What are the responisbilities of a co-signer of a furniture store?
Question by natashaiera: What are the responisbilities of a co-signer of a furniture store?
My fiance co-signed for some furniture for his parents, and they stopped making the payments. On top of that, we just found out today that his parents stole $ 300 from him that he had given to them to pay off a store he owed money to. AND on top of that, now they’re asking him for more money. AND he also lent his brother $ 100 that he’s not getting back. We weren’t expecting to have to pay for all of these things and I don’t want my fiance’s credit to be ruined, but his parents owe over $ 1000 to this furniture store, so what will happen to his credit if we do not pay it?
Answer by CatDad
By co-signing this loan your fiance has obligated himself to pay for this debt. There is no way around this. If he does not pay it, then his credit rating will be damaged. Just be glad he didn’t co-sign for something expensive like a new car…it could have been much worse. This will be a $ 1,000 lesson for your fiance about the dangers of co-signing.
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