From the article: Why You Shouldn't Co-Sign For Someone Else
When a friend or family member asks you to co-sign, the loving part of you tells you there's nothing wrong with it, that you should do it. Too often, co-signing ends in disaster and most often for the person who co-signed. Did you co-sign for someone and get screwed over? Share Your Story. Tell Your Story
Don't know what to do
- About 2 years ago after returning home from my military duty my brother begged me to cosign for him a set of rims so I am like in my head alright that should be easy to pay off, I thought everything was fine in dandy until I tried to get a credit card and I kept getting denied I was like what the hell I have perfect credit, so I finally put in for a credit check myself turns out my brother hasn't paid on these tires in a year and my credit shows that I am negligent of paying 4000 dollars on something I never bought. So know right before I get married I find out I can't even buy a house.....worst of all I am a full time student and now got this to worry about
- —Guest Nick
- I consigned my daughter's car loan after dealership told me my name could come off after she built a yr of credit. She's paid now on time for 2 yrs n Toyota Finance will not remove my name unless I oay$400!! Don't buy Toyota or Toyota Finance. They scammed me into co-signing
- —Guest Grace
- My husband scam me into cosigning s loan, he's unemployed, a drunk, abusive, I can't get a loan for myself. I'm so screwed.
- —Guest julia rose
My on going nightmare
- Well years ago I co- sign for my best Friend. Every thing was good until the car got totaled. It was a total lost so after that he told me that they gave him a check and he had to pay the difference no exactly sure. Well I went to my bank to get a new ATM card I was told that I was being sued from Mazda I was shocked and very confused of the whole situation. By then he was away on basic training for the military. So I fax and emailed him the paperwork he said he would take care of it. Be he never did they froze my bank account they took 8 grand from my a account saying it was lawyer fees so now he owes me 8 grand plus guess what I still owe 20 plus grand. So now I can't have any money in the bank because of this. And he moved out of state and the credit company has all his info but can't go after him because of this again everything falls back on me and I refuseto pay. Because its not fair. I think there should a stricter law on co-signing because it always goes bad for co-signer
- —Guest Randi
Bad situation got worse...
- I went with my sister to a car dealership, after much begging and pleading from her I agreed to co-sign on a van for her. She was pregnant with her 3rd child and needed a bigger car. I co-signed and then after a couple of years of her paying it on time she can't keep her legs closed and gets pregnant again. Turns out she can't afford the van payment with 4 kids. The bank starts calling me and tells me that guess what.... I am actually the signer on the van not the co-signer. The paperwork was filed incorrectly at the car dealership and now the van was repo'd. So I am completely screwed. All of this is happening when my husband and I are looking into buying a house. That will not happen now. Today I found out that my sister decided not to pay what she owes and try to get it back, she went and bought a van. I am without options and completely screwed and have no idea what to do. Thank you sister from HELL!
- —Guest Heidi
Screwed By Family
- In 2006 my grandson from North Carolina and his mother called and asked me to co-sign his student loan to attend the University of South Carolina. I really had second thoughts about it and wish I had trusted my instincts. To make a long story short, I am now stuck with the loan and after they screwed me, him and his low down dirty mother stopped communicating with me. When I would call, my grandson would not answer the phone. His mother lied and said she couldn't co-sign because she had bad credit but she didn't want to put her credit at risk. I later found out that my grandson had been giving his mother some of his cost of living money and now she doesn't want to help pay back this loan. I am very angry because I am 63 years old and fast approaching retirement. My advice to anybody who is approached about co-signing a loan, don't do it. On top of that since he would not answer the phone, I left some pretty nasty messages on his voicemail and he has the nerve to be offended.
Didn't know I was a co-signer
- Step-daughter wants to go to an expensive private college. Wife and her ex decide they can swing it so they apply for the loans to get her into and through school. Because I am married to her mother now the bank wants our joint income for verification purposes. When I supplied figures and signed saying they were accurate I had no idea I was also being held responsible for this loan also. Found this fact out when I got a demand for a missed payment in the mail. We still all live in the same house. That certainly made the situation awkward to say the least. This just added to the situation at home that sees her living here and working but paying no rent or support to the running of the house whatsoever. Good job, I still love her mother very much but the sooner this free loader hits the road the better.
- —Guest Steve
Husband's Co-signer Lost His Job
- My husband cosign a carloan to his brother. I've told him not to he won't listened. Now he lost his job, he stop paying for it. My husband doesn't have a choice because it will ruin his credit.
- —Guest LD
closer the family the harder the sting!
- I co-signed for my sister.. she had a judgement against her and they didn't want her name in it at all. I was in the position to help, I had good credit, so I signed and got her a car. Shortly after she applied for another car with another cardealer to put a car in HER name. Well she got it, and walked out on any responsibility with the car I got her... it was repo'ed and everything in my life was repo'ed with it. AND THENNN she bought my moms van for a BUCK and traded the van and the car she had bought that time, for a brand new van .. so here I am walking because of a bankruptcy I feel forced into and she is driving a brand new dodge van. She always hated to even lend me a vehicle. Even when she had the chance to help me she wouldn't even try. I paid the ultimate price for helping her when she needed it. This is what it got me. 7-10, no parole..lol, well things could be worse I guess,looks like I will be walking right up to my discharge date a few months from now! never again! EVER
- —Guest Peter
- This is a disgusting over-generalization! And due to this horrible over-generalization, I am currently totally unable to build any type of positive credit history and therefore cannot get a credit card. No bank or credit card company will give me my first card, just because I don't make a lot of money. I have never not paid my rent on time, and have obviously never been in debt (that would be impossible...I've never even been given the opportunity). I have no clue how to start building a credit history, and this is a major problem! I am almost 30, a full time student with no student loan. I was not even approved for a loan actually! Thankfully I was approved for a few grants though which seems to be enough as long as I stay in a community college and don't take very many courses at a time. I recently tried applying for a student credit card and my application was declined again. Co-signing with a family member is the only option I may have. This is an incredibly stupid situation!!!
- —Guest H
Parents Co-Signing Nightmare
- When I was 18, I co-signed a loan for my parents out of guilt, because they needed help to pay off a debt. I thought they'd make the payments. Now I'm 24 years old and started looking for a home to buy, so I decided to check on my credit only to find out that the loan had been charged-off. I really dont know what to do, so if anybody has any advice i would gladly apprdiate the advice.
- —Guest Guest Tony
Burnt by Family Member
- My son did not make credit card payments. I paid the balance in full, cancelled card, and the bank sent him another card! Now I'm being sued for more charges.
- —Guest c.morris
Responsibility With No Benefits
- No kidding! I did this once, with my fiance, Richard, to refinance the mortgage on his house. But nobody told us he should also put the house in my name – and we turned down life insurance on the loan. He died suddenly a month or two later, and there I was! He had no will, so I couldn’t even inherit the house. Fortunately, his brother, who was next-of-kin, respected what Richard would have wanted; he had the house sold and the debt paid from the proceeds.
- —Guest Marcia