Can I sue someone I co-signed for for a unpaid loan?
Friday, August 6th, 2010 at
10:45 am
I co-signed a $5000 personal loan for debt consolidation for my sister who I don’t talk to much. If she misses payments enough to affect my credit score can I sue her? We had a verbal contract stating that if that happened I would take her to court. Just need some opinions.
Tagged with: cosigned • loan • someone • unpaid
Filed under: Debt Consolidation Personal Loan
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check statute of frauds in your state and i think you can sue on such a case anyway.
[her promise likely can't be completed within one year and thus would be a fraudulent agreement unless it was in writing.]
If she thought it was OK to sue her, she might be planning to file for bankruptcy. In that case, you probably would not get any money. It is up to the bankruptcy judge to decide what creditors get her assets if there are any. Your verbal contract would prevail in small claims court if she has not filed bankruptcy. Whatever the length of time you agreed on for repayment would be binding. If she denies there was a verbal contract, you might have to prove it by correspondence. You can definitely sue any time unless your verbal agreement stated she had a specified term to repay you.
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