Legal Question in Credit and Debt Law in Indiana
forced to cosign a loan by boss
My boss loaned money to a friend. After they had a falling out (which was a couple of monthes after the loan was made), my boss cornered me into cosigning the loan. This was all done without the friend even knowing about it. My boss has harrassed me about the money now for about 2 years and I am wondering if it was even legal for her to have done this? Help!
1 Answer from Attorneys
Re: forced to cosign a loan by boss
An agreement made under duress, such as a threat of being fired, is not enforceable, so long as you raise that defense in time if you are ever sued. You should speak with an attorney experienced in employment law on the employee's side. Call your local bar association for a referral. There are many other facts that an attorney would like to know: the boss's relationship to the employer, the number of employees altogether, whether there is a union bargaining agreement, whether there is an employee policy manual. Good luck.
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