Comments on: 4 Reasons You Should Never Cosign A Loan

By: Milat Maho

Milat Maho — Wed, 02 Jun 2010 07:07:18 +0000

Too bad that this has happened to you. It really cost your dream just to help others achieved their dreams. I thank you for sharing your experience so that I can keep in mind what will happen if you co-sign a loan. Essay Library Samples

By: Unsolicited advice: Cosigning a loan « story by Kiah Haslett

Unsolicited advice: Cosigning a loan « story by Kiah Haslett — Thu, 11 Mar 2010 22:48:02 +0000

[...] Some more information: here and here [...]

By: michael

michael — Sat, 09 Jan 2010 06:03:01 +0000

Sorry to heard about your cosigning experience. It was truly sad. I will tell your story to my mom because her friend ask to be a cosigner. Thanks for sharing this to give us a lesson and advise. history essays | education essays

By: TheyCallMeCheap

TheyCallMeCheap — Mon, 23 Nov 2009 03:37:34 +0000

Love the $20 cap on loans. I loaned a cousin $20 back in 1999. I have neither seen nor heard from those $20. Before taking the firm position against loaning money, I decided I wouldn't loan money I couldn't afford to give.

I'm glad you didn't agree to cosign for your cousin. I seriously doubt she was only a month past due on her car note. If someone doesn't care about their own credit, they sure as heck aren't going to care about yours.

By: Shar

Shar — Thu, 19 Nov 2009 18:42:40 +0000

My story would have been similar to the above.
Firstly, it was a hot scorching day in July, when
my cousin upon her return from a family reunion, looked
out her window the very next day and saw her car had
been REPO'D. That very same day she emailed me stating
that in her rush, she had forgotten to pay the note and now behind. The
Bank told her that in order to get her car back, she needed $16,000.00 or
a co-signer on a loan. That her sister was trying to help but come to find out – her credit was already over-extended. Enter (cousin) –>ME–<. She emailed me with the above pitiful explanation
asking me what ever I needed from her to make this happen (get her car back), to "just ask".
HA! Nice I may be, but stupid, I very well am NOT! I turned her down easily,
telling her that I never co-signed for anyone, and the most money I'd ever
lend a person is $20.00. End of story! To make a long story short, what actually happened
is she went to the family reunion trying to play big man on campus and instead of paying
her note, she took the money meant for her note as spending money while she was
out of town at the reunion. Lastly, let me just say – she is NOW WALKING and
I have peace of mind!

By: Cooke N. Mazder

Cooke N. Mazder — Tue, 01 Sep 2009 16:40:06 +0000

Sadly, I can relate to this post. My family member was just ending a marriage and had savings (later found out it was a settlement) that was not enough to restart her life. Fast forward to that faithful day when I checked my credit report out of the blue. I was angry and shocked into tears but refused to pout for long. I took action by forcing her to get crap together IMMEDIATELY. I didn’t care how the late payments happened or why. I just wanted the monkey off my back. Today, I don’t loan money per se. I say its a loan but I don’t expect repayment. As for co-signing – HA! Its time I made my financial independence priority. But as with most things in life, its easier said than done.

By: Tia

Tia — Sun, 23 Aug 2009 16:11:19 +0000

Ouch! Atleast it was for her education. But I will no longer cosign, lend, or do business with family.

By: Tia

Tia — Sun, 23 Aug 2009 16:07:52 +0000

Hi Donna,

She has not defaulted, she just graduated and is within her 6 month grace period. Banks require a 12 month deferment or proof of payments in order to not count the debt. Her servicer would not let her extend the grace period until November. Its more so a timing issue (the inexperienced loan officer should have known this up front). I’m giving her a few months to get on her feet and then I will hound her about the consolidation.

By: Donna Freedman

Donna Freedman — Sun, 23 Aug 2009 08:33:00 +0000

Oh, Tiá, I’m so sorry that this happened to you. Um…did you contact the defaulting family member? What was her excuse for not paying back the loan? And if there is no good reason (e.g., massive illness that has left her incapacitated) how can she live with herself?

By: Torance

Torance — Fri, 21 Aug 2009 01:51:01 +0000

I love this post and agree with never cosigning! You shouldnt even loan people money unless your prepared to not get it back. Thankfully Ive never had to cosign and thanks to this story I never will…lol