Consequences of being a co-signer

What are the possible things that can happen when you co-sign for a loan?

2 Answers

If the primary borrower does not pay the bills, then negative item will appear on your credit report too. This may lower your credit score. The future lenders may not agree to lend you money.


If the other borrower does pay, you are also responsible for the payments.  You can get sued, wages garnished, and your bank account frozen.

How to Deal with Illegal Loans..OhioGal's Primer
http://www.debtconsolidationcare.com/paydayloan/dealingwith-illegallenders.html
PDL's are ILLEGAL in the following states...
AR, AZ, CT, GA, ME, MD, MA, NJ, NY, NC, PA, VT AND DC
OH AND NH have very restrictive low cost interest rate laws.

SOL for all states
http://www.debtconsolidationcare.com/statute-of-limitation.html

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