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Co-signer, Who does it fall on

Discussion in 'Credit Talk' started by cmo140, Oct 7, 2008.

  1. Oct 7, 2008 #1
    cmo140

    cmo140 Active Member

    If you have a co-signer and you default on a loan, who can the collection agency come after then?
     
  3. Oct 7, 2008 #2
    flacorps

    flacorps Well-Known Member

    The co-signer, obviously. They are a guarantor.
     
  4. Oct 7, 2008 #3
    Hedwig

    Hedwig Well-Known Member

    They'll actually come after both of you.
     
  5. Oct 7, 2008 #4
    cmo140

    cmo140 Active Member


    Is that double dipping, if they come after both and both pay.
     
  6. Oct 7, 2008 #5
    Hedwig

    Hedwig Well-Known Member

    Yes, they should only be entitled to collect once.
     
  7. Oct 7, 2008 #6
    flacorps

    flacorps Well-Known Member

    Liability is "joint and several" ... whoever pays relieves the other by that amount.
     
  8. Oct 8, 2008 #7
    jlynn

    jlynn Well-Known Member

    Exactly - a CA can come after the signor, co-signor, or both together. IOW - they will follow the money. LOL
     

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