Legal Question in Credit and Debt Law in Texas

Will continuing payments on repossessed auto keep creditors off my back?

My wife co-signed for our godson's first auto. He was good on payments for the first couple of years. He started to default on his

payments. To make a long story short, he defaulted on the payment

along with doing damage to the car.

The car was finally repossed this year. He and my wife started receiving calls regarding the delinquent account. At one point he

was given the opportunity to pay

just half of the remaining balance,

roughly $4000.00. He was able to

get ahold of the collection agency,

made arrangements but again failed on his part to keep payments.

Now my wife's credit is ruined. The

collection agency now is asking for

the full amount, 8000.00 from either

he or my wife. He has a job and can make the car payment 345.00

We have tried to set up account so

he can deposite money and have

automatic deduction to pay loan.

If he makes the effort to continue

paying off the loan, will this be suffice to the company so that

eventually the loan can be paid off?

My wife's credit has been flagged

with this predicament and wants to

put an end to it. At this point, where do we go from here?

2 Answers from Attorneys

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