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co-signee on visa liability
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Posted by Tammy on August 28, 2001 at 08:35:09:
My husband cosigned for a visa card at a local bank for our son about 8 years ago (in Ohio). He set the limit at $1500.00. In the past 8 years the company has contacted us only 3 times to notify us via phone that the payment was late. After the first call (about 2 years after the account was opened and we were told the payment was 90days past due and the balance was $1800.00 with late fees, we told them to close the account out and notify us anytime the payment was late, so we could make arrangements to pay it ourselves. The next time they called us to tell us the payment was past due by 90days (about 2 years ago) the balance was up to $2200.00. Again we made the payment to catch it up and told them to contact us right away if the payment was past due in the future. Well last week they phoned us to tell us it was 90days past due and now the balance with late and over the limit fees was up to $4300.00. Again we made the payment to catch up the past dues. At this time we would like to make a lump sum payment/settlement to pay off this debt once and for all for our son. However, we feel that since the bank/credit card company never contacted us as we requested they do when the payment was late, we feel that we should not be liable for all the late fees etc. My question is are we liable as a cosigner for the entire balance, or just the original $1500.00 we cosigned for? Thanks for your help!
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