Legal Question in Credit and Debt Law in Arkansas
Cosigning Gone Wrong!
I agreed to cosign for a friend to assist her in getting a student loan. We agreed she would pay back the loan. She deposited the check thru her boyfriend's acct and the money suddenly was no longer there. She agreed to deposit the check into my account while I was on my honeymoon. I even provided her with a deposit slip to do this. To make a long story short, neither of them have paid timely on this loan. The boyfriend has twice provided false checking acct. info to set up direct draft.I later found out she had taken the loan out in my name and she was the cosigner. I contacted the school about this but nothing was done. I also requested the promissary note only to find she had forged my name. I never signed any paperwork for this loan. I am currently paying on the loan and had to bring it current due to the boyfriend providing false bank info. What steps can I take to get her or the boyfriend or both of them to pay me back? The amount was over 5000.00 My friend is trying to place the responsiblity of paying the loan back on her boyfriend since he was the person who spent the money. What can I do about this?
1 Answer from Attorneys
Re: Cosigning Gone Wrong!
If I'm reading your question right, it sounds like you never actually signed, co-signed or any way formally agreed to be responsible for this loan. If so, you may be able to get out of this. You do need to take action soon. I need to know more information about exactly how all this happened, but if you do not actually sign for a loan, either as the primary or co-signor there is a strong possibility that you won't be responsible for paying it.
Let me know if you would like to discuss this further.
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