Legal Question in Credit and Debt Law in Pennsylvania

I was a co-signer for my fiance's school loans, and now the debt for his loans is under my name. We would like to transfer the loan debt to under his name alone so that this debt will not be under my name anymore, since he is the one paying it off. He has made the payments for this loan for the last year on time without missing a payment. Can we do this if we both agree to tranferring it?


Asked on 3/21/11, 2:54 pm

1 Answer from Attorneys
Rachel Hunter

No. Never ever ever co-sign for anybody. When you co-sign, you are promising the lender that if the primary borrower cannot pay, then you will pay the debt. Based on this promise, the lender went ahead and made the loan and I do not know if they will be willing to release you from liability.

If the lender will not agree, then has your fiance's credit improved to the extent that he could get a personal loan on his own? If so, then he needs to borrow enough to pay off the school loan and then pay back the new loan as per its terms. Otherwise you are going to be stuck and he will have to keep paying on the loan until such time as either he qualifies for his own loan or the lender is willing to release you from liability.

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Answered on 3/21/11, 9:31 pm


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