If I co- signed a personal loan with someone, is there anything that I can do if they stopped paying on the loan?

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If I co- signed a personal loan with someone, is there anything that I can do if they stopped paying on the loan?

I co- signed for a personal loan and a car loan with my 32 year old son and he won’t pay the payments on the personal loan I pay the car payments but he was to make all the loan payments and now I’m struggling to pay the payments and he won’t even contact me to tell me why. Is there something that I can do to make him pay it or at least have my name taking off the loan so it doesn’t effect my credit more?

Asked on May 22, 2017 under Business Law, Georgia

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

No, you can't get your name taken off the loan unless ALL parties to the loan--including both your son *and* the lender--agree voluntarily to remove you. You agreed contractually to be obligated on the loan; to remove a person from any contract, including a loan, requires the consent of all parties. And there's no reason the lender would agree: letting you off the loan gives them nothing and in fact hurts them, by reducing their odds of being paid by reducing the number of people responsible to pay.
You can sue your son for the loan payments he should be making; that is your recourse.


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