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TexLaw
TexLaw, Attorney
Category: Legal
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Experience:  Lead trial/International commercial attorney licensed 11 yrs
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My sister had a crisis and needed money. I agreed to co sign

Customer Question

My sister had a crisis and needed money. I agreed to co sign a $650.00 loan over the phone in a taped conversation. They granted her $6500.00 in credit and she used it and eventually defaulted on the load in 2010. This company which I have had other dealing with made not effort to contact me regarding this mess. They raised her interest rate to 30% and piled on late fees until she owed more that $7000. She has paid $5000 of the original $6000 owed. They sent the debt to collections and eventually to a lawyer. They posted the debt on my credit record and that is how I found it. It reads that I am a party to this and it is a written off debt. I have some financial plans I cannot execute because of this black mark on my otherwise perfect credit. The company and I have negotiated a 50% reduction in the amount that they will settle for. It irks me to no end to pay money that isn't owed by me. If this went to a court the tape wold prove me right but I can't make them produce the evidence that I actually agreed to this if we are not in a court. They of course have no reason to litigate this.. it isn't' worth it. I realize that I can have notations put on my credit record but the banks have already told me that this has to be settled or I will not be able to make use of my credit with them at all. It's a standoff and time is on their side.
Submitted: 1 year ago.
Category: Legal
Expert:  TexLaw replied 1 year ago.
Hi,

My name is XXXXX XXXXX I will be assisting you with your legal question.

Wisconsin law requires that in order to be liable as a guarantor, the agreement must be in a writing signed by both parties. Here, there is no written agreement and thus the loan company's assertion that you owe any money whatsoever is illegal. You can sue the loan company for fraud and for negligent damage to your credit to recoup the expenses you have incurred as a result of the damage to your credit score.

This sort of outrageous fraud by this loan company would like also justify the assertion of punitive damages against them, which could mean a much higher recovery for you. As this is the case, I would recommend contacting a local attorney for further analysis of your case and for potentially filing suit.

Please let me know if you have any further questions. Please also kindly consider rating my answer positively so that I am credited by the website for my work on your question. Rating positively does not cause an additional charge and does not prevent us from further discussing your questions.

Kind regards,
Zachary
TexLaw, Attorney
Category: Legal
Satisfied Customers: 4213
Experience: Lead trial/International commercial attorney licensed 11 yrs
TexLaw and 6 other Legal Specialists are ready to help you
Customer: replied 1 year ago.

I called the the attorneys office that is working this case and I got transferred to the attorney when I asked for my signature agreeing to this. I don't recall signing anything and I have an excellent memory, in addition, they granted the credit immediately AND I am 120 miles away. SO it is very unlikely I signed anything at any point. The attorney that I talked to that practices in Minnesota tried the " you are morally liable here" thing to get me to pay this. He admitted that he was unfamiliar with WI law Thank God I spent my early career adjudicating Unemployment claims and I am immune to his wrangling .. We are still negotiating. He admonished me for dictating terms and I reminded him that this is called negotiating when we have a dispute. He is going to review the principal amount owed and get back to me ... thanks for the answers. Let me know if you want to know where it comes out.


 

Expert:  TexLaw replied 1 year ago.
I'd love to know how it comes out. Good luck!
Customer: replied 1 year ago.

the silence is deafening.

Expert:  TexLaw replied 1 year ago.
If they won't play ball and won't take off the black marks on your credit report, then you should sue them.

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TexLaw
TexLaw
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Lead trial/International commercial attorney licensed 11 yrs