cosign on repo

by Gwen
(trinity, Nc)

My husband passed away a few months ago and i have been receiving calls from a collection ageny for the amount owed from a truck we had repoed. since i was co signer will i have to repay the full amount or only half of the balance?

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Aug 21, 2012
cosign on repo

My condolences on the loss of your husband.

As co-signer you agreed to repay everything owed on the truck loan if your husband did not or could not. Therefore, you are obligated to repay the full amount due after the repossession. If you cannot pay that amount in one lump sum, the collector may agree to let you pay it off in installments or may even agree to let you settle the debt -- pay it off for the less than what you owe on it -- especially if you explain that your husband just died and money is tight.

If the collection agency agrees to let you set up a payment plan or settle the debt, you and the collector must come to an agreement about the terms of your arrangement. If you do, don't pay the collector any money until you have all of the terms in writing.

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