Ask Your Consumer Protection Law Question. Consumer Protection Law Experts Answer You ASAP.

(Not a Consumer Protection Law Question?)

I co-signed for my sister so that she could purchase some ...
Sent to Consumer Protection Law Experts May 10 02:48 PM

I co-signed for my sister so that she could purchase some furniture. She promised me that when the store card arrived, she would cut it up. The amount that I co-signed for was about $700. She did not cut up the card and went on to purchase more items and ran it up to over $3,000. She informed me last week that she can't make the payments - that I will have to. Because I am in the situation where I am paying college tuition, I really can't afford to do this. Am I responsible for the entire amount, or the amount I originally agreed to? My name is not on the card, but the company knows I co-signed.

Customer (name blocked for privacy)
Status:  Closed   Value: $15
Answer
May 10 3:49 PM (1 hour and 55 seconds later)
         
REPLIEDCheck Mark

Dear Customer (name blocked for privacy),

You would be responsible for the entire amount, if she cannot pay it. The purpose of obtaining a co-signer is to ensure payment from someone if the orginal applicant does not look credit worthy. However, if you start to make payments and there comes a point where she can make payments she can take over. Ultimately, if she can never pay you can be held responsible for the total amount.

Sincerely,

soloprac



If you feel I have been informative please accept my answer. Bonuses are greatly appreciated. Thank you!
Please keep in mind that information in this forum is not legal advice.
Picture
soloprac -- Lawyer -- 100% Positive Feedback on 10 Consumer Protection Law Accepts
3+ years of general litigation experience including civil matters.
Reply
May 10 3:53 PM (3 minutes and 27 seconds later)
         
Reply to soloprac's Post: If she gets in the position where she can pay again, can I sue her in anyway?
Customer (name blocked for privacy)
Answer
May 10 3:55 PM (2 minutes and 26 seconds later)
         
ACCEPTEDCheck Mark
No because you agreed to do this when you became a co-signer.

If you feel I have been informative please accept my answer. Bonuses are greatly appreciated. Thank you!
Please keep in mind that information in this forum is not legal advice.
Picture
soloprac -- Lawyer -- 100% Positive Feedback on 10 Consumer Protection Law Accepts
3+ years of general litigation experience including civil matters.
Reply
May 10 3:56 PM (1 minute and 10 seconds later)
         
Reply to soloprac's Post: Lesson learned - Thank you.
Customer (name blocked for privacy)
Answer
May 10 4:09 PM (12 minutes and 38 seconds later)
         
REPLIEDCheck Mark
Sorry to be the bearer of bad news. Good luck and cut the card up!

If you feel I have been informative please accept my answer. Bonuses are greatly appreciated. Thank you!
Please keep in mind that information in this forum is not legal advice.
Picture
soloprac -- Lawyer -- 100% Positive Feedback on 10 Consumer Protection Law Accepts
3+ years of general litigation experience including civil matters.
Reply
May 10 6:06 PM (1 hour and 56 minutes and 53 seconds later)
         
Reply to soloprac's Post: I don't have access to the card. I only know the card number - can I cancel it? Also, can I give the card company her husbands contact info - since they are still married isn't he just as responsible as she is?
Customer (name blocked for privacy)
Answer
May 10 6:34 PM (28 minutes and 18 seconds later)
         
THIS ANSWER IS LOCKED!
You can view this answer by clicking here to Register or Login and paying $3.
Picture
soloprac -- Lawyer -- 100% Positive Feedback on 10 Consumer Protection Law Accepts
3+ years of general litigation experience including civil matters.
Think you can answer this question?
Login or Become an Expert

Related Answers

 

DISCLAIMER: You acknowledge that any information you may obtain from individuals you contact through use of the Just Answer service comes from those individuals, not from Just Answer!, and that Just Answer is not in any way responsible for any of the information these third parties may supply. The site and services are provided "as is" with no warranty and no representations are made regarding the qualification of an Expert. Responses and comments on Just Answer! are for general information and are not intended to substitute for informed professional advice (such as medical, legal, investment or accounting) and do not establish a professional-client relationship. Just Answer! is not intended or designed to address EMERGENCY QUESTIONS which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service.

Just Answer! > Consumer Protection Law