Q: I cosigned for someone 2 years ago and now I have a repossession activity on my credit. I cant contact the person.
So I cosigned for someone 2 years ago and the person recently stopped making payments and now it has gone to repossession. The person blocked me from contacting her. My credit score dropped significantly and I am not sure what I can do. I'm not sure if I can sue her or get out of this cosign agreement. I have been trying for the past 2 years. She recently blocked me 6 months ago when she started missing payments. What can I do?
A: You will have to sue her.
Filing a bankruptcy will remove the negative remarks from your credit and permit you to start fresh. If you don't intend to file for bankruptcy, you'd have to sue your cosigner - which would be much more expensive and difficult than filing bankruptcy!
If you're interested in the bankruptcy route, speak to an experienced attorney before making any final decisions.
Good luck with your case!
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