Being a Cosigner While on Disability

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

By NancyJane from NJ



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.

ReplyWas this helpful?Helpful? Yes

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

Budget & Finance AdviceApril 20, 2009
Couple getting SSI help.
Finding a Good Social Security Attorney
Social Security Disability Form
Receiving Social Security Disability Benefits
In a wheelchair doing laundry.
Organizing Your Home When You Have a Disability
A woman sitting at table in a wheelchair.
Living With a Disability
Christmas Ideas!
Thanksgiving Ideas!
Ask a Question
Share a Post
You are viewing the desktop version of this page: View Mobile Site
© 1997-2016 by Cumuli, Inc. All Rights Reserved. Published by . Page generated on November 20, 2016 at 2:46:06 PM on in 948 msecs. Use of this web site constitutes acceptance of ThriftyFun's Disclaimer and Privacy Policy. If you have any problems or suggestions feel free to Contact Us.
Loading Something Awesome!