Question

What rights do co-signers have in terms of legal protection and decision-making?

Answer 1

Unless you are willing to sabotage your own credit by not paying, then it will appear as paid as agreed on her credit report...you can do nothing besides pay. However...if you take her to court to force her to pay you then not only will she be forced to repay what she owes (directly to you...you will have to continue paying the loans yourself, but you can use the money she pays you) but the judgment against her will appear in her credit report and will negatively affect her credit rating...and if she doesn't pay then she will have to face the possibility of contempt of court, wage garnishment, and liens when you enforce the order...good luck.

Answer 2

The only thing u can do is probably take her to court and sue her for the money but u willingly signed those papers saying if she defaulted on the loan that u would take up the loan payment. I would think u are stuck paying it. Get ahold of the bank that loaned it to you and see if they can help u make her pay up. It might be a very expensive lesson not to ever go-sign a loan for anyone.. . If u do not pay the loan or someone is making the payments then it will ruin your credit as well.

Answer 3

I hate to tell you but you're screwed. She needed a co-signer for a reason. If she doesn't care enough to pay it back she doesn't care what it does to her credit. You are going to be the one to pay the price for it in the long run

Answer 4

if she doesn't pay it you have to. but, you can take her to court and sue. may not sound like a great idea since you are family but if you don't, and she refuses to pay, you will have to make all of the payments leaving you SOL. she needs to learn this is part of life and when you have responsibilities you can't just walk away because you just don't want to pay for it anymore. to be fair, sit her down and tell her what you are going to do if she doesn't pay the loan and that it will not only effect your credit but hers as well. also let her know, if it's on her credit, good luck finding a decent apartment or buying a house until it's resolved.

Answer 5

That's the danger of co-signing a loan. . . What you can do is sue the niece. The judgement will go against her credit report. You can then go after here property or garnish her wages. Once you win your judgement you can hound her for an awful long time. . . Unfortunately that doesn't get you out of paying her loan. sorry.

Answer 6

if you cosigned yoru stuck paying it..or you lose yoru credit rating....in the meantime....disown this twit......of coruse make it knwown you jsut won the lottery a few days before...

Answer 7

you need to contact a financial attorney consulant

Answer 8

The only thing you can do is take her to court and sue her for the money. There is no way to not repay the loan and have it only affect her credit. It will ruin yours too. I would take her to court, don't just let her get away with it. This is assuming she has no good reason for defaulting.

Answer 9

I don't think you can win.. . If the loans are not paid, the lender can take action against you.. . As you said, you were stupid two years ago.. . This is a first rate example of being too soon old and too late smart!

Answer 10

if you co-signed, it will not only affect her credit, but yours too. You were basically guaranteeing that it would be repaid