Legal Question in Credit and Debt Law in Washington

Getting off a loan
I cosigned for a personal loan for my now ex-boyfriend. He has hardly made any payments and continues to make excuses why he can't pay leaving it for me to pay so it doesn't go on my credit. I was wondering if there was any legal way to get off of the loan. I don't even care if I get repaid for all the money I've paid on HIS loan, I just want off. Is that possible? If not, how bad would it make my credit if I just let it go....and stopped saving my ex's tail?

Asked on 1/10/08, 1:44 pm

Elizabeth Powell ELizabeth Powell PS Inc

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Re: Getting off a loan

Your contractual relationship is with the creditor, even though this is between you and your ex.

You can file suit against your ex if the total amount is less than 4K, otherwise, you need an attorney to file suit for you against your ex.

Otherwise the creditor can sue you on the contract and you'd be liable.

Wish I had better news for you, but that is the way a court is going to see it. Hope this helps. Elizabeth Powell

Answered on 1/10/08, 2:45 pm

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