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  1. #1
    Join Date
    Jan 2009
    Posts
    1

    Default Defaulting on a Personal Loan

    My question involves collection proceedings in the State of: Tennessee

    I was in a relationship and made the foolish decision to help him get a personal loan. Neither of us were able to get the loan in our names alone so both our names are on it, with me being the primary name. He was making regular payments for a little over a year. Since then we have broken up and he has decided he will not continue those payments. I have asked him to take over the loan because I cannot afford to pay it. Someone suggested I default on the loan. I know my credit will take a blow because of this. My question is if I do default, will he then be responsible for the payments? Someone else suggested I take him to court, but I worry that would do no good since I willingly signed the loan and am the primary name. What are my options?

  2. #2
    Join Date
    Jul 2008
    Posts
    853

    Default Re: Defaulting on a Personal Loan

    Your friend is correct, you can take him to court if he promised to pay. Do you have any thing to show he was supposed to pay? Was he paying up until now? You both are legally responsible.

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