How to Be Free From Financial Obligation As A Co-signer
Co-signing Co-signing for a friend or family member can be tricky since you share the obligation of paying the debt once your friend or family member fails to do his or her responsibility. However, there are ways to be free from this responsibility.
How To Be Free From Co-Signing CREDIT CARD ●
Have initial borrower get a credit card in their own name.
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Once balance has been transferred to the new card, old card with your name can be closed.
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Ask issuer to delete your name from the credit card.
How To Be Free From Co-Signing LOANS â—?
look into refinancing or consolidating which should allow the borrow which in this case is your friend or family member to get a personal loan all in their name.
How To Be Free From Co-Signing HOUSING â—?
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Speak to the landlord or agency with the existing tenant and refuse to be a co-signer once the lease is up. This is the only way you can be free from any housing obligation .
Final Words â—?
Co-signing is for the long haul and you cannot be free from the responsibility until the debt is paid off by your friend or family member or by yourself.
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Therefore, before cosigning think about it first because it can be a recipe for disaster if they do not pay. This in turn can affect your credit score which you would not want.
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