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My brother told me to stop cosigning for our cousin and I didn't listen
Back in 2021, my brother told me not to cosign a $4,000 car loan for our cousin because she had a history of missing payments. I cosigned anyway thinking she had changed, and now the bank just sent me a letter saying I owe $2,800 in late fees and missed payments. Has anyone else had a family member warn you about cosigning and you ignored it, only to regret it later?
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jason7527d ago
Brother was basically trying to save you from yourself and you decided to bet on a known losing horse. I cosigned for my sister's phone plan once and ended up paying $600 in late fees plus having to get a collections notice removed from my credit report. Cousin must have a PhD in dodging payments if she racked up $2,800 in fees on a $4,000 loan. Next time maybe listen to the guy who's known her since diapers instead of hoping she magically learned financial responsibility overnight.
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caseyl187d ago
Come on, family is supposed to give you a second chance, not a lifetime sentence for bad decisions. A $4,000 loan with $2,800 in fees sounds more like a predatory lender than a cousin who just needed a little help getting back on her feet. Maybe the brother was being protective, but sometimes people actually do change when someone believes in them for once.
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