Legal Question in Credit and Debt Law in Florida

Hello and thank you for your time.

i am a guarantor on a friends loan. She needed a new Airconditioning unit and didn’t have the means to pay for it. Every time she fails to pay the monthly amount, $58, my credit score takes a hit. I have spoken to her about it many times, but to no avail. She apologizes each time. She has now decided to sell her home, and move away, somewhere more affordable.

I am afraid that once the house is sold, she wont settle the debt, and she’ll disappear and I’ll be left to pay off the remaining balance.

the loan is over a 10yr period, and I think we are only just halfway! 5-6yrs. What can I do to ensure she settles the debt after the house is sold. She owns the house with her son on the deed too.

thank you,

Catherine McCabe

Asked on 5/13/24, 10:15 am

1 Answer from Attorneys

Alan Wagner Wagner, McLaughlin & Whittemore P.A.

Try to negotiate a full payment of the debt with the company and pay it, then have her start paying you. Get the agreement between she and you in writing. Your instincts are probably correct that she will abandon the debt and you will get sued. If so, in the end, you will owe the debt plus the fees and costs to collect it.

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Answered on 5/13/24, 10:47 am

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