stupid me cosigned a loan at citifiancal for my father. Needless to say he cant make the payment because he is now on ssid.and i have now been unemployed for 2 years. It is getting harder to make the payment every month. Im not late i have it taken every month from my acct.But i have 2 questions. 1. I had my Dad get some insurance that would make his payment if he was disabled. but i cant locate the paper work. 2. I got a little money from a inheratance I would like to pay this off, but if i pay the 4500.00 still due I cant pay off anything else. What should i do Will they take a lower payoff ,
If you purchased insurance for your dad and have been paying the premiums, you still have the insurance. It doesn't matter that you can't find the policy. It still exists. Do you remember who the insurance carrier is? If so, call them up and find out your policy number so you can make a claim. How much is the remaining loan amount?
there is 4500.00 left. The insuarnce was added to the monthly payment. but when i asked them they dont see it
Maybe your father never actually purchased the insurance. If you're 100% certain he did, and the premium is included in the monthly payments, then there's got to be record of it somewhere. In fact, I would imagine your monthly statements might even show what the premiums are each month. If there's absolutely no record and Citi denies that you have such coverage then you might be up poops creek without a paddle, as my grandfather used to say.
