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Can I remove my name if I co-signed loans?

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  • Can I remove my name if I co-signed loans?

    I am seperated from a 5 yr relationship. I co-signed for a motorcycle, truck and a $17K loan. How can I have my name removed? The fellow I seperated from has a drug problem and is very irreresponsible. I own my home and have #1 credit rating. I am afraid that he will financially ruin me. I have an appt next Friday with a lawyer. Any advice would be greatly appreciated

  • #2
    Are you married or in a common law relationship?
    I am currently in the same situation, I co-signed for a line of credit for my soon to be ex a few years old. I have not had direct access to this account, he uses it for himself.
    Well, now he has reached his limit. Got a call from the bank stating that he has not been making the minimum payments, or on time. This is starting to ruin my credit!
    I called the bank and there is nothing I can do besides stopping him from withdrawing more money ( but can still make payments). They can't take my name off until he goes to the bank and changes himself.
    Is there more money or has he reached his limit? I would be worried that he will rack it up to the max and you will get stuck with it as it's considered a joint account.
    Speak to your lawyer. I know my lawyer stated that we wanted to clear up this joint account when I was in the process of getting a seperation agreement made up but he was unable to get this line of credit on his own.
    Good luck. This is just from my experience.

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    • #3
      As far as I was told when I seperated 6 yrs ago that if a loan or debt is in both names then both will be responsible for them. The only way I can see you getting out of them is proving his drug addiction to the judge and having the judge take your name off it. By the time that happens I have a feeling that your credit rating will already have tanked. Sorry

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      • #4
        Call the bank where you cosigned the loan NOW. They CAN freeze the accounts (at least the line of credit). If you have it put on the file that you wish it frozen and they refuse, then you can make the argument you aren't responsible for anything he racked up after the fact. Get the name of the person you were speaking with, document the date/time and request the name of their supervisor as well. (talk to the branch manager if they refuse to freeze the line of credit).

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