Credit union help?
Answer:
check w/ the cu first! u should only be liable for what u cosigned for. if she borrowed more money and used ur income or signature w/out ur permission then u r not responsible and that is also fraud! find u sister and see why she stopped paying! and let her know that this is affecting ur credit as well as hers. if u have any paperwork for the loan u signed for u should take that to the cu and talk with someone about it! make sure ur not on the other loans. and let this be a life-learned lesson.NEVER COSIGN FOR FAMILY OR FRIENDS, THEY WILL SCREW U OVER!
It's just the original amount but you must be prepared to 'report your sister to the police' if you are to prove it.
If they have paperwork and sh'e forged your signature then you stand a chance only if you grass her up.
If they have no paperwork to substantiate the further loans then there is nothing they can do really.
They must have your signature.
I would think you are only responsible for the inital loan. Do you happen to have a copy of the original loan paperwork? There may be some very small print that allowed her to borrow additional funds, etc. If that small print is there you could be held accountable for all of it.
However, the loan was over 10 years ago? When did she stop paying? Depending on the size of the loan, and the amount of repayment they are requesting from you, it may be beneficial to consult with legal counsel before you proceed in any way. If you acknowledge the debt as yours, you'll have to pay, so you don't want to do that until you know for certain what it is you HAVE to do. Good luck!
Only the loan you signed for. How long ago did the payments stop? You should have gotten a notice every time she missed a payment. On the other hand she had no business missing them, she could have at least come to you and told you she couldn't afford it, that way you could have made the payment for that month to save your credit. I would also have to talk to my sister. That was irresponsible of her.
you are responsible for the original loan but if she hasn't been paying, you'll also be responsible for any fees that were incurred on the loan.
Without knowing the terms of the first loan, and examining the agreement, we can't possibly answer this.
Are there terms in the agreement allowing her to borrow off the "equity" in the loan? What was the loan for? Other then a mortgage I never heard of a way to borrow on property equity.
Therefore, any other loans that were made must have been a second loan, and should not have been tacked on to the original loan. Especially without your permission.
So get some paperwork from the Credit Union and examine it. You may need to have it looked over by a lawyer.
O.k first speak to your sister as this my be an error.. If you have no joy then you have every write to start searching and gathering information in regards to which company's the moneys owed to then armed with evidence you could slap it in your sisters face and say i know every thing and she may confess. Or take it to a solicitor to find out where you stand!
Most guaranty agreements these days aren't for a specific loan, they're for all loans the borrower has or may have in the future. Unless you specifically requested to have a "limited guaranty" (for only one loan), you're probably responsible for all the loans. Check the agreement you signed. If it says "unlimited guaranty" or makes reference to future loans, you're responsible for those debts. If you don't have a copy of the agreement, ask the credit union to send you one.
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