My Cosigner Has Stopped Paying and It's Wrecking My Credit!

My Cosigner Has Stopped Paying and It's Wrecking My Credit!

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• The Ramsey Show (Highlights):

[neofthem]

If a bank doesn’t consider someone loan worthy, then neither should you.

[esonon]

If you are ever a person who's afraid to say no, this would be a good reason to start saying no.

[harrisonwintergreen]

Anyone who needs a co-signer shouldn't be buying anything that needs a co-signer.

[dominicanfool]

“Co-signing is taking the risk the bank wouldn’t”.

[heathj]

Two lessons here. Don't co-sign anything. Don't have a baby with a bum

[specom]

For the people in the back row...

PEOPLE YOU CAN RELY ON TO PAY, DONT NEED COSIGNERS IN THE FIRST PLACE! PERIOD.

[localone]

When I was in my early 20s a close friend asked me to cosign a car loan. I didn't know anything about cosigning at the time but something didn't seem right about doing it. So I told her no. When I look back I realized what a great decision I made.

[protongrn]

Let this be a lesson to NEVER EVER co-sign for anyone. Not even your spouse or kids... unless you're willing and able to pay it off yourself.

[catherine]

If they aren’t paying for the car, they sure ain’t going to pay him! Just their way of getting out of paying anyone and keeping the car for free. Feel really bad for him because they’ve taken advantage of his kind nature.

[willelliott]

When someone comes to you asking for a loan or your co-signature, it is because the banks, who are expert as assessing borrower risk, KNOW BETTER.

[moneybee]

Always sad hearing co-signing horror stories! Most people know the risk but as humans we all have the "it won't happen to me " mentality.

[tigger]

What sucks about this is that he's also probably paying child support and now he probably has to pay off this loan as well.

[cheezybred]

He should repo himself the car as long as he’s paying for it.

[raj-crnl]

Instead of cosigning, ask yourself this: if I simply loaned this person the money, are they going to pay me back?

[jurikowhy]

I had a friend ask me to co-sign a loan. I was young, like 20 and never heard of co-signing for a loan. Luckily my mom was sitting next to me while I was on the phone. She told me to hang up the phone and never co-sign anything! Parents and teachers really need to warn kids about stuff like this before they make a huge mistake

[erikrohr]

Answer: you pay the payments. Duh. That's what co-signing is for.

[nicolasparra]

Learned the hard way, tried to help someone out by co signing for their debt, of course they ended up not paying and I had to pay their loan. Life lesson, never again, even if it's family, its best not to be responsible for someone's debt

[missj]

Now he is stuck with the bill, because the other person had no intention on paying. He better go get that car. I will never co-sign for anyone EVER!!!

[empresslonnielove]

Never ever co-sign doesn’t matter who it is .

[nureallycool]

My mother co-signed on my first apartment because I did not meet the requirements when it came with income. A year later and on time payments, I was able to get approved for an apartment with no co-signer. A big relief for me.