Have You Ever Signed As A Co-Borrower

No, I won't do such a thing. My mom did though. She acted as a co-maker for her previous subordinate to help him out with a loan. And like your story, my mom received a letter a few years later demanding her to pay for the remaining payable amount of the loan since the principal borrower failed to do so. She contacted the principal borrower and advised him to settle his obligations. I think the guy did because my mom no longer received a follow up notice.

Aries it is really sad one is compelled to pay the money he has not taken because he has given guarantee. my parents use to advise not to sign for others but give what we can so that we can forget about that. no way but to pay--maximum can ask for compromise.

I never sign a co-borrower. I do not want to take a risk. I remember a friend of mine also asked me to be a co-maker of his partner in business. I did not sign but my friend did. Then it turns out that the borrower did not pay her loan. And now my friend is paying the debt.

I have signed as co-maker for my officemates and a few friends. I have experienced receiving a demand letter from the bank where my officemate borrowed money with me as co-maker/borrower. When I received the letter I immediately approached my officemate and he promised me that he will pay his loan. From that time on, I don't immediately sign as co-borrower as I don't want to experience that same incident again.

If you have any sense you never put your name as a co-signer because that does make you the co-borrower. You must assume that at some point you will have to pay off the note because the borrower couldn't get the loan on his or her own credit standing. Oftentimes, parents will go into huge debt by signing on as a co-borrower. It's a foolish thing to do because they are responsible for paying it back if the borrower fails to. The only way I would become a co-borrower is if I wanted to maybe but a car for my own kid is if I knew the kid would be responsible enough to honor the debt, and if it wouldn't put me in a bind if I got stuck with it. I've never co-signed for my daughter. I feel if a kid wants to build credit they can start small. They can borrow $200 from a finance company and pay that back on their own. They can build their credit just like we had to.

So far I havent do it at all. But one of my colleague did to one of our colleague as well yet that colleague was already resigned. Then afterwards the bank where our former colleague loaned certain amounts called looking for the co maker of the loan which is one of my colleague. Well she was really shocked about it since she never know that the loan is not yet fully paid. I dont whats the update now about this matter.

I did it many times to some of my closed friends. So far, no one give me headache about the money which they didn't pay the lender. I borrowed also money before from a bank and I need a co-borrower so I asked them also to signed for me.

hi Aries I have been asked but I have also refsed just because; I do nit want ot get a notice telling me I owe somolene lese's debt. This way ant debts I make are all my doing and I dol not make debts I cannot afford to pay,. this way I am never in any financial difficulty. viva saying no at all times to aiding a borrower.

No, I haven't. I would be wary of doing so. Even if I have to loan and ask someone to be my co-borrower I would be doubtful as well. We don't know what will happen and if I might not be able to finish off a loan, then I am ruining my friendship with that co-borrower as well.

Not by a friend but by a family member. I was young and I was stupid and my cousin immediately defaulted on the loan and I was stuck for the bill. Never ever sign as a co-borrower for anyone.

No...I don't want to be a co-borrower because it will be worse case if the principal avoid to pay or not pay the said amount that he/she borrowed. I refuse even a guarantee in anything because there are consequences that the guarantor is the one who responsible when the principal or the borrower didn't pay the said amount he/she borrowed...

Never. The Bible says someone who signs for a loan is foolish. This is why. I'll never co-sign for a loan for anyone. It's a huge mistake.

hi friend, I would advice everybody to stay away from doing or engaging in such, why? Ask your self first what benefit you would get if you sign or agree to be a co-maker? Most likely the answer would be " nothing" and the liabilities are so numerous. I think there are quite a bit or few exceptions especially if you are in business like, if the person is a business partner and he or she is more qualified to secure a loan that both of you would be benefiting from. Also make sure that you have access to the borrowed money from the moment it is released like a joint bank account that would be used for your joint endeavor, other than that, stay away from it even with close friends and relatives, learn evasion techniques and how to make good excuses even to people you find very hard to refuse

I would never do this, for this exact reason. I know many people who do this, and end up in hot water with their credit, and debt because of others. No matter how long you know them, or even family they are more likely to screw you over.

I have been asked by one of my daughters and didn't do it. She didn't make payments lost the house and the company called me to try locating her. I received 100's of calls from the company and am glad I refused to sign.

I have signed as a Guarantor for a loan in one or two cases. Those were either close relatives or close friends and they were clearly told that am just completing the formality and I should not receive any reminder from the concerned authorities for repaying loan. I told them that if at all it comes, I would fire them. I was not put in an embarrassing position in both the cases. Both the parties repaid the entire amount from their own sources.

No I haven't - however i have had a co-signer for myself in the past. I would only do it for a family member or spouse if necessary.

I have never been a co-signer on any loans. I had to get one once to pay off some debt. My best friend was my co-signer. I had not trouble paying back the loan. The bank took the payments out of my checking account every month until it was paid off.Don't recall how long that loan was. Doing the same thing right now with my current loan which is a three year loan. I didn't need a co-signer on this one which was nice! This loan is also to pay some some pain in the azz bills that are no longer going to haunt me anymore! At least I am smoart on the line with money just wish i was more with other money situations!

I have no loan for I am a housewife, I know the credit card will have interest when you are not pay the loan in the previous mmonth, in order to save money ,I get rid of credit card. I have not sign as co-maker or co-borrower for I don't need to borrow money to earn money. I signed some web to earn money directly with no money put in. Wish you earn money more in your spare time.

Hey ARIES, how's it going? I have indeed made the mistake of co-signing with friends on two occasions. The first, I was interviewing a potential flat-mate, and she had me co-sign at a furniture rental place that day, then backed out of the arrangement. Another time, I co-signed a bond to get a co-worker out of jail on a traffic related charge. She went on to get two more charges in two other jurisdictions. Then the three cases came up in inverted order, last one first. I began to have my doubts about being on her bond. Thankfully, the bondsman was a schoolmate and helped me find a way, but it wasn't easy. I would not recommend either of the two circumstances for anyone. Keep your signatures to your own affairs. As for your office mate, if she lives in the States, she can see an attorney for a free consultation and they can probably recommend a solution for her.