Saturday, October 24, 2009

Loser ex still ruining my life, how do i get him to pay?

I cosigned on a auto loan(really stupid I know) broke up with him he got it reposessed of course the dealership auctioned it off for a very low amount and now a lawyer is threatning to sue me and garnish my wages if i dont pay. He has a job but he works under the table and i just found out that he is currently buying a truck off his boss/friend. Is there any way i can get out of this nightmare and make him solely resposible for the debt?
Answers:
no, you cosigned and therefore you are responsible. Take that as a lesson learned to never do anything like that again...
Nope..When you cosigned you pretty much screwed yourself..
Take out a loan from the bank or a parent, get the dealership off your back ASAP. At worst call one of those places that gives you a $5000 to $50,000 loan, when all the need to know that if you have job, Direct Deposit and bank account. That may not be the best option to concider, use that as an absolute last resort.
You are on the hook. The only way out is through bankruptcy. The longer you wait to resolve the matter the more fees they'll tack onto what you owe. Work out a repayment plan and never do anything like that again, ever.

Some lessons in life are expensive. You just learned one of them.
Sorry to say if he works under the table there is basically nothing you can do. If he had a regular job then you could do something but that's not the case. If he had assets you could go after him but again probably not the case.

Bear in mind in most states they are able to garnish up to 30% (some 25) of your paycheck. And this is after taxes, health deductions, social security and all of that. Voluntary things like the amount one puts in a 401k count toward the garnishment so you have to pay a third of that amount.

My point is it is sometimes better to figure out some sort of payment plan instead of being garnished. Or take out a loan as another said. Also take care of it as soon as possible as the interest may be racking up and any delay will further hurt your credit.

But you know talking to a lwayer can't hurt. Usually the initial consulatation is free and I suppose you never know what can be done. Maybe you could sue him and then one day if he does ever get a regular job or buys a house you can go after him. But all in all I'm sure you will have to start paying the debt yourself first anyway.

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