Legal Question in Credit and Debt Law in Georgia

I cosigned a syudent loan for someone that is not paying on time,it is affecting my credit,can i sue them ??


Asked on 2/22/10, 7:56 am

2 Answers from Attorneys

Scott Riddle Law Office of Scott B. Riddle, LLC

Have you had to pay anything? If you paid on the debt, you might have a claim for those payments. However, as far as your credit is concerned, this is exactly the risk you accepted when you co-signed the loan. People usually need co-signers because the creditor thinks there could be a problem paying. Co-signing is almost never a good idea unless you see and control all bills and payments, and you are willing to make all payments

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Answered on 2/27/10, 8:04 am
Glen Ashman Ashman Law Office also dba Glen Ashman Attorney

It is always a foolish thing to cosign a loan (as you have found). People need cosigners because a bank is sure they won't pay. That means the expectation is that the cosigner will.

Whether you can sue depends on the written contract you have with your cosigner (if you did this without that, you probably have little basis to sue). Unless you actually make payments, you won't have measurable damages to sue for.

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Answered on 2/27/10, 8:21 am


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