Here at Household - HSBC Watch we see horror stories about cosigners and cosigned loans. A cosigner is liable and when things go bad we know what happens. Often overlooked is stress in the family if parents cosign for a child. Also important is friction between friends and ruined relationships. One story from a parent told of how their son never told the parents that he was behind on payments to disgraced predatory lender Household International. In fact, the son said he was not behind on payments, and said he made every payment on time.
The son’s story turned out to be true. Household, now called HSBC, was later charged with 10 years of applying payments late. When the damage was done it hurt the entire family. Our final word of warning: NEVER cosign if the lender has been charged with predatory lending. For more see this article. Relating to motorcycle cosigning here is another article.
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