Co-signer rights
I knew no good deed goes unpunished.
I helped a good friend by co-signing a small loan $3k to finish up his last semester of school. After a year of making minimal payments he still owes $3k
Aparently he has decided to make payments every other month but not tell the loan company of his change in payment. (I am guessing he was fired with cause) Of course the loan company is comming to me asking for payment. On two occasions, in the last two years, he has been 2 months late with his payments. We are now starting our third such event.
I feel that he has breached the contract between he, I, and the loan company. I understand that I have to pay off the loan company, but I feel that he should be held accountable for repaying the amount to me.
If a judge decides he does not have $3k now. I absolutely want some long term judgment against him so that should he ever have $3k, the Money will come to me.
What are my options????
The most important thing for me is to keep my good credit rating. So I figure I have to pay the $3k off.
Next most important is to ensure I have some way to get my $3k from him.
He has some assets.
Oh one last thing in my last communications with my ex-friend. He has stated that if I pay the loan before it goes to collections. He refuses to pay any monies back to me.
Last edited by peter cooke; 10-09-2006 at 11:06 PM.
|
Linear Mode
