joint car loan
June 30th, 2008 by Questions
i have a car loan that is in default. i am a co signer with my ex common law partner. he kept the car after our seperation. the car was repoed from him .the collection agency wants money from me. am i responsible for a portion of this debt? and what happens if i just refuse to pay at all?
Posted from: Prince Edward Island
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July 01, 2008 at 11:17 am, Barton Goth - Goth & Company Inc. - Bankruptcy Trustees said:
If you signed on the car loan you are responsible to make sure the loan is paid in full. So if your ex does not pay the loan the collection agency has the right to come after you for payment in full. If you fail to pay the loan they can sue you, garnishee wages, cease certain assets, cease bank accounts etc.