need some advice

I'm in a situation where I have a line of credit with someone else. We didn't realise it was his name as the primary even though I'm the one using it. He wants me to get his name taken off of it which would involve me getting a loan. At this time I can't afford the loan and no one will co-sign for me if I can't. I am paying the monthly interest as well as making payments it's just that at this time I'm not able to pay it down, although I have and am still looking into ways to have a better income so that I can.

Is he able to take any legal action against me? He's given me an ultimatum date and I know that I can't meet his demands by then. I wanted to find out what, if any action he could take against me so that I might have some idea of what might come of this. I'd appreciate any advice that I can get.

Unfortunately, this is what can happen in your case. The creditor would go after whoever consigned for you, based that he/she signed and authorized the terms and conditions established by the lender or creditor. But because he/she acted in good faith trying to help you, then that person can go after you submitting a small claim and can obtain a judgment against you for the money owe, interest, court cost and even pain and suffering that this situation has caused to that person. No counting the damages that the lender or creditor had caused to that person credit files or garnishment, that is entitled to be repair just for the fact that was caused by another. In this case you.

What I recommend you, and I sympathize with your situation is that you try to find a job as soon as possible, or find out what kind of benefits that loan has, sometimes or most of the times credit card companies, banks, and lender has insurance. This means that if the person become unemployed or temporal disable, the interest are frozen and insurance pay the minimum monthly payments up to the limit of months established in the policy of insurance. By doing that you save problems, future legal problems, and your are protecting whoever help you too,

Good Luck

Thanks for your input. Although I think I'm being misunderstood a little.

It's a personal line of credit. Every month I've been making the minimum monthly payment and paying the interest. Most months I've needed to use what was in the line of credit once again to just "live". The creditors aren't after him, his wages aren't being garnished because it is being paid every month, it's also being used again and that's why it's not being paid down.

I understand why he wants to have his name taken off and I've been doing all I can with the resources I have to gain extra work. Since I'm self employed you can't just make people "give" you work.