I have been hit on my credit report. I co-signed a loan for $1200, in 2006, which was for?

Question

a motorcycle.  About one month later he wrecked the bike, but had insurance, so he went back to the dealer and bought a new, I was told with the insurance money.  The credit company said no that they refinanced another $8995 onto the first loan, I never saw or heard a thing about this until now, when it is several months late.  I told the Credit people I never co-signed for anymore $$$ and I was not responsible, they where.   First, I would not co-sign for this person for anything close to that amount.  Since then (2006) his high on the account was $14,000.00, so he has made payments, recently, due to drinking, he is out of work and money.  Any suggestions on how I should approach this one?

GUS · Accepted Answer

Ask for copies of everything you signed back in 2006. It may be that you signed some type of open-ended loan agreement that allowed for additional advances. This loan type used to be popular at many credit unions. Hopefully this is not the case. 

If this is a finance company they may be trying to pull some crap. Finance Companies are not to be trusted and will try to get money from anyone they can when a loan goes into default. They know that most people do not know the law and they take advantage of many consumers. The first thing you need to do is contest this with the credit bureaus. Do everything in writing and keep copies of all your correspondence. You can also request copies of all the loan documents from the finance company. It would not surprise me if someone signed (forged) your name to the additional loan documents so check to make sure this did not happen.  Good Luck

krombiekrew · Answer

If you did not co-sign for a second loan then what your friend did was commit fraud / identity theft / forgery. Call the police and make a report. If you do NOT file a police report then you will have NO evidence to use against him in court. You need to take him to small claims court. Don't be scared. Press charges against this guy no matter what. He will promise to pay it but will then screw you over at a later date. Do yourself a favor and have him arrested for fraud / forgery / identity theft. Otherwise this is going to seriously mess up your credit unless YOU plan on paying for HIS bike...

? · Answer

sure, it is going to effect your potential to get extra credit. If the guy would not pay the loan on time, it is going to harm your credit much extra. it incredibly is in no way a solid theory to co-sign something for somebody you're no longer legally married to. people who desire co-signers have not any credit or low credit. in the event that they screwed up their very own credit, they gained't worry approximately messing up yours. If the guy has no credit, why can not their mum and dad' co-sign the pupil loan?

? · Answer

Do you want loan? Affordable and reliable.....

i got my loan from Pay Day Loan Company.. To me i will advice you to try Pay Day Loan company...

I contacted them through this e-mail address : fpaydayloan@london.com

William Samuel is my name........ Good luck

Ti · Answer

Get a copy of the refinance contract. Is your signature on the contract? Did he forge it? If you didn't sign the contract, you are not responsible.

Tony Stark · Answer

tell them they have lied to your face and if they don't fix it you will take it to court

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I have been hit on my credit report. I co-signed a loan for $1200, in 2006, which was for?

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