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I am a co-signer of an overdraft protection loan...

F

finite automaton

Golden Member
I am off to class in a minute but when I get back I plan on calling TD Bank and asking them the same question.

A relative of mine asked me to cosign on a cash reserve loan a few years ago. I agreed, since I doubted it would have had much of an impact on me if the account was used properly. Well, I was wrong. The person has decided to use the account as a personal loan (with a rate of 14%). I asked my relative if she would pay off the account with a credit card she had, and she got pissy. Then I offered to pay off the account and close it (worth it to me for my credit score) and she has not gotten back to me.

If I call TD Bank, will they allow me to pay off and close the account?

Thanks.

The amount is not important, but lets just say it's 95% of the limit. This is doing wonders for my credit score, I am sure you can imagine.
 
This is what I found else where...

"If you co-signed on open-end credit (a credit line that revolves, like a home equity line of credit or a credit card account), you'll need to do one of two things. First, if both you and your brother agree, you can ask to have the co-signed account closed so that further activity is prohibited, or if your brother wants to keep the account, you and he can ask the creditor to have your name removed from the account and release you from further liability. In either case, get the action confirmed by the creditor in writing.

Your name won't be removed from either account retroactively. That is, the payment record on the account has been shared with credit bureaus, and good, bad, or indifferent, that record stands until the passage of time causes it to fade away."
 
Originally posted by: kranky
I don't think they will let you close the account, being a co-signer. Hope I'm wrong, though.
Click to expand...

If your name is on the account and your credit score is being hurt by it then they should allow it. Have to go to small claims court to get your money back probably... if you want to go that route.
 
Originally posted by: Marlin1975
This is what I found else where...

"If you co-signed on open-end credit (a credit line that revolves, like a home equity line of credit or a credit card account), you'll need to do one of two things. First, if both you and your brother agree, you can ask to have the co-signed account closed so that further activity is prohibited, or if your brother wants to keep the account, you and he can ask the creditor to have your name removed from the account and release you from further liability. In either case, get the action confirmed by the creditor in writing.

Your name won't be removed from either account retroactively. That is, the payment record on the account has been shared with credit bureaus, and good, bad, or indifferent, that record stands until the passage of time causes it to fade away."
Click to expand...

The payment record is fine, it's just the balance that's hurting me. So I'm not too concerned with that.


Off to class... I'll call and will report back.

Originally posted by: EMPshockwave82
Originally posted by: kranky
I don't think they will let you close the account, being a co-signer. Hope I'm wrong, though.
Click to expand...

If your name is on the account and your credit score is being hurt by it then they should allow it. Have to go to small claims court to get your money back probably... if you want to go that route.
Click to expand...

Not too worried about the cash. It's a decent amount, but my credit score is worth more to me.
 
Originally posted by: finite automaton
Originally posted by: kranky
Update?
Click to expand...

Out of laziness I haven't called them yet. Will do that today.
Click to expand...

The way to fix stupidity is not laziness.

Call them and get the ball rolling on fixing this and limiting your own liability.
 
Originally posted by: finite automaton
The account has been paid and closed thankfully.
Click to expand...

can u cosine for me i have 2 get a car lone i have good credit but not good enough for the lowest apr i will pay u 50 dollars to do this kthx ygmp
 
Originally posted by: Farang
Originally posted by: finite automaton
The account has been paid and closed thankfully.
Click to expand...

can u cosine for me i have 2 get a car lone i have good credit but not good enough for the lowest apr i will pay u 50 dollars to do this kthx ygmp
Click to expand...

Sure thing. I will mail you a check for 1000 dollars, I expect you will send me a check for the difference. Thanks.
 
Originally posted by: finite automaton
Originally posted by: Farang
Originally posted by: finite automaton
The account has been paid and closed thankfully.
Click to expand...

can u cosine for me i have 2 get a car lone i have good credit but not good enough for the lowest apr i will pay u 50 dollars to do this kthx ygmp
Click to expand...

Sure thing. I will mail you a check for 1000 dollars, I expect you will send me a check for the difference. Thanks.
Click to expand...

ok but if that bounce i fly to lagos and burn your ass and take ur pet monkey and hyena
 
Originally posted by: Farang
Originally posted by: finite automaton
Originally posted by: Farang
Originally posted by: finite automaton
The account has been paid and closed thankfully.
Click to expand...

can u cosine for me i have 2 get a car lone i have good credit but not good enough for the lowest apr i will pay u 50 dollars to do this kthx ygmp
Click to expand...

Sure thing. I will mail you a check for 1000 dollars, I expect you will send me a check for the difference. Thanks.
Click to expand...

ok but if that bounce i fly to lagos and burn your ass and take ur pet monkey and hyena
Click to expand...

🙁
 
Didn't want to seem like a pest, but I really wanted to know if a co-signer could get an account closed if it was paid in full. Thanks for the follow-up.
 
Uhh, so did you end up paying off the balance for them? How did this work?

Because if it happened the way I am (probably incorrectly) assuming it did, you must be expecting to take out a HUGE loan in the foreseeable future to make paying off someone else's loan worth it...
 
Originally posted by: Itchrelief
Uhh, so did you end up paying off the balance for them? How did this work?

Because if it happened the way I am (probably incorrectly) assuming it did, you must be expecting to take out a HUGE loan in the foreseeable future to make paying off someone else's loan worth it...
Click to expand...

I think you underestimate the value of good credit. Even if it was a few thousand dollars, he will see savings with a lifetime of car loans, student loans for kids he may have now or in the future, a home, a boat, etc. it goes on forever. When I think about the value I place on my credit its hard to imagine what amount I wouldn't pay to keep it good, although I am sure there is a limit
 
Originally posted by: Farang

I think you underestimate the value of good credit. Even if it was a few thousand dollars, he will see savings with a lifetime of car loans, student loans for kids he may have now or in the future, a home, a boat, etc. it goes on forever. When I think about the value I place on my credit its hard to imagine what amount I wouldn't pay to keep it good, although I am sure there is a limit
Click to expand...

Not a lifetime, 7-10 years or so.

It seems to me that there is almost a certain mythical, emotional importance attached to the credit score that runs the risk of exceeding its actual financial value.
 
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