Consumer Law, Warranties Co-Signer

[Confused1975]

I told my son I would help him with a line of credit increase. However, he did not explain it correctly and I agreed. When I learned of all the details involved, I changed my mind and decided not to sign the letter that was sent to me. When I called them, they told me the funds had been distributed and could not be rescinded and I was a co-signer. I thought that a signature is required for these types of transactions.

 

[ElleMD]

Called who? Did you sign anything? What was the letter?

 

[army judge]

I told my son I would help him with a line of credit increase. However, he did not explain it correctly and I agreed. When I learned of all the details involved, I changed my mind and decided not to sign the letter that was sent to me. When I called them, they told me the funds had been distributed and could not be rescinded and I was a co-signer. I thought that a signature is required for these types of transactions.

If you didn't sign anything, you aren't the co-signer.
I suspect what your son did was sign your name after you agreed to be a co-signer.
If you didn't sign, you can contact the lender, ask for a copy of the loan contract, and other supporting documentation, and declare that the signature isn't genuine after you've reviewed the documentation.
Be prepared to file a police report, if asked by the lender, if things are as I suggest and the lender requires that to take you off the loan.
Good luck...

 

[Confused1975]

No, they do not have a signed document. They said because they have my pay stubs and bank statement, it is legitimate.

 

[Confused1975]

I called the credit union to let them know that I was not going to put my name on anything. The letter for the line of credit.

 

[txls]

If they don't have your signature, you are not obligated. The fact that they have those documents only shows that you had some intent to apply for a loan. At any time during the application process, you have the right to change your mind before you sign.

 

[mightymoose]

Simple solution. Monitor your credit reports. If this matter show up on any if them then utilize the dispute process to report it as fraudulent. If documentation can not be produced then you won't be on the hook. Possession of pay stubs won't cut it.

 

[army judge]

No, they do not have a signed document. They said because they have my pay stubs and bank statement, it is legitimate.

Send them a certified or registered letter (return receipt requested), asking them to return to you ANY documents in their possession related to you co-signing a loan for your son.
Advise them that you were only considering co-signing a loan, but never decided that you would co-sign a loan.
Further advise them that you are not now, nor will you ever be responsible for ANY loan as a co-signer.
Make sure you tell them you want the documents returned to you NO LATER than Friday, May 1st, 2015.


You could also visit the credit union, and hand the demand letter to a VP, or manager.
Then you wait for them to return the documents.

Just so you know, they will likely come after your son.
But, that's HIS problem, not yours!!!

 

[Betty3]

The bottom line is if you did not sign for the line of credit increase, you are not responsible. You need to pursue & see if your son signed your name. If he did or didn't, you are not responsible if you didn't sign anything.

Good luck.