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Cousin again!

February 25th, 2008 at 04:52 pm

ugh! sis is on the verge of a heart attack...about 5 years ago she co-signed for cousin's car loan (bad decision...but, she felt bad because cousin needed a car to continue with her independent sales/catering business....) cousin has defaulted on more than one occasion, and, last time we heard, she had managed to get a small loan to bring that up to date and even pay it off (there was like $1k left there)...well, sis is trying to refinance her debt, and, guess what...there's a problem with her loan due her co-signing for cousin (most probably, cousin did NOT pay off her car and has defaulted again!)...
and, as sis says: most probably the bank's solution will be: pay off that loan (or bring it up to date) and then you can get your loan...#1 sis doesn't have the money...#2, if she did and she paid that, it would be like giving the money away to cousin, because she's NOT going to pay it back!...
Really, the way I worry about my debt, I cannot understand how cousin can live like this and NOT CARE (because, obviously, if she still has her cable/internet AND if she's been talking about getting a NEW car ...she just doesn't care!)

**about the NEW car, she mentions it every time there are "promotions" in the paper...like the $1 downpayment and no payments for 6 months kind of thing...oh, and she doesn't want a USED car, either...her last one was bought new, so getting a used one would be "regression"...honestly, I've always tried to talk her out of it (or, rather, I have pointed out she shouldn't be getting more debt and, I've even been "mean" by pointing out she won't find anyone to co-sign for it...just in case she ever thought of asking me!...BUT, I always assumed THIS car was already paid off!!!!)

Posted in Uncategorized | 2 Comments »

2 Responses to “Cousin again!”

  1. ceejay74 Says:
    February 25th, 2008 at 06:00 pm 1203962440
    1203962440

    That is too bad for your sis...it only takes one or two bad experiences like this and you stop loaning money to people. I paid for my GF's education with the understanding her parents would help me out (they paid $200 of the promised $4000 and then forgot about it). Another time I loaned a guy I was dating a few hundred, he paid it back promptly--so the next time when he asked for a slightly larger sum, I was OK loaning it to him. Guess who dropped out of my life shortly thereafter? Now I won't loan anyone money. If I feel comfortable gifting money to someone I'd do that, but I hate the cheated feeling I get from not getting paid back.

  2. miclason Says:
    February 25th, 2008 at 08:11 pm 1203970301
    1203970301

    I know. ...Sis called the bank and they told her the total amount owed is ~$2K....and last payment was made in MAY 2007!!!...sis called cousin and she claims she only owed about $600 (my guess: the rest is probably interest and default fees!)...I can see it coming: the big family dispute...with sis insisting cousin pay and cousin insisting a. she doesn't have the money and b. she only owes $600....(she does this: last time she got a call from a cc that she claims she closed years ago and her position is: I finished paying for it, they shouldn't be calling me anymore...I've told her: If you really finished paying, look for the receipts, or the last acct statement showing $0 balance and fight it...But, I finished paying it and they shouldn't be calling me anymore!)

    FRUSTRATING!

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