Re: 7 years of agony for co-signing

Have you ever co-signed for someone who wanted a soft loan, car loan, house, apartment? What was your experience?

My parents taught me by example to be always there for God's children. So picking it from them, I have always denied myself to assist others. I hardly say no to any one in need.

But my kindness has indeed put me in a very awkward situation-7 years of frustration, agony and regret.

As you know very well,credit is everything in this country.Those with a good credit shall be added and those with a bad credit will be snatched even that which they have paid 75%.

Some years back, a young couple, our family friends, and colleagues asked me to co-sign for them so as to buy a car. I did it without a second thought. Lest did I know that my signature will come back to haunt me for many years.

When my school was done, I returned to Kenya but left behind an excellent credit history. After two years, I returned and wanted to buy a car. I was denied a loan on grounds that a car had been repossessed from me. On checking,I found out that my friends had failed to pay and therefore the car was re possessed. I was supposed to pay $ 3,000.00 for my kindness.

The collection agencies harassed me for a long time. I refused to pay the loan and the rest is history.

Since then, a lot of friends have come with a real need, but my answer has been no.

While it's true that people are not the same, it might help to think twice before co-signing for some one. Or what do you think?

Just a thought.

Pr Birai-612-386-4608
Maranatha SDA church,Hopkins,Minnesota.