Legal Question in Credit and Debt Law in Georgia

cosigner laws

i was a cosigner on a loan but the loan never received a payment i didnt know that until the company say that they are going to start garnishing my pay check for the loan so i had to set up a payment plan with them so my check would not be garnished .so how do i go about that trying to get my money back.thank you


Asked on 7/20/09, 7:40 pm

2 Answers from Attorneys
Scott Riddle Law Office of Scott B. Riddle, LLC

Re: cosigner laws

This is exactly the risk you agreed to taken when you agreed to cosign a loan. What agreement did you have with the other borrower to pay you back should you have to pay the loan? You provide no facts about that.

Read more
Answered on 7/20/09, 7:44 pm
Glen Ashman Ashman Law Office also dba Glen Ashman Attorney

Re: cosigner laws

When you co-sign, you agree to pay on that loan. Needing a co-signer tells you that the lender doesn't think the other person will pay. You can't back out later. Usually the only way out is bankruptcy if you qualify.

Read more
Answered on 7/20/09, 11:04 pm


Related Questions & Answers

More Credit, Debt and Collections Law questions and answers in Georgia