Need some advice on co-borrow collection with National Credit Systems

[Chris3k2]

My fiance has a collection for National Credit Systems. It's from 2008 or 2009 for renting an apartment with one of her friends. to make a long story short her friend burned her and just up and moved out leaving her to pay for rent herself. Naturally she couldn't so she got evicted. The amount of the collection is for $3800. How does this work with her being a co-borrow? Do they just automatically split it between the 2 people and she's only responsible for half of it? and say we do get it settled for half the amount how does it get updated? would it also show on her ex-friends credit reports that it's been paid or would it still show the remaining balance for her? We have applied for a mortgage and paying all our collections are the only conditions we have. It's vital that we only pay for half of this one or we might not have all the funds come time for closing. Any help or advice would be great.

[randyrhodes]

Coborrowing makes both parties equally responsible for any monies owed. you or she rather could get stuck paying rhe whole thing if you can't get her friend to pony up some of the cash. i had this same problem several years ago cosigning for another person.

[notfancy]

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@randyrhodes wrote:
Coborrowing makes both parties equally responsible for any monies owed. you or she rather could get stuck paying rhe whole thing if you can't get her friend to pony up some of the cash. i had this same problem several years ago cosigning for another person.

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to add to this- yes if she settles it can update as settled in full for less than the amount owed.. and it would show as such on BOTH credit reports, since both are equally responsible.

So in short, your lady could be the responsible one of the two, but her actions will benefit both ladies. If the debt is in the SOL for your state, both ladies can get sued for the full amount owed. It is a crummy situation.

If you guys decide to pay the debt, settle the debt (I hope you can do a pay for delete where you pay them and they agree to remove the debt from her credit report completely) she can always then take her "friend" to small claims court to try and get the "friend" ordered to at least pay half.