Legal Question in Civil Rights Law in Iowa

about 3 years ago i co-signed on a loan for my boyfriend, at that time, to get a truck. we broke up and it was agreed that he would keep the possesion of the truck and make all payments. i have been deployed for the last year and since then, he has been missing payments on the loan. he has now missed so many payments that the truck has been reposssed. i am wondering what my options are to keep my credit from going any further and if there is anything i can do to ensure im not the one having to pay for all this?


Asked on 9/17/09, 4:28 am

1 Answer from Attorneys
Robert Luedeman solo practitioner

I suggest that you get yourself a credit report if you have not done so already. One can be had without charge from each of the three credit reporting agencies which means you can get an updated one every four months. That way you can asses the payment history and you can also add a statement to your credit reports correcting any erroneous information.

https://www.annualcreditreport.com/cra/index.jsp

Unfortunately, as cosigner you are responsible for any deficiency and subject to a lawsuit if the lender decides to go after you-although you have some rights under the Soldiers and Sailor's Civil Relief Act.

http://www.defenselink.mil/specials/Relief_Act_Revision/

I would also suggest that you reach out to the lender and try negotiating a resolution to this matter because of the circumstances.

On behalf of my fellow citizens, thank you for your service.

Read more
Answered on 9/17/09, 10:28 am


Related Questions & Answers

More Civil Rights Law questions and answers in Iowa