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cosigned loan in default

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Old 12-01-2006, 10:42 AM     #1
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Default cosigned loan in default

I agree to help a friend out and co-sign a medical loan for her (at
least i thought i was co-signing but actually am the borrower) so she
could get a breast enlargement performed. The payments were set up
immediately to come out of her banking account and i had no other
involvement. Shortly after that she got into some bad situations
and could not pay make any payments. The loan company began
calling me and i would pay her arrears to prevent the loan from
defaulting and avoid any long term damage to my credit rating. The
loan company was given a very hard time from my friend and always said
that i was very helpful and that they knew this was not my loan.
Several emails were sent between myself, the loan company and my
friend where my friend stated several times that this is not my loan
and that she would take full responsibility for the loan. The loan
company has stated that they would stand behind me in court and speak
on my behalf as they know that this was not my loan. I even have a
check from her for payments (that i never cashed because she did not
have any money).

My friend (or ex friend) has sent me several abusive emails that are
very disturbing but always state that this is in fact her loan.

I am now paying the loan monthly as i did not want this being reported
to credit bureau and have paid approx $3000 toward the total and still
owe approximately $8000. The daily interest is extremely high as well.

I have copies of the loan agreement and all emails between all parties.

My questions are:

1. Is there any chance of getting my money back from my "EX" friend?
2. Is there any way this loan can be removed from my name and put onto
her (at least from here on out)?
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Old 12-01-2006, 01:42 PM     #2
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Default Re: cosigned loan in default

Based on what you say here, you could file suit against her in small claims court for amounts currently due--or for the full amount. Even the threat may cause her to pay.
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