bank garnishing savings for non payment of a loan i co signed

by charity
(arkansas)

I was never told by the bank that my friend defaulted a loan I co-signed for him. Now the bank garnished my savings account. What can I do?

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Nov 11, 2011
bank garnishing savings for non payment of a loan i co signed
by: Debtcollectionanswers.com.

If you co-signed on the loan, then you are as legally responsible for paying it as your friend is. In other words, if your friend did not pay the loan then the bank is entitled to look to you for the money that is due on the loan. However, the lender would not be entitled to take money out of your savings account to pay off the loan without first suing you and winning a judgment against you. Therefore if you were not sued or if you did not receive notice of the lawsuit, you should contact a consumer law attorney in your area to discuss your situation and the possibility of taking legal action against the lender. Your first appointment with the attorney should be free.

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