I co-signed for a truck loan. Lender is coming after me.

by denise
(north carolina)

I need help. My ex husband purchased a full size pick up truck in 2008 and asked me to cosign. I did cosign for the truck at that time because he told me that he would ne responsible for making the payments. With I'm a few months he quit his job I couldn't afford to make payments in the first place. Our marriaged ended and now the creditor is after me really bad. I need guidance what can I do? Please Help!

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Jun 11, 2011
 I co-signed for a truck loan. Lender is coming after me.
by: Debtcollectionanswers.com

So sorry to learn about your situation. However, the lender is entitled to come after you for the truck payments because as cosigner on the loan, you are as legally obligated to make the payments as your ex is.

Is your ex still unemployed? Is he aware of your situation? Unless you (and/or your ex) can work out a way to keep the truck -- maybe by renegotiating the terms of the loan so that the payments are more affordable -- the lender will eventually repossess the truck and you as well as your ex will end up having that information in your credit reports, which will be very damaging to you.

Other options to avoid a repossession include finding someone who is willing to take over the the truck payments, assuming the lender agrees to it; selling the truck and giving the lender the sale proceeds, although you and your ex will owe the difference between what the truck sells for and the remaining balance on the loan; voluntarily giving the truck back to the lender so the lender can sell the truck, although again, you and your ex will owe the difference between what it sells for and the balance due on the loan; and filing for bankruptcy, which won't get rid of the debt, but will stop a repossession and buy you time to figure out what to do about the loan.

Which of these options is best depends not only on your situation, but also on how much your ex is willing to cooperate with you to resolve the problem you are in. If you are not able to communicate with one another in a productive way, you may want to talk with a consumer law attorney in your area who helps consumers resolve debt collection problems to see what the attorney suggests. Your ex may be more willing to listen to an attorney than to you.

If you want to learn more about the options I just outlined, I recommend that you purchase a copy of our book about debt collection and your legal rights. Click here to get our ebook Debt Collection Answers.

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