Is there a way someone can assume the responsibility of my debt?....?

Question

I stupidly allowed my sister to use my credit cards and also i cosigned for her to get a car. needless to say both credit cards are beyond maxxed out and the car is repoed is there a way for her to assume the resposibility of the debt so it can be out of my name and I can start getting my credit back. im sure there is not a way but please if someone knows fill me in because I am totally screwed because of all this

Answer 1

If you have anything with her signature on it saying she's part responsible, you can take her to small claims court and sue her for the balance she owes you.  That's all I can tell you though.

Answer 2

You are totaly screwed.  The only way out of this is if somebody else payoff all of these outstanding debts.  If you have $$ there is no way the credit card companies or the holder of the car loan will let you off the hook.  They want there money.  This is why one should never lend $$ to family.

Answer 3

Unfortunately, the answer is probably "no".

I'm guessing, from the little information that you have provided, that the lender would not have agreed to lend money to your sister if you had not cosigned. That means what it sounds like it means - the lender anticipated the possibility that your ex would not pay, but accepted your guarantee to "make good" if that wound up happening.

Now that your sis has stopped paying on the loan, why would the lender agree to let you off the hook now, when you may be the only chance they have of getting their loan repaid?

You won't like this, but I'm going to be real honest with you. The lender is a PROFESSIONAL evaluator of credit-worthiness, or, in otherwords, knowledgeable and experienced at analyzing the probability that a lender will eventually repay.

ANY TIME a lender requires a cosigner on a note, they're saying 'In our professional opinion, based on our years of experience making exactly this type of loan, Borrower One is a poor risk to repay. Now, if he/she can find some sucker with better credit who is willing to take the fall when we're proven correct, well, then we just might make the loan."

Who in their right mind would take the lender up on this dare?

When you cosigned the loan, you signed a legal contract that obligated you to repay the debt if the original borrower defaulted on her obligation. Asking if you can now walk away from that promise is exactly akin to asking "Can the original borrower legally refuse to pay back the lender?" As far as the law is concerned, you are exactly equivalent to the original borrower in this scenario.

I'm sorry that I couldn't offer you a more pleasant answer, but the law is what it is. Never accept the sucker's bet of cosigning a loan. By even requesting a cosigner, the lender has already warned you that it's a bad, bad idea.  Technically in some states such as Michigan you may be able to get a lawyer and get out of it.

Answer 4

Unfortunately you are really screwed. A co-signer is someone who "guarantees" to pay a debt if the primary person fails to do so in some manner. So they have every right to pursue you. As for the credit cards. You can attempt to take her to small claims court, or you might look into one of those TV court shows. If you have anything in writing, or can get her to state on an email to you that she knows she owes you for the money you can use that in court.

Good luck to you.