About a year ago, my cousin contacted several family members desparate for help because her hot water heater had broken and she didn't have good enough credit to get a new one. Through some passive aggressive manipulation on her part, I felt so bad for her and her family that I agreed to cosign for a loan for her (I know, I know...... Promise me, I'm beating myself over the head repeatedly for this) after she promised me she will pay the loan faithfully. I guess she had some sort of deferment agreement because she did not have to start making payments until this year. The problem is is that several of her payments have been late and I have gotten letters from the loan company about a past due payments and how it could impact my credit score. I also consigned for some education loans for my brother (again, already hating myself for this) and I am worried about the toll this will have on my credit. I agreed to all of this so reporting it would be dishonest on my part. I am a 25 year old teacher who lives with my parents but looking to move out and get a condo in the next couple of years. What are my options in this situation? In an attempt to find a silver lining in all of this and not go crazy, I keep reminding myself of lessons learned: no matter what the sob story or relation, don't cosign for loans for anyone. Ughhhh. Help please?
Edit: I am new to this sub and I found the post about why it is a bad idea to cosign for family members. I feel so dumb about all of this. I am afraid I won't be able to do anything of value (get a house, pay for a wedding, etc) with all of this debt attached to my name. Along with that debt, I also have my own school loans and auto loan to pay off.
Edit #2: so it seems that I need to ask some more questions about the cost of the boiler.... I am not sure why I did not do this before. Thank you all so much for the support and advice. I need to be more careful about what I do with my money after all if this is said and done.
Submitted January 27, 2018 at 06:12PM by aab4eva http://ift.tt/2rKC5M8
