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co-signer rights

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Brandy Wessels

Guest
my husband co-signed for an jet ski loan for a friend. the jet ski has now been repossessed and the loan is now in a collection agency. he never received any notification of late payments, repossession, or the decision to turn loan over to the collection agency. finally the collection agency sent a letter demanding payment within 5 days (this was his first notification of a problem). my husband bought a jet ski for himself the same day as he co-signed for his friend. it was financed through the same credit union, in which he still holds that account in good standing. he has always kept his address updated with his account. the credit union said they sent notification, but he did not receive one. they have already sold the jet ski and said that it was in bad condition. the credit union is trying to make a deal that they will drop the collection agency fees if we will pay the balance of the loan. my husband feels that they (the credit union) has not held up their side of the contract and does not want to pay (especially without taking over the jet ski). what can be done?
 



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