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Thread: Need Your Advice & Opinions!!

  1. #16
    Figure Skating Is A Dangerous Sport Dee4707's Avatar
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    Quote Originally Posted by dorispulaski View Post
    Cosigning anything goes on your credit rating. Even if the person you cosign with pays religiously, you will still find your credit score is lower than if you did not cosign something, because the loan is treated by the credit companies as an obligation of yours (leaving you with less uncommitted money to, say, pay a mortgage of your own).
    Doris, this is the kind of information I didn't know. Thanks for letting me know.

    Quote Originally Posted by dorispulaski View Post
    Has he declared bankruptcy yet? If not, he should.
    What would declaring bankruptcy do for him?? Way back when I had suggested that he contact legal aid to tell them his predicament and see what advice they would give him. He said he wasn't going to call because he wouldn't file bankruptcy...so I didn't know what that meant for him.

    This is the kind of information that makes me think that he's done nothing to help himself. He wants the easy way out.

  2. #17
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    Now you're thinking straight, Dee. He seems to have done nothing to help himself. And it's inadvisable for you to be his way out. You already know the reasons.

  3. #18
    Wicked Yankee Girl dorispulaski's Avatar
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    If you're trying to repair your credit, generally it can be better to declare bankruptcy than to just sit there. Declaring bankruptcy stops the bleeding and gets rid of a lot of debts you can't pay. Bad debts stay on your credit for 7 years, bankruptcy for 10 - but if you have bad debts that you don't think you will be able to discharge in 3 years, you're better off to go bankrupt.
    http://www.dailyfinance.com/2011/06/...credit-financ/

    http://sites.lawhelp.org/documents/74261bankruptcy.html

    Your friend needs a plan of how he is either going to get his debts up to date in 3 years, or if he can't realistically plan to do that, to go bankrupt.

    BTW, you may be able to get a loan after you have gone bankrupt, provided a couple years have passed, but you will pay higher rates.

  4. #19
    I like pie. Tonichelle's Avatar
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    The more I think about it, the more I'm convinced you should not cosign even if he were a saint. He's told you that he's got no other option but you - yet he refuses to even approach the options you've suggested. That is a HUGE red flag IMO. Especially if he has the audacity to think that the only way you can help him is by your $$ or signature.

  5. #20
    Figure Skating Is A Dangerous Sport Dee4707's Avatar
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    Thanks everyone, you all have been such a great help. I didn't know lots of the information that Doris was able to provide. I think if he had listened to me in 2009 he would be doing OK right now instead of suffering. In 2009, I had sent him some credit sites and legal aid. He said he couldn't use the credit site because he already knew how to handle his money and that it look bad if any of his creditors found out he was using one of these sites. Even though he is a nice guy he has a stubborn streak. As Doris pointed out when you cosign you take on more than just your signature on a piece of paper but I didn't know that.

    I would imagine that he is feeling desperate right now and that's why he asked me again. Now that I have the information you gave me I can pass those things off to him. He doesn't seem to understand what cosigning means either.

    Everything I have right now I earned and I have excellent credit ...and it will stay that way.

    I knew that I could get excellent information here...you're all the best!!!

  6. #21
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    Dee, I´m so glad that you found help you needed. Hopefully you will ask again later, if this friend comes up with some new ideas like e.g. you guaranteeing a loan for him one day or something like that...

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