Hello everybody, My Aunt recently cosigned for a relative to get some dental work done and he has'nt paid and the creditors are calling and I think it may be on her credit. What can I do for her to relieve this problem for her, because she is elderly lady. Thanks
Unfortunately, not much...the best thing would be to pay off the debt, or work out a payment plan with the creditor. This is the problem with being a "helpful" hand to family, the gratitude is not always returned. Repsonsibility for the debt is the commitment when you cosign for a weaker borrower. As the co-signer you agree to pay if the primary does not. The best thing you can do for your aunt is to communicate with the creditor, and work out something where nothing is reported on her credit if the debt is paid. Remember, they want the money, not to report negative credit history. I would also talk to the relative who owes the debt, confornt them with what they are doing to your aunt, yes...lay the guilt on them. I feel for your aunt, it is unfortunate that it is the good people who get hurt in these situations.
