Legal Question in Credit and Debt Law in New York
My brother has bad credit and I have agreed to sign up for a retail credit card for the purchase of his television. He agreed to make payments on the card monthly. What would be the appropriate form to "get it in writing" that the use of the card is a loan and not a gift. Should he lose the ability to make payments I do not want to be responsible for his amount.
1 Answer from Attorneys
No matter what you would be responsible to make the payments on the credit card. That is why you signed for the credit card. What you want is an agreement that the brother will either pay the credit card or you.
I would suggest a written agreement basically stating that in consideration for you obtaining this credit card, your brother agrees to repay the card. Your brother also agrees to indemnify you for all damages - including attorney fees - should he fail to make the required payments on the credit card.
Mike.
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