Finance Question- Helping Relatives

Budget101 Discussion List Archives General Budget & Finance Finance Question- Helping Relatives

Viewing 0 reply threads
  • Author
    Posts
    • #235120
      Liss

      Michelle, I know you really want to help your sister, and it is so hard
      to know our family is suffering and want to help. but, i really would
      advise against co-signing on any loan for anyone! it can cause so many
      problems. no one knows what the future will bring and you could easily
      get stuck paying off the debt yourself.

      co-signing on a loan also can
      hurt your credit rating and keep you from getting a loan that you may
      need in the future. like a home or car.

      no matter what anyone tries to tell you, that debt is considered yours
      just as much as theirs if you co-sign. you will be listed as having a
      $15,000 debt in your name. If your sister can’t straighten out her
      finances and has to file bankruptcy at a later date it will wreck your
      credit as well as hers!

      I know for a fact that this is true because I
      have family that has gone through this exact thing. My family member was
      told by a lawyer that her credit rating will show that she filed
      bankruptcy even though it was the person she co-signed for that did!

      Please protect yourself, don’t co-sign. Tell your sister that you love
      her but you just can’t co-sign, but you will help her try to make a
      budget and find a credit counselor.

      don’t do it!!

      nancy ann

Viewing 0 reply threads
  • You must be logged in to reply to this topic.

Budget101 Discussion List Archives General Budget & Finance Finance Question- Helping Relatives