Co-Signing
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If it's a family member... it's probably a double no-no.
1.
Seriously though, what is says back in Proverbs about cosigning is that it's a snare for you financially.
Because there is a good chance you'll end up having to pay the debt.
If you are able to pay the debt, and wouldn't mind paying the debt for the person if needed,
then cosigning is fine.
2.
There is also a theory that many people hold, which goes like this:
if a bank won't give someone a loan, and they are "professional loaners",
then it is unlikely to be safe for YOU to give them a loan.
(Doesn't mean you shouldn't cosign for a family member...
just means you need to look at things in some different ways.)
3.
If they can't make their payments, and you have to pay the loan,
will that damage the relationship?
This is a very serious thing to think about.
Anyway...
like any major decision, I'd give it some serious prayer.
Tell them you have to think about it... then take some time, and really pray over it.
1.
Seriously though, what is says back in Proverbs about cosigning is that it's a snare for you financially.
Because there is a good chance you'll end up having to pay the debt.
If you are able to pay the debt, and wouldn't mind paying the debt for the person if needed,
then cosigning is fine.
2.
There is also a theory that many people hold, which goes like this:
if a bank won't give someone a loan, and they are "professional loaners",
then it is unlikely to be safe for YOU to give them a loan.
(Doesn't mean you shouldn't cosign for a family member...
just means you need to look at things in some different ways.)
3.
If they can't make their payments, and you have to pay the loan,
will that damage the relationship?
This is a very serious thing to think about.
Anyway...
like any major decision, I'd give it some serious prayer.
Tell them you have to think about it... then take some time, and really pray over it.
J
We are told not to co-sign in Proverbs, because we might lose our bed.
Paraphrase that to mean... You might lose ....well, a lot. Actually you
end up paying their payments.
I co-signed for my daughter, (now deceased), and her husband stopped
making payments. We had to pay a few and my daughter did pay it back
and finish their loan. We learned, seriously, what you have been told...
I would not do it again.
Quick testimony: My husband and I were wanting to buy something when
we were first married. We asked my father to co-sign. He refused. You know
it was best thing he could do for us. We had to go on our own, learn our
own lessons, pay our own way.
Praying you find your answer from God just to be certain. ~
Paraphrase that to mean... You might lose ....well, a lot. Actually you
end up paying their payments.
I co-signed for my daughter, (now deceased), and her husband stopped
making payments. We had to pay a few and my daughter did pay it back
and finish their loan. We learned, seriously, what you have been told...
I would not do it again.
Quick testimony: My husband and I were wanting to buy something when
we were first married. We asked my father to co-sign. He refused. You know
it was best thing he could do for us. We had to go on our own, learn our
own lessons, pay our own way.
Praying you find your answer from God just to be certain. ~
H
Hi crossnote
I personally think that there is help you can do to a familiar in need and another kind of help you can't do unless to get too high risk your own. I suppose cosigning belong to this last kind of help. I learn it by an experience. Some years ago my aunt was in troubles with debts made by her ex husband who knew how to hide himself from taxes. She is very ill too and she can work only few hours each week. She asked to my family to help her because she was afraid that her few goods could be taken off by creditors. I personally have been pushed by my family to help her in that. I accepted with a sense of christian charity but now i'm in trouble myself and I don't know how to tell her I need to get out of her business. This taught me that cosigning is never a good idea even if you are doing it for help.
Hope this help
Cris
I personally think that there is help you can do to a familiar in need and another kind of help you can't do unless to get too high risk your own. I suppose cosigning belong to this last kind of help. I learn it by an experience. Some years ago my aunt was in troubles with debts made by her ex husband who knew how to hide himself from taxes. She is very ill too and she can work only few hours each week. She asked to my family to help her because she was afraid that her few goods could be taken off by creditors. I personally have been pushed by my family to help her in that. I accepted with a sense of christian charity but now i'm in trouble myself and I don't know how to tell her I need to get out of her business. This taught me that cosigning is never a good idea even if you are doing it for help.
Hope this help
Cris
E
Young people cannot get a credit rating to even get a cell phone or fuel card. My father co-signed for me and my father-in-law co-signed for my husband when we were singles 25-30 years ago to get us started. We are doing the same for our kids and most of the families we know are doing the same for theirs. We are not giving them money we don't have, we are just letting them use our credit rating because our credit rating system is corrupt and does not help a young person start out. It works and I do not believe it is anti biblical. Besides if our children or even we ourselves were in financial difficulty families would help out co-signer or not and that is biblical to help others out. I do agree that co-signing is not for most situations but in our world it is part of training our children to be self sufficient and start farms or buisneses of their own.