• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar

National Debt Relief

National Debt Relief - A+ BBB Accredited Business - Get Relief From Credit Card Debt, Medical Bills And Unsecured Loans

Talk to a debt counselor toll free:

800-300-9550

Get Relief From Credit Card Debt

Medical Bills and Unsecured Loans

  • Services
    • Debt Settlement
    • Debt Relief Benefits
    • Qualifications
    • Is Debt Settlement Right For Me?
    • Debt Help By State
    • Debt Relief FAQs
      • How Debt Relief Affects Your Credit Score
    • Free Budget Planner Worksheets
    • Free Debt Calculator
  • Options
    • Debt Relief
    • Bankruptcy
    • Credit Card Debt Relief
    • Debt Consolidation
  • About Us
    • Who Is National Debt Relief?
    • Accreditations
    • Proven Results – Debt Settlement Letters
  • Contact Us
    • Apply Now
    • Contact Us
  • Client Login
  • Careers
  • Blog
HomeBlog Blog“I Cosigned For A Loan. Help, Please!”
Video Transcript

Free Debt Relief Quote

  • National Debt Relief, LLC BBB Business Review
  • McAfee SECURE sites help keep you safe from identity theft, credit card fraud, spyware, spam, viruses and online scams

“I Cosigned For A Loan. Help, Please!”

February 23, 2013 by National Debt Relief

Consolidating debt with a loanI read recently the story of a woman who had cosigned for a loan and was shocked when the coupon book showed up at her house – instead of the home of the person for whom she had cosigned a loan. She wondered why the coupons came to her and did that mean she was responsible for the payments.

A simple mistake

The lender probably made a simple mistake. It probably saw that this woman was the most qualified for the loan and put here name first on it. She should be able to get this corrected simply by contacting the lender and asking that it send the coupon book to her co-signer.

She’s totally responsible

I hope this woman understands that as a cosigner to the loan, she is 100% responsible for it – should her cosigner default. In fact, it could hurt her credit if her cosigner misses a payment. She should also make sure that the creditor is reporting information about the other signer to the credit bureaus. This is because if the other signer were to screw up the loan, that information could go on this woman’s credit record. Conversely, if the other signer dies a good job of making her payments on time and pays off the loan, her credit report should reflect this.

Should you cosign a loan for your child?

Cosigning a loan is a way that many parents help their children get auto loans for the first time. Young people can have a difficult time getting an auto loan either because they have no credit history or a very brief one. In this case you will probably want to cosign for the loan. Before you do so, you should have very straightforward talk with your child about the consequences it will have on you and your credit if he or she skips payments or defaults on the loan.

If it’s someone other than your child

While you may want to help your child, it’s be a very different matter if you’re asked to co-sign by a brother, sister, cousin or someone that you’re not even related to. If that person has applied for a loan and needs a cosigner, you can bet that they have a troubled credit history. As noted above, if that person fails to make payments or defaults on the loan, your credit record (and credit score) will also take the hit. Before you agree to cosign for the loan you need to ask yourself two questions. First, can you trust that person to live up to his or her obligations. And second, what would happen to you if that person defaulted on the loan and left you holding the bag.

Are there any alternatives?

You might want to discuss with the person who has asked you to cosign for the loan whether there might be other alternatives. For example, if the person is having a problem with debt, you might suggest credit counseling instead of borrowing more money. Or you might steer them towards debt settlement. If none of these work, you’ll have to do a risk analysis and decide whether or not cosigning for that person would lead you too vulnerable financially. If so, you just may have to steal yourself to “just say no.”

Do you qualify for debt consolidation?

National Debt Relief

National Debt Relief

National Debt Relief is one of the largest and best-rated debt settlement companies in the country. In addition to providing excellent, 5-star services to our clients, we also focus on educating consumers across America on how to best manage their money. Our posts cover topics around personal finance, saving tips, and much more. We’ve served thousands of clients, settled over $1 billion in consumer debt, and our services have been featured on sites like NerdWallet, Mashable, HuffPost, and Glamour.

Follow National Debt Relief: Facebook Twitter Instagram Linkedin

Filed Under: Blog Tagged With: cosign loans, money management, personal finance

Primary Sidebar

Trusted By Our Clients

Excellent

Rated Five Stars Trustpilot star rating Trustpilot star rating Trustpilot star rating Trustpilot star rating Trustpilot star rating

based on 24,642 REVIEWS

"Best decision I've ever made!"

They really care about "you" and making your life easier. They answer all of your questions and are very detailed.

Trustpilot star rating Trustpilot star rating Trustpilot star rating Trustpilot star rating Trustpilot star rating

Kolbie P.

"Saved me from drowning in the debt."

I was up to my eyeballs in debt and National Debt Relief saved me from drowning in the debt.

Trustpilot star rating Trustpilot star rating Trustpilot star rating Trustpilot star rating Trustpilot star rating

Joanna W.
Canal Winchester, OH

"Helped me settle my debts that were choking me."

National Debt Relief helped me settle my debts that were choking me.

Trustpilot star rating Trustpilot star rating Trustpilot star rating Trustpilot star rating Trustpilot star rating

Bobbie A.
Charlotte, MI

"Taken a big weight off of my shoulders."

National Debt Relief has taken a big weight off of my shoulders.

Trustpilot star rating Trustpilot star rating Trustpilot star rating Trustpilot star rating Trustpilot star rating

Richard D.
Piffard, NY

"Stopped all collection calls."

National Debt Relief stopped all collection calls and are working with my creditors to settle my debts.

Trustpilot star rating Trustpilot star rating Trustpilot star rating Trustpilot star rating Trustpilot star rating

Patricia G.
Oran, MO

"Now I can see a light at the end of the tunnel finally."

I was in a tough spot, financially and emotionally. Now I can see a light at the end of the tunnel finally.

Trustpilot star rating Trustpilot star rating Trustpilot star rating Trustpilot star rating Trustpilot star rating

Susan W.
Valparaiso, IN

"I'm sleeping better knowing they are helping me to eliminate my debt."

I'm sleeping better knowing National Debt Relief is helping me to eliminate my debt.

Trustpilot star rating Trustpilot star rating Trustpilot star rating Trustpilot star rating Trustpilot star rating

Jodi W.
Springfield, OH
Trust Pilot Reviews

Free Debt Relief Quote

By submitting, you agree that the phone number you are providing may be used to contact you by National Debt Relief (including autodialed and prerecorded calls or text/SMS messages). Msg. and data rates apply. You are not required to opt in as a condition of purchase.

The sooner you call,
the sooner we can help:

800-300-9550

Search NDR Blog

Recent Posts

  • Free Holiday Shopping Budget Template To Keep You Out Of Debt
  • How To Host Thanksgiving Dinner On A Budget
  • Tips For Finding Good Last Minute Travel Deals
  • How To Spend Less Money For The Holidays
  • Take Note And Save Money While Holiday Gift Shopping
  • How To Scare Up Some Extra Cash To Pay Down Your Debt [Slideshare]
  • 10 Ways To Rock The Gratitude Challenge This Thanksgiving
  • How To Write The Perfect Salary Negotiation Email
  • When Should You Start Saving Money For Your Kids
  • The Best Budgeting App For Your Family

 

FAQs about debt relief

AFCC disclosure

National Debt Relief, LLC BBB Business Review AFCC Top Ten Reviews Gold Top Consumer Reviews Consumers Advocate Trust Pilot
  • About Us
  • Contact Us
  • Privacy Policy
  • Terms Of Site
  • Disclaimer
  • Sitemap

© 2019, National Debt Relief, All Rights Reserved.