Can i take legal action after paying most of a loan i co-signed for?
Of course.The person who took out the loan is responsible to pay it back. If you had to make the payments the judge should find in your favor. Make sure you have something that shows you made the payments, not just a statement that only shows a payment was made, but not by who.
you could spend a couple of hundred dollars in court trying to get your money back. but you might just end up with only a judgement that will sit on the guys record and prevent him from getting a car or house for a long time. So is it worth it to get a little payback in the form of ruining his credit? I would if the money was enough. Go to small claims court in your area and ask the clerk how to file a small claims suit.
I'm not a lawyer but I've read that you shouldn't cosign for someone because then you are legally responsible. I know if they file for bankruptsy you can't sue; and even if you would sue, there is still no guarantee you'd ever see the money. It stinks.! I'd never co-sign..ever...
If you signed a note stating you would repay if the borrower couldn't, you are stuck, which is why co-signing is a bigger deal than most people realize. You could possibly try taking the borrower to small claims court, depending on the amount they owe you, but good luck with that.
No - you signed saying you would be willing to pay the debt, as a co-signer.
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