Can I take sole responsibility (credit wise) for debt that I accumulated on a credit card that was cosigned for?
Years ago my dad cosigned a credit card with me. Years later I led him to believe that the account had been resolved and closed but what actually happened is that the account went to collections and now his credit is affected. Can he file for fraud or maybe do something so that I alone am affected by this? The account is currently in collections. He has not been aware until now that his credit score has plummeted. Can he appeal it? Anything to disconnect him from this would be amazing as it was my deception and irresponsibility that led to this.
- zipperLv 67 months ago
Not really, If I were him I would kick the Holly Crap out of your lie-ING BUTT!
- oklatomLv 78 months ago
He, he cosigned for you, and you trashed his credit.
- Anonymous8 months ago
Co-signers are every bit as responsible for the debt as the person they're helping out. That means they face significant repercussions if the primary borrower can't make good on his or her payments....
Nothing else to say here.. That's it... Everyone lets move on to helping others...
- Badge 203Lv 48 months ago
Nope, if he co-signed with you, both of you are responsible, but actually he is more than you, because by co-signing the application, he guaranteed payment. You fell behind, and now both of you are suffering the consequences
No fraud here
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- Trivial OneLv 78 months ago
If he co-signed the card, there is no fraud. He is equally responsible for the debt racked up on the card and is not absolved because he took your word that the account was paid up.
- Pearl LLv 78 months ago
thats up to hirn what he decides to do
- JudyLv 78 months ago
No, he cosigned so he's responsible until it's paid. Otherwise a cosigned would mean nothing.
- Casey YLv 78 months ago
He has nothing to appeal...he co-signed on your debt. The only way out is to pay the debt...
- Wayne ZLv 78 months ago
By co-signing the account, he vowed to be responsible for it.
You are both liable; jointly and separately.
- Anonymous8 months ago
If you had wanted sole responsibility you wouldn't have a cosigner. He agreed to be responsible for your debt and he didn't pay when he was supposed to.
Dad is entitled to a free credit report from each of the three credit bureaus annually. If he times it right, he can order one report from one bureau every four months. It would have been very easy for him to know that the account was not closed and that it had a balance on it. He also could have requested to see the billing statement for the account HE agreed to pay.
You were BOTH irresponsible, although you were the one who was dishonest.
If you want the credit cleaned up, one of you should pay off the debt and then the account should be closed so that his finances are no longer mingled with yours.