Legal Question in Credit and Debt Law in Texas

I co-signed on a loan for a family member to have "medical surgery". I received nothing. I have never received a bill, phone call or notification of the primary not making payments and just found out I have a "bad debt" charge off on my credit. Do I have any legal recourse to fight this?


Asked on 9/21/10, 8:59 am

1 Answer from Attorneys
Mark Dunn Mark D. Dunn

As a co-signer, you are legally liable for the debt. You could contact the lender and offer to settle for less than 100 cents on the dollar - that is, you could pay the debt.

Otherwise, you have just learned an expensive lesson - don't co-sign on a loan. Ever.

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Answered on 9/26/10, 12:18 pm


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