AdviceBudget & Finance

Being a Cosigner While on Disability

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

By Nancy from NJ

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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.

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