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How do I tell my friend I want to be removed as the co-signer to one of her loans for school?
Last year I helped my friend out by serving as co-signer to one of her loans for school of $25K.. I'm the only person my friend knows that has good credit, I felt bad for her so I agreed at the time. She graduated college May 2008 and just started working for the Gov't 2 months ago, ever since she's been defaulting her loan until May 2010 I'm just concerned that my credit will be affected. We've known each other 8 yrs but how do I tell her that I want to get out of the loan without it being akward???
5 Answers
- ?Lv 71 decade agoFavorite Answer
You can't simply be removed as a co-signer, your friend needs to refinance this loan in her name only or find another co-signer for your name to be removed. As it stands now with her in default your responsible for repaying the loan.
Source(s): Finance Manager for over 9-years. - Lisa ALv 71 decade ago
I don't think telling her is really relevant. What you want in this case isn't even relevant. You promised to pay the loan if she defaulted. Well, she defaulted. Now you need to make the payments. You can't just decide that you don't want to fulfill your responsibilities now.
You can't just get your name off of a loan. You would have to pay the loan off in full and retire it. You can do this by actually paying off the $25k, or by refinancing it and having the new bank pay it off for you. But nobody will refinance a loan for a person who is in default.
- ?Lv 51 decade ago
She has to refinance. Basically take out a new loan w/o your name, pay off the existing loan. Your credit is getting damaged every time she misses a payment and I am sure you no longer have good credit.
If she says no, you are still liable for the full amount.
- Genuine GuidanceLv 71 decade ago
You can tell her anything you like. Unfortunately, unless she has the ability to refinance and get the loan in her name only, you are stuck. Your credit will suffer if you don't pay the amounts to keep them current, and you could be sued as well as her.
NEVER co sign for ANYONE!!!
- Anonymous1 decade ago
It doesn't work like that. The only way you can be "removed" is for her to pay off that loan.