Would a contract protect him?

Question

My husband wants to sign as sole signer for a computer for a friend of ours. The friend says he will make all the payments. Would a contract outlining their agreement protect my husband in case his buddy doesnt or cant make payments? Does he need a lawyer to draw one up? Any other advice re this? Thanks.

Answer 1

You would need to do the contract 100% legally and get it notarized. See the link below for more information. If you just do your own contract, it will not hold up in court unless it's notorized. You should be able to find a notary certified by the  national notary association in your local area without having to contact a lawyer and pay additional fees.

Answer 2

If this friend can't get credit on his own or his family won't co-sign for him your husband may end up paying for the computer himself.As far as the store would be concerned if your husband is the only person with their name on the sales contract that is who they will hold responsible if the payments are missed or late.Ask yourself why the friend can't be down as the primary debtor and have your husband co sign.At least there will be a record stating who exactly bought the computer.I'm afraid if the payments aren't kept your husband will be on the hook.Watch a few judge shows on t.v. and see how many friendships have broken up over this type of arrangement.

Answer 3

It would cost a lot to hire a lawyer to prepare a contract. The computer isn't extremely expensive. Is it? I don't think your husband should get involved with it. Maybe his friend should wait till he can afford it! One thing that OPRAH does that impresses me. She doesn't lend money to anyone. It is considered a gift!  Al loan can ruin a friendship! Even signing for a friend. Think it over before making a decision!  Good Luck

Answer 4

Your husband , being the sole signer is responsible for the payments.   I do not believe a contract will help.  It is commendable for him to want to help, but he will most likely pay for the computer.  Even a lawyer or notary will in my opinion help in this case. Best to let friend find another way.

  Think twice, my friend.