My wife and I have been married 42 years. She retired from Federal Service(28yrs) and I’m retired from the U.S. Army.We had excellent credit with scores above 700.We regrettably cosigned for a truck loan for our son. He had a good job for 4 plus years. The loan is about 3 years old. We have moved away to another state and just found out that he has not made a payment since February 2012. He won’t talk to us except to say his wife made the payments The Credit Union says she has not and excuses. The credit union wants the truck back. My wife and I were informed of the consequences and we are ready for this to happen and see what happens when the dust clears. We are done with dead beat son & wife.Our credit is ruined because of our son.Is there anything we can do ?
Country relating to Question: United States
State (if USA): Mississippi
We called the credit union. They had some communications with his wife but not him. The last time was April 2012 and she always tells the CU the check is in the mail, she will send it or some other lie.
You have a few options. You can give the credit union your son's current address and they can go repossess the vehicle. Nevertheless, your credit is still shot and they can pursue a deficiency judgment after they resell the truck. As such, you should call your son and send him a letter via certified mail stating that you have been contacted by the bank that they have not paid their Loan, and that if they do not resolve the issue immediately with the bank, you will sue them (your son and daughter in law) on the grounds of Breach of Contract and indemnification.
The CU has all of our son's current information.
That's it , my credit is shot ! You don't have any advice as to what we can do or say to the Credit Bureaus
Unfortunately, there is nothing you can do to have the negative rating removed. Your only recourse is against the person(s) who ruined your credit, which is why I stated that you can file a civil lawsuit against your son and daughter-in-law on the grounds of breach of contract, indemnification and detrimental reliance.
if we send a letter to the credit bureaus explaining our issue as we have with you, will this do any good ?
No. Your only other recourse is to negotiate with the credit union and see if they will remove their reports to the bureaus.
10+years of experience in all matters of civil litigation and Hearing Officer/Arbitrator
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