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  1. #1
    Join Date
    Sep 2010
    Posts
    2

    Default Cosigner's Recourse When Borrower Defaults

    My question involves a banking matter in the State of: West Virginia (wesbanco)

    Sorry if this is in the wrong area, i've been looking all over and a nervous wreck atm.

    Heres what happened: Awhile ago i co-signed a loan with my best friend cause we were living together and we needed some money. Oh well no big deal at the time i thought. we get the loan, i took what little i needed and he took the rest. well about 4 months after that he changed and stopped making payments. now i kept it as up to date as i could for awhile, and it was all supposed to be fine. well he told the debt collector after i made a payment that he would take the rest and take care of it. which he assured the collector he would pay it and ofcourse he didnt. 3 months later i get a letter in the mail saying i had 8 days come up with a reasonable chunk of change. i make barely above minimum wage and now i have to come up with this money cause he aint gonna pay it, hes to caught up on drugs.
    Now since he hasnt claimed bankruptcy or even made any efforts to pay since tax season, is there anything i can do? or am i just royally screwed?

    Sry about grammar and whatnot, to wrecked atm.

  2. #2
    Join Date
    Jan 2006
    Posts
    38,867

    Default Re: Cosigner's Recourse When Borrower Defaults

    you can pay the loan and then sue the "friend" for what you had to pay. The collectors have as much right to seek payment, and even sue you as they do the primary debtor.

  3. #3
    Join Date
    Sep 2010
    Posts
    2

    Default Re: Cosigner's Recourse When Borrower Defaults

    So i take out a loan in my name to pay it off then sue him?

  4. #4
    Join Date
    Jan 2006
    Posts
    38,867

    Default Re: Cosigner's Recourse When Borrower Defaults

    You could do that. Of course, that doesn't mean he is going to pay the judgment you would receive though.

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