AdviceBudget & Finance
To Top

Being a Cosigner While on Disability

I cosigned for a car and am now on disability. What should I do?

By NancyJane from NJ

We are giving away $200 in Amazon gift cards for people who answer questions on ThriftyFun this month! Click here to find out more...

Add your voice! Click below to answer. ThriftyFun is powered by your wisdom!

April 25, 20090 found this helpful

Legally, when you cosign a loan and the person fails to pay, you are responsible. Period -- no ands, ifs, or buts. This is why they tell you to think very carefully before cosigning anything. If the person has paid enough on the loan already, see if they can get another one in only their name. If they can't, pray that they pay the bill on time so it won't ruin your credit rating. Sorry, but there may not be a rosy ending to this one.

Reply Was this helpful? Yes

Add your voice! Click below to answer. ThriftyFun is powered by your wisdom!

Related Content
Budget & Finance AdviceApril 20, 2009
Garnishing Disability for Child Support
Garnishing Disability for Child Support
A person in a wheelchair gardening.
Gardening With a Disability
Social Security Disability Form
Receiving Social Security Disability Benefits
A disabled student studying in a wheelchair.
Child Support for a Child Receiving Disability
Back to School Ideas!
Summer Ideas!
Ask a Question
Share a Post
Desktop Page | View Mobile

Disclaimer | Privacy Policy | Contact Us

© 1997-2017 by Cumuli, Inc. All Rights Reserved.

Published by .

Generated 2017/08/10 11:25:47 in 1 secs. ⛅️️ ⚡️
Loading Something Awesome!