Would you co sign a loan for someone? Not sure that I would....I guess it would depend on who asked and why........
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Would you co sign?
- Thread starter kittylover4ever
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It would depend on who...my brothers? NO WAY!
I would. My uncle (family friend who I call uncle) cosigned my Care Credit and without him my animals wouldn't be able to get emergency vet care at the whim and neither would I. I would love to help someone out as well. It's only money, we can't take it with us when we die and we're always gonna have bills so why stress about it.
I have got involved several times with lending money to friends or guaranteeing them in some way, and it has always ended badly. For close family, I might do it, and I certainly would for a child of mine. But I think the rule would be to never put your own family, house or business at serious risk -be prepared to lose whatever you sign for.
Perfect reply. If you can afford to lose the money then yes, if not, definitely no.
NO!
I work for a collection agency and it has got to be the worst thing a person can do to compleetly ruin their credit.
I work for a collection agency and it has got to be the worst thing a person can do to compleetly ruin their credit.
hmmmm never thought of it..depends on who is asking.
for someone in my family..probably...
a friend?
probably not.
for someone in my family..probably...
a friend?
probably not.
it would really depend on who it was...not that anyone would be asking me to co-sign since my credit isn't all that great
but my father has co-signed for me twice on cars and I have never paid those late!
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Depends on who ...
There are few people in the world for whose request I would give even a nano-second's thought, and even then it would depend totally on why and what I would be putting at risk. An acceptable risk, for an important matter, for someone I care deeply for and trust, probably. But very little would satisfy those criteria; anything else is a recipe for disaster, to my mind.
I have & it was for John, it wasn't a big deal & the loan is just about paid off now anyways
I just don't think I could do it for most people. If I'm in a position where I can help someone I like to, but co-signing is a bigger and somewhat different thing! I've heard it said before that co-signing for things like houses and what not is one of the biggest mistakes parents can make with their kids. They were reffering to parents basically helping their kids buy over a sensible amount for their income and what not though.
It would depend on how much and to whom. If it was a friend or relative that I knew was responsible, then yes.
Now on the other hand, if you know the person is irresponsible and you co-sign, you can get very badly burned!
Last year my sister-in-law (brother's ex wife actually), co-signed a $5,000.00 loan for her middle son who is 30 years old. He has a long history of alchohol and gambling addiction/abuse. He constantly gets himself into debt and can't afford to pay his rent or bills because he spends his money on alcohol and gambling.
Several times he has gone to her for help digging him out of debt. She is really good with money so during those times she takes his pay cheque and gives him an allowance, puts some into savings for him that he can't touch and pays his bills. It works well for a period of time until she hands over the reigns back to him, hoping that he has learned his lesson.
However, he never does.
So when he went to her last year he was in more debt than usual and she decided the best course of action was to get him a loan with her as a co-signer. He would pay off the debts and just make one payment to the bank.
However, he failed to tell her that he had declared bankruptcy which took effect the day before the loan came through, so she ended up stuck for the amount of the loan!!
So you have to be really careful of who you co-sign for, because if they default that debt is yours, so you better make sure you are able to afford the payments if you had to take them on for whatever reason.
Now on the other hand, if you know the person is irresponsible and you co-sign, you can get very badly burned!
Last year my sister-in-law (brother's ex wife actually), co-signed a $5,000.00 loan for her middle son who is 30 years old. He has a long history of alchohol and gambling addiction/abuse. He constantly gets himself into debt and can't afford to pay his rent or bills because he spends his money on alcohol and gambling.
Several times he has gone to her for help digging him out of debt. She is really good with money so during those times she takes his pay cheque and gives him an allowance, puts some into savings for him that he can't touch and pays his bills. It works well for a period of time until she hands over the reigns back to him, hoping that he has learned his lesson.
However, he never does.
So when he went to her last year he was in more debt than usual and she decided the best course of action was to get him a loan with her as a co-signer. He would pay off the debts and just make one payment to the bank.
However, he failed to tell her that he had declared bankruptcy which took effect the day before the loan came through, so she ended up stuck for the amount of the loan!!
So you have to be really careful of who you co-sign for, because if they default that debt is yours, so you better make sure you are able to afford the payments if you had to take them on for whatever reason.
Heck no! I have impeccable credit and I am not about to risk that for anyone.
Sadly, I know from personal experience that even if you think someone is responsible that doesn't mean they will always do the right thing.
Money ruins relationships. That is why my answer is probably not. Is it worth it to lose the friendship/relationship? That is what often happens when money comes between people.
Not unless I was perfectly comfortable with the idea that I may end up paying the whole amount and never get it back...
That being said, I have to thank my parents for co-signing for me so I could get a decent credit rating and support myself once I got a job.
That being said, I have to thank my parents for co-signing for me so I could get a decent credit rating and support myself once I got a job.
No I wouldn't.....and I would never ask anyone to do it for me, either!
Nope...unless it was my own kid in college, no way.
When you cosign something...like a car, credit card, house, apartment, etc, if anything happens YOU are responsible for the payments if your friend or other family member bails on the payments. Whats worse is if you cosign for a car, they then take off with the car, default on the payments, then collections comes after you for a car that someone else is driving.
When you cosign something...like a car, credit card, house, apartment, etc, if anything happens YOU are responsible for the payments if your friend or other family member bails on the payments. Whats worse is if you cosign for a car, they then take off with the car, default on the payments, then collections comes after you for a car that someone else is driving.
No. DH did it one time - never again. Even for his own kids. If you want to co-sign, be sure you have the money to back up the loan cause more then likely YOU will be stuck paying the bill in a short time.
