Legal Question in Credit and Debt Law in Iowa
Co signer.
My husband co signed for an employee an ATV. As you can
guess that person Quit taking the ATV with them. The call
from the collection person wanted us to pay. Not knowing
where or in what shape it was in we said no. It has now been
repossed, and sold. But they still want the money they did
not get for it from us. Do we have to pay half? Or is that
the other persons problem? The collection dept. has put a
hold on our credit and we can not refinance or home. Our
lawyer said it would take more money to take the co signer
to court. What do
1 Answer from Attorneys
Re: Co signer.
Thats the problem of co-signing, and exactly why the financiers want co signers, you dont just pay half , YOU PAY ALL OF IT< legal solution is pay it or file bankruptcy to discharge the debt .
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