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1alvinleejones

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when you cosign and they are late why does it hurt you and how can you fix it

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Top Contributor
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Cosign woes!!

When you cosign for someone, you are guaranteeing that theloan will be paid on time even if you have to make the payments.  The good question to ask yourself before considering cosigning is "can I afford to throw this money away?" because those you cosign for are likely not the most financially responsable people on the block.  If a bank or finance company won't give them a loan on their own, why should you?

I don't know of any way to fix this unless you were to take the party to small claims court to try to get the money back.  You are not likely to be able to get this off your credit, I'm afraid. Sorry.

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