Co-signer Loan problem-HUGE PROBLEM?

Here is the story:

My boyfriend had an account with CITI financial and his best friend was co-signer. His best friend got into an argument with him about not wanting to be the co-signer anymore. So my boyfriend asked me if I could be co-signer.

Of course I said yes,(I did not really want to do it, but he had no one else to ask, %26amp; we have been together for more than a year, so I trusted him).

He told me he would make the payments, so I don't have to worry. He went on holiday/business in November %26amp; said he would be back 2nd week of Jan. He did not make the 1st payment, so I had to do it, and has not contacted me back about anything. I have no idea what to do.

I don't have a job right now, and I don't have money to pay his loan PLUS my own, but I dont want bad credit history.

Can someone please tell me what I can do, to get out of the MESS. PLEASE.

Thank you.

Co-signer Loan problem-HUGE PROBLEM?

You do have a huge problem. You can try contacting Citifinancial, but it really won't do any good. You signed a legal document ensuring that if your boyfriend didn't make the payments, you would. If you don't make the payments, your credit will be destroyed. Your only option is to sue your him in small claims court.

I noticed you still refer to this deadbeat as your boyfriend. Don't you think it's time you got rid of him?

Co-signer Loan problem-HUGE PROBLEM?

You said you trusted him. Now you are stuck paying his debt or risking ruining your credit.

Co-signer Loan problem-HUGE PROBLEM?

Sell the car and pay for whatever is left on the loan. Never cosign for anyone ever again. It really isn't a matter of trust. Anyone can fail to pay back a loan.

Co-signer Loan problem-HUGE PROBLEM?

Try calling Citi and ask if you can be taken off as a cosigner. If he has been paying it for awhile and has enough history with them, they might be willing to work with you. If the loan is for a car or something, you might have the right to take it and sell it.

Co-signer Loan problem-HUGE PROBLEM?

sounds like a soap opera

never cosign for anyone. friends or family.

you are now legally required to pay if he don't.

Co-signer Loan problem-HUGE PROBLEM?

You need to fess up with the bank, sit down with them, but don't expect any miracles. Is this a car, house? Can you take posession and liquidate and pay the diff off? The bank may work with you on that, and take some of the loss, but if you want to keep your credit and word you are now the responsible party, because it looks like bf is gonna default. Good luck.

Co-signer Loan problem-HUGE PROBLEM?

Speak with the institution that holds the loan and see if there is anything they can do to remove you from the loan or at least split it up so that his actions don't affect you. Be prepared though for the bank to say there is nothing they can do. And never, never co-sign on a loan again.

Unfortunately you may not have any other options but to continue paying the loan. You can also ask the bank if they can consolidate the two loans into one so that you only have one monthly payment.

Co-signer Loan problem-HUGE PROBLEM?

Is this a car loan? or credit card? for a car loan, since both of you are in the loan, you cannot sell it because you will need his signature to get rid of the car. If its a credit card, you can pay the minimum at the moment or talk to citi that you want your name removed.

Co-signer Loan problem-HUGE PROBLEM?

well

did you sign anything??? If not you are not a co-signer

and his friend who doesn't want to be still is so don't pay anything

Co-signer Loan problem-HUGE PROBLEM?

Any time a %26quot;friend%26quot; asks you to cosign a loan, big loud alarm bells should go off in your head. Unfortunately, you are learning the hard way.

Co-signer Loan problem-HUGE PROBLEM?

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