What are my rights as a co-signer if the person I co-signed for rarely makes payments?

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What are my rights as a co-signer if the person I co-signed for rarely makes payments?

The primary person on a loan rarely makes payments. We had a verbal agreement that he would repay any amount that I had to make. I have now made $2000 in payments and he has only given me $2,000 in 3 years. There is $8,000 left on the loan.

Asked on February 25, 2012 under Bankruptcy Law, Missouri

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

If you co-signed a loan for a person where you have been forced to make the actual payments even though you are not getting the benefit of the loan, you have the option to make a demand upon the person that you made the payments for to be repaid as an implied in fact agreement. If the primary obligor fails to make the payment to you, your option seems to be bringing an action in small claims court for the amount still owed you.


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