co-signer

My name is Tanya, Pennslyvannia.

I cosigned for a friend, a few months back and now she is not paying on the loan. I'm stuck paying it. I've talked to her and she hasn't held up her part of the bargain. Would I be able to take her to Small claims or would it be a waste of time and more money, sense I signed a contract to be liable to the bank if she doesn't pay. Is she liable to me to pay? It just isn't right. Please help me. Thank you

With the very limited information you provided, it is hard to give a definitive answer. But, in most cases, if you a cosigner on a note, you can take legal action against the primary upon their default.

Your action would be to recover the moneys spent plus interest, costs, etc. (damages) on behalf of the primary. Generally, you would wait until the full loan has been repaid so that you can include ALL of your damages and not have to refile another suit to recover additional expenses later.

One thing to consider before you initiate any action is what are the chances of your getting paid if you win?? A lot of time and energy is wasted in getting a judgment that can never be paid.