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In 2005 I co-signed a loan for my ex-brother in law to get a motorcycle, at the same time I so-signed for a?
$300 credit card, so he could get his credit established. Since then I have been told by him that the cycle was paid off (which it has been) and he is off the credit card and on his own. Today, I get a notice from HSBC that he is behind on $18,000 and cannot pay and they want me to pay. First, I would never give him more than $500 credit, even if he had a full time job, which he does not, he is on DSI and lives with a friend of his. Now, as I see it, HSBC approved a loan beyond the $500 I approved, so should they not now be on the hook for the $17,500 they approved, without contacting me before approval? Any and all advice is welcome.
The thing says so-signed, but mine shows co-signed. Figure it out, I'm sure everyone that reads these understands the question. Thanks.
4 Answers
- CatDadLv 71 decade agoFavorite Answer
You've just learned a very hard and bitter lesson about co-signing. It's not just a formality...it's an obligation to pay the debt in full. ...You are now responsible in full for paying this back....It sounds like he requested a large line of credit and he got that based upon your income and credit rating. There is no happy ending here...sorry. You'll just have to pay up. You could try to take him to court but if he's on SSDI it won't do much good, as SSDI is exempt from court judgment/wage garnishment.
Being that he's behind....if you have the funds, then you may want to see if they'd settle for less on the account...like $9,000. If you do this, get all terms in writing before you pay. Forgiven debt is treated like earned income by the IRS.
- Genuine GuidanceLv 71 decade ago
No
They should not be on the hook
You cosigned. You should have kept a closer watch on what his balance was or credit limit.
You dropped the ball, not him.
Why didn't HE tell you that he stopped paying the card? You are mad at the wrong people.
- Anonymous1 decade ago
You did not "approve" anything; you co-signed a credit card account AND a bike loan. Cosigners are not approvers; they are guarantors of payment. What do you mean "so-signed"?
- SlickterpLv 71 decade ago
He upped the limit, which either of you could do if you call the CC company. You cosigned, you are on the hook.
