🔺 r/personalfinanceuthr00waway6942069·55 days ago
Co-signer, received collections notice
Co-signed an engagement ring for someone I thought was a friend about six years ago. Over the course of that six years he barely pays anything on it to the point he stopped paying on the account last year and it was considered a charge-off as of February of this year. Now I’m receiving letters from the agency the debt was sold to asking to contact them if I wish to dispute it. I was given the advice to ignore collections until they took action and they likely wouldn’t do that for the amount owed (roughly $1600). Thing is, the guy I co-signed with is a bum and I has dodged any attempts I’ve made to convince him to start paying it again, so he’ll likely dodge collections. It is affecting my credit score but even with that my score is still in good standing overall. Is it worth waiting it or out, or should I call to negotiate a lower sum and pay it off? Sorry if this is the wrong place to ask. ✌️ edit: thanks everyone for the advice. It was a dumb mistake on my part but could’ve been a lot worse. I’ll contact collections and see if i can figure something out and FINALLY cut this guy out of my life once and for all. I appreciate all the help. edit2: didn't see this coming but he’s reac…