to court to sue him for the money later... but sounds like it'll be hard to get any money from this guy.

8/8/2007 12:59:31 PM

Quote :

"Seriously. Why not just take your credit card, go buy a bunch of stuff and then claim it was stolen and try to get out of paying for it. That would be known as fraud, and is awful, awful advice."

Way to take it out of context.

8/8/2007 1:10:24 PM

Quote :

"Sure, you can do it, but it is bullshit."

bullshit =/= illegal

illegal = illegal

bullshit = bullshit

8/8/2007 2:13:51 PM

Why in the hell would you let someone put your name on a $7,000 loan. WTF. My parents wont even do this for me an I am their fucking kid.

If you dont make sure the payment is sent in then your credit will get fucked. I know $66 a month seems like a lot but until you get something worked out you will be better off paying it. If that loan goes to default or collections you will not be buying any land whatsoever.

The whole point of a co-signor is to guarantee the bank another person who is responsible for payment of the loan. Thats why they wanted your name on it ot begin with, especially since they would not loan him the money alone. Now they are gonna come after the both of you if it does not get paid.

8/8/2007 2:18:11 PM

My sister asked me to do this, but for a much bigger loan. I said no. She wasn't happy, but a few months after she started making payments (she was able to get the loan on her own) she said that she understood why I didn't want to co-sign and was glad that I didn't.

People don't appreciate the dollar until they bust ass for it, mentally or physically. I've done both, and I wasn't about to sacrifice my hard earned credit for anyone else. Call me selfish, but I'd prefer the label: "wise".

8/8/2007 4:02:55 PM

just be glad this lesson has only cost you 6700 dollars.

Also, if you cant afford 66 bucks a month, you do NOT need to be buying land or any other long-term asset. you need to elimnate your debt/income ratio or at least drastically reduce it first.

[Edited on August 8, 2007 at 4:08 PM. Reason : .]

8/8/2007 4:07:30 PM

Don't give up. Keep calling and asking around until you find him. Friends, neighbors, family, former bosses. Basically become this guy:

8/8/2007 4:08:39 PM

Shit like this burns my ass. Some piece of shit took advantage of a nice girl like her and now she's gonna get fucked over. His credit is obviously nonexistent at this point so its not really going to affect him a bit. This is why I've taken the approach of not loaning money to friends and relatives. If they need it, just give it to them, or don't if you can't afford it. It can really destroy a friendship or tear a family apart.

8/8/2007 4:10:09 PM

Quote :

"The principal balance on the loan is 6,597.51. Another monthly payment of 66.46 is due again on August 18th. How in the hell can I do this? I can't afford this and he knows it. The last time we talked he said he was going to consolidate outside of the loan agency with another, and find a new cosigner so my credit score wouldn't be hurt while I'm borrowing money for land. Since then I haven't heard from him. "

1. It can always be worse. I have $1007 taken from me every month...$66 ain't so bad.

2. He'll probably tell you whatever he wants to get you off his case for a while, then turn around and continue sticking you with the debt. I'd keep pressuring him, though, and I'd be as nasty as the letter of the law allows if it comes down to it.

8/8/2007 4:31:47 PM

im telling you, she needs to file a claim in court on this.

if he is the primary on the loan, and she is the cosigner, she has legal recourse to garnish his wages to pay the loan, if he is skipping out on it.

8/8/2007 5:14:48 PM

Your wages cannot get garnished in NC, unless its for child support.

8/8/2007 5:21:09 PM

track him down and give his work, school, parents, every address to the debt collectors

but yeah, you cosigned so your credit will suffer if you don't meet your obligation

8/8/2007 5:26:02 PM

Quote :

"Way to take it out of context."

How did I take it out of context? She already admitted she co-signed the loan. I heard nothing about her signing with a gun to her head, otherwise under duress, underage at the time of signing, disabled, etc. that would make it an illegal contract that she is not legally bound to. You suggested:

Quote :

"You can say that the loan is not yours, the loan papers were signed w/o consent, etc. That may get them off of your report, unless the loan provider gives evidence that it is indeed a loan that you have agreed to cosign on"

Which would be fraudulent, since she already said she consented to it. What "context" are you referring to?

Anyway, its not going to work. You think she's the first person to find out that co-signing a loan can be a bad idea and then regret it? Do you think credit agencies would give out this type of loan if they weren't going to enforce it?

[Edited on August 8, 2007 at 6:15 PM. Reason : .]

8/8/2007 6:13:55 PM

and I added a little later....

Quote :

"Also, I just gave examples of the possible disputes. I was not suggesting that she use those specific ones. You can dispute the record with no real reason."

it was just a suggestion, I'm not endorsing fraud. It is perfectly legal to dispute a record on your credit file with no reason. Now the loan originator must provide evidence that she did in fact cosign. If he fails to do so, the record is removed from the credit report. It is a temporary fix and not fraudulent. But, even if it is taken off, it would still haunt her later.

Quote :

""Way to take it out of context.""

My example: Make them prove that you did indeed sign the papers correctly. If they do prove you did, you will not be prosecuted because you have done nothing illegal.

Your Example: Obtain a credit card using your SS# and charge it up. Then say it wasn't you.
The investigator will see A)what address the card was sent to B) When and where the card was used C) Where items were shipped to if ordered online. Using the information gathered, there is probably a 90% chance you would get caught in a lie, be seen somewhere, or have a tie to an address used for the card or ship to. You will very likely be prosecuted.

[Edited on August 8, 2007 at 6:34 PM. Reason : .]

8/8/2007 6:24:56 PM

Quote :

"it is just 6700 bucks... that's a lot and he fucked you over, but it could be much, much worse. "

8/8/2007 6:29:45 PM

Quote :

"Your wages cannot get garnished in NC, unless its for child support. "

"North and South Carolina, Texas and Pennsylvania allow garnished wages only for federal or state tax debts, child support, defaulted student loans that are federally guaranteed, or for compensatory damages decided by a court during a criminal or civil law suit."

Roll your eyes all you want, but there are other reasons.

8/8/2007 6:40:43 PM

haha, well they may be able to garnish his wages, but she isn't going to see any of that money. It's going right to the lender, not her bank account.

She MAY be able to sue in small claims court for any amounts she paid, but even then they are not going to take the marks off her credit report unless she disputes to the Credit Bureaus, so the major damage will already be done if she doesn't make the payments due.

[Edited on August 8, 2007 at 6:50 PM. Reason : .]

8/8/2007 6:46:10 PM

You want land?

I have some ocean front property in Arizona for ya.

8/8/2007 6:55:26 PM

you're looking to buy land and can't affort $70/mo?

8/8/2007 7:13:15 PM

Have people not watched enough episodes of Judge Judy to know that cosigning for non-relatives, especially ones with dubious employment, is a TERRIBLE idea?

8/8/2007 7:16:22 PM

you can't afford $66/month and you are about to buy land?

8/8/2007 7:36:17 PM

Quote :

"Have people not watched enough episodes of Judge Judy to know that cosigning for non-relatives, especially ones with dubious employment, is a TERRIBLE idea?"

And cosigning for relatives is a good idea?

8/8/2007 7:49:42 PM

^not really, but its better than strangers in some marginal way because you can find them and break their legs.

^^obviously, she is not the best at making financial decisions.


[Edited on August 8, 2007 at 7:51 PM. Reason : I agree with the above idea: if someone's parents won't cosign for them, you sure as hell shoudlnt]

8/8/2007 7:50:42 PM