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@Goodscore81 wrote:
I have not resolved this problem yet, but hopefully I can wash my hands of it soon!!! I have learned my lesson, but I just hate saying no to a family member if I have the means to help.
This may sound harsh to you: IMO, your heart is in the right place, but sometimes the best help you can give a friend/family member is "NO".
It may seem contradictory, but if you say 'no' it might be the final thing that gets the friend/family member to review their own financials and decide to fix what needs fixing. That would really help them to get out of their situation.
I know it's too late for you now because you have already co-signed. But, for others, don't risk your credit for anyone else by co-signing. If you do go down this road, then have that person pay you directly and you pay the creditor. That way you know when your friend/family member is even one day late so your credit won't be hurt. For the OP, try to get out of this loan asap. The quicker you can get yourself off the loan (by your friend/family member refinancing into their own name) the better for you.
I learned the hard way to say no.
I co-signed an auto loan for a family member and it was repossessed within 6 months. On my CR and they came after me and not the family member.
Never again will I do this.