Legal Question in Credit and Debt Law in New York
I co-signed a loan in June 09 which I unfortunately, unintentionally forgot about 2 years later. I do not check my credit report regularly and today June 2011 I received a call from a collection agency stating I owe $2030. I didn't recall at the time what this could be, however then after I calmed down I did recall doing such an idiotic thing in my young age. When I went on my credit report, it showed that the individual hasn't paid the loan since Nov 2010. My first question is, am I not entitled to notice of late payments until 8 months have passed? Why wasn't I notified at the first payment missed?
Secondly - I tracked down the individuals I cosigned this for. They moved from Troy NY to Syracuse NY. I cosigned for a man and I worked with his wife. I found out where his wife now works and the primary loan holder (the husband,) called me from his cell phone. Since I have their contact information such as cell phone number for both the primary loan holder and his wife, their e-mail as well as the wife's current employment information - if I give that to the collection agency will they try to obtain it from them? Perhaps they didn't have their contact information? Or since its already in collections, now I am required regardless now?
1 Answer from Attorneys
Q. My first question is, am I not entitled to notice of late payments until 8 months have passed?
A. Maybe or maybe not. It would depend on the terms and conditions in the promissory note.
Q. Since I have their contact information such as cell phone number for both the primary loan holder and his wife, their e-mail as well as the wife's current employment information - if I give that to the collection agency will they try to obtain it from them?
A. Again, maybe or maybe not. Most notes have language concerning joint responsibility. In other words, the note holder does not have to pick and choose who he or she goes after. However, in some circumstances, a note will direct that the holder first obtains a judgment against the promissor before seeking money from the guarantor.
Mike.
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