Legal Question in Credit and Debt Law in Illinois

I co-signed on a loan for someone who is no longer a freind. they said that no matter what happens, they promised to pay it back. now payments are not being made. is it possible to get a reversal so that she would have to repay the loan?


Asked on 3/04/10, 1:39 pm

2 Answers from Attorneys
Jonathan Shimberg Shimberg and Crohn, P.C.

No. you co-signed, whether they are a friend or an enemy. Only the lender can release you, and you have no reason for being released, unless there is some violation of truth in lending laws.

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Answered on 3/09/10, 1:46 pm
Thomas Moens Moens Law Offices, Chartered

I have never heard of a "reversal." As a co-signer, you are on the hook just a much as your ex-friend. You might be able to sue the ex-friend, but as far as the lender is concerned, you owe the money.

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Answered on 3/09/10, 2:06 pm


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