I’m sorry if this is a long story. I’ll try to keep it short.
Basically, before I met my husband, my husband co-signed on two credit applications with his friend Chris. Chris was his employee at the time. My husband was mislead by the co-signing process. He understood he would be a reference, but he had no idea that his credit would be affected or that he would be responsible for these debts. One account was for a car, another account was for an engagement ring. My husband was angry about being named as a co-signer, but Chris made regular payments, until my husband and Chris had a falling out. Basically, this Chris guy did several horrible things to him and to me (I had met my husband by this time). Chris stopped paying. My husband got deployed, and he is currently deployed. Since he has been deployed, he has never made any payments at all. The car was repo’ed. I am getting letters and calls from collections agencies wanting $6000 after auction for the car and $2000 for the ring. We don’t have this kind of money right now. I called Chris, and he said he would make payments. This was last month, and I called and neither have had payments made on them. I called again, but now he isn’t answer. My husband’s deployed and he can’t take care of it. He agreed to pay the bills, and he agreed that if he couldn’t he would let us know. In short this guy has an alcohol problem. My husband and I have no idea what to do. Should we take him to small claims court and sue him over this? What are our options? We don’t have $8000 offhand, and we don’t want to make payments on a car and a ring that we will never see or have. What is there that we can do?
Nice answers only please. Thank you.
Originally posted 2009-09-21 17:36:09.
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Your husband doesn’t know the difference between a reference & co-signing? c’mon… If your husband doesn’t make good on the debt, his credit score will tank big time…..
For the vehicle….your husband should make sure they didn’t “firesell” the car…..selling it for WAY LESS than it was worth and then stick you w/ the difference…
You are going to have to set up a plan directly w/ the creditor and make monthly payments….Your husband IS legally responsible….
If he is deployed, you should have Power of Attorney already set up…and you can handle this….
That is why banks love co-signers…the more the merrier for them…