I Cosigned On A Loan With My Daughter, Can They Take My Possessions?


(South Carolina)

I cosigned with my daughter and she used her car as collateral. The car was worth around 10k at the time and the loan was only for $3800. However, they still wanted collateral from me and used a camera and some household stuff. Now she lost her job and can't pay. I am in foreclosure myself and can't pay either. I know they can take her car but can they still also take my possessions? What if I have sold them?

Reply from DebtCollectionAnswers.com: What kind of loan is this? It's not a car loan is it? Or is it a payday loan or something similar? What kind of household goods are talking about? Please use the comments link below to reply.

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Jun 08, 2011
 Answers to reply
by: Anonymous

it is a local finance company that is holding my daughters car title. The car was paid off, she needed a loan for some other stuff and got this loan. The items of mine were a camera, a tiller, and i think a tv.. (don't remember for sure)
Jun 09, 2011
 Loan Collateral
by: DebtCollectionAnswers.com

We can't offer you legal advice specifically for your situation as we are not attorneys. But we can say that generally car title loans are some of the most abusive loans out there. And generally, when someone pledges collateral for a loan, the lender is usually allowed to repossess the collateral. (Truthfully, though, they aren't very interested in used household goods that will probably not bring much money even if they are sold. They want the loan repaid.)

Since it sounds like you and your daughter are both going through a rough time, we would really encourage you both to set up a free consultation with a bankruptcy attorney to find out what your options are here. The attorney may be able to help you with your foreclosure as well, or refer you to someone who can.

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