Do you have a question about consumer credit? You may find an immediate answer by using the search engine. If you can't find what you're looking for, please fill out the form, being as specific as possible.
Please note: The Ask Experian team cannot respond to each question individually. However, if your question is of interest to a wide audience of consumers, the Experian team will include it in a future column.
The information contained in this column if for educational purposes only and is not legal advice. You should consult your own attorney or seek specific advice from a legal professional regarding your particular situation.
Please understand that Experian policies change over time. Column responses reflect Experian policy at the time of writing. While maintained for your information, archived responses may not reflect current Experian policy.
Topics addressed on October 14, 2009:
Responsibility for a cosigned loan when the engagement is called off
If I cosigned on student loans for someone I was previously engaged to, but the relationship did not work out, am I still jointly responsible for those loans?
Unfortunately, account contracts don’t end with the relationship. If you cosigned the contract, you are still responsible for the debt.
When you cosign a loan application, regardless of what it is for, you are telling the lender that you will pay the debt if the other person doesn’t. Your relationship with the other person has no bearing on the contract terms.
Cosigning an application should not be done without careful thought, especially if there is no legal relationship such as marriage or familial relationship, such as for your child. Even then, cosigning should not be taken lightly.
I suggest you contact the lender that holds the loans and make sure you understand the exact repayment deadlines and requirements. Make sure they have your contact information on record in case he doesn’t pay. The last thing you want is a surprise several years from now if payments stop and those missed payments become part of your credit history.
He’s gone, but the debt won’t go away.
- The "Ask Experian" team