Legal Question in Credit and Debt Law in California
debt resolution
I need to negotiate with a creditor on a friend's behalf. The debt is when he cosigned for his sister's apartment. She paid some of the debt now they are coming after him. I want to write a letter to prevent the debt from going on the TRW, get receipts for amount paid, and pay a resonable amount to resolve the debt. My friend can afford an attorney or the outragous amount the creditors are requesting.
2 Answers from Attorneys
Re: debt resolution
When one co-signs for a debt, that makes them liable as if they incurred the debt themselves.
You can try to negotiate a settlement, but don't count on it. If they are willing to take a reduced amount, ask that they not report it on his credit report.
The bottom line is, if he agreed to gruarantee his sisters debt, why shouldn't he live up to his end of the bargain? They lived up to theirs by giving her the apartment.
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