Quote:
Originally Posted by seyho  Hi all!
I am in a similar position. My brother left the country after graduation (about two years ago) and has not cared much about his loan. I forgot that I was the co-signer on the loan. The CA called me yesterday and said I was the co-signer and I am responsible.
I do not have a lot of experience with dealing with CAs. I immidiately asked them to show me proof that I was the co-signer and they said that they will do that within couple days. In the mean time,
a.) I don't think that CA has reported to CRAs yet. What steps can I take to ensure that that stays this way?
b.) How can I bypass CA and go back to dealing with OC and try to come up with a plan to pay off the debt? I was never given a chance from OC, they have never contacted me about the loan. Now I am being reminded by CA that I was the co-signer. When I asked the CA on the phone, they said that I cannot go back to dealing with OC, they would not talk to me. How accurate is this? Would sending a cease&desist letter keep them from reporting to CRA?
c.) I am planning to hire a lawyer. Consumer attorneys are the right people to talk to in this case?
Any insight/recommendation greatly appreciated.
Thanks, |
Hi and welcome
I would try contacting the OC first and see if they will recall the debt from the CA. If they have only transferred the debt and not sold it.....this is possible.
So you should first see if you can work something out with them. Then the CA has no right to collect on it.......or report it to the CRAs.
I think it's a little premature to hire a lawyer right now......see if you can do other things to resolve it first.
Let me know if you have any more questions.....and keep us posted.
