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Nephew took out a $35k loan and stuck my elderly mother with the tab

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Established Contributor

Re: Nephew took out a $35k loan and stuck my elderly mother with the tab


@Flyingifr wrote:

Since she didn't sign anything she has no legal responsibility to repay the loan. That's junior's responsibility, which he has obviously disregarded.


I don't think we really know that. She gave "personal info" and may very well have agreed to be a co-signer for all we know. I agree that the very first thing I would have found out is if she had any obligation to pay. If not, then what you suggest is probably what they should have done.

Scores: Jun 20: EX FICO8 823, TU FICO8 813, EQ FICO8 820
AoOA: closed: 36 years, open: 25 years; AAoA: 11.8 years
Amex Gold, Amex Green, Amex Blue, Amex ED, Amex Delta Gold, Amex Hilton Surpass, BoA Platinum Plus, Chase Slate, Chase Amazon, Chase CSP, Citi AA Plat, Sync Lowes, Sync JC Penney - total CL 145k
Loans: Prosper (20k/3yrs 7.14%), Lending Club (10k/3yrs 5.89%), Chase car loan (35k/6yrs 0.9%)
Message 11 of 13
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Moderator

Re: Nephew took out a $35k loan and stuck my elderly mother with the tab

Ugh....I really hate this happened to your mom. But I agree with the above posters, 35k to never deal with him again.

But I’d still double check to see if your mom is liable....if not, open a new checking account. ✌🏽

Got some pruning to do... No more new cards!
Message 12 of 13
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Super Contributor

Re: Nephew took out a $35k loan and stuck my elderly mother with the tab

It's not going to just end with your mom, he will move on to other family members or other people.  Your mom is making a mistake in not reporting him to the police.  She will actually be helping him by having him areseted.

2/11/2020: FICO 843 EQ 848 TU 850 EX
Message 13 of 13
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