@@ImJustKindaHere So, I'm an idiot for helping my child to buy house, in which to raise my grandchildren? Should I rather try to be the richest man in the graveyard?
OK, but this particular scenario is absurd. Veronica doesn't talk to anyone. Her family won't even talk to her. There is no way someone is asking her to do this.
In my younger days, I had a friend ask me to cosign for a cell phone plan. I have always had great credit (NEVER once late on a payment. My moto was always to never get what I couldn't afford). Great guy, and I was young and naive. Didn't think anything of it. Sure, ok. Sometime later, I was getting calls, and letters from the collection agency. By this time, he had moved and he wasn't responding to my calls. Kept having to call the landline of his grandparents to leave messages. In the end, I think his family pressured him to get it right, but an unnecessary spot on my credit for being gullible. Lesson learned. Never again.
My dad co-signed for my car back in 2012, and I made sure that I made EVERY payment up to the moment I completely paid it off about 5 years later. Co-signing for a loan is a huge symbol of trust, something that should not be taken lightly, and you better make sure that trust is maintained.
I too have given almost all of my children loans and they have been very diligent in paying them off either on time, or early. There's one child, however, who I wouldn't trust w/handing me a tissue if I needed it. THAT child will NEVER get a "loan" from me. Sigh....
This is right here is true. My mom took out a loan for me to buy my first real car after college (I had a full time job and part time jobs). I'm making sure the car is paid on time along with insurance. Sometimes I'm able to pay a bit more to get it paid off sooner.
Your situation is different. Your dad was willing to tank the loan for you. If he had the funds, he'll probably just lend you the cash. That's what my mom did
The only time I co-signed a loan was at the insistence from my sister to help her daughter, my niece buy a car. My niece ended up not paying the monthly payments, the car got repossessed and I got stuck paying off the remainder of the car as well as the fees associated with it. I tried to buy the car, but it had been sold already at auction. I learned a valuable lesson that day. Funny thing is, I had a bad feeling even before I signed the loan that it was a stupid thing to do. I was never compensated for it, but it did affect my relationships with my sister and niece.
Never, ever go against what your gut is telling you. When you feel the brakes go on inside you, listen to it. Regardless of how much you love someone, like someone or respect someone, it is not worth the sleepless nights and stress of kicking yourself for bowing down to a request someone has no right to make of you. If you are undecided, just say, "I need to think about it. I'll let you know." Then don't mention it again. If they bring it up again, just tell them that while you sympathize with their situation, your own situation would be compromised if anything went wrong. My brother wanted a loan of $10,000 to hire a lawyer to sue his stepson for stealing equipment from a business. I told him "No." Because even if he "won" the case, the stepson didn't have the money to pay whatever the court would order him to pay. He was a drinker, and irresponsible. My "No" caused him to get furious with me, and he never let me forget how I let him down. But I told him that I already was in debt (very much so) and that his request that I get a credit card for him so he could take the money from that would leave me in a very bad state, whether he won or lost. He could have asked any number of his children, but he didn't. I don't regret saying no.
@@gerald-gs2vh The problem is that so many people have to learn this lesson first-hand, we should talk about it more hopefully others can learn from the mistakes of others rather than learning the hard way.
Just remember these words and they will carry you through life: "Never a borrower nor a lender be; for loan oft loses both itself and friend". (William Shakespeare)
It's the same deal when a friend or family member asks to borrow money. We found ourselves in this situation a long time ago and my wife and I came to the conclusion that the only way it works is that you have to tell yourself that any time a family member or a friend wants a "loan" you have to treat it like a gift. If they pay it back -- well, there's a surprise. But chances are, they won't -- and you never ask for it -- any more than you'd ask for someone to give a gift back. And if you can't afford to just give them the money -- don't "loan" it -- because almost certainly, you're never going to see it again.
@@nnamggiFellauQrDI’m sure I’m an outlier as my family mixes money all the time. Never had a problem so far, my family has always been honest, and helpful of each other, and I’m thankful they are.
A family member once asked me to co-sign for a cell phone. Nope. Then she later popped up flashing a cell phone. Glad she found someone willing to co-sign because it wasn’t going to be me.
I don't understand how you do that... I have quite low income and whenever I go get a new phone EVRY model in store is available for me o.O I don't want one for 1k£ but I can have it... So HOW you need co-sing on phones? O.O
She probably wasn't borrowing any money at all. I remember that happened to me. When I signed up for my first phone and cell phone plan, they needed to do a credit check for the phone plan. Since I was only 19 and didn't have any credit history yet, I needed my Mom to co-sign for me.
People are also asked for co-signers when they have no credit, not just bad credit. When I got my first apartment, I had zero credit and no rental history so my parents co-signed for me and I never missed a rent payment. It wasn't that I couldn't afford it, it's just that I had no history to prove myself. Young people, people new to the country, people who have never had a credit card, people who have never rented before and are now trying to get an apartment, all these people are being asked to get co-signers, not just people with bad credit.
That's a different situation. Parents or close family know you from birth and have years of proof as to whether you will pay up or not. My mother was in that situation when she decided to buy her own car instead of using dads all the time. She had no credit history as dad always did that sort of thing. She wasn't even on the mortgage. I co-signed for her without hesitation as A) it was my mom and B) I knew she was the kind of person who would fret if she owed someone a pound and would drive 2 hours to pay them back that pound. She paid without fail and it was never an issue for me, but that's the level the bar is set for me to co-sign. In case people were wondering why dad didn't co-sign, she didn't want to ask dad as he was working in Germany at the time and wasn't due home for another six months. She wanted to accept a new job offer that was not easy to get to on public transport like here previous job. I signed, she took the job, she paid the loan off, all was good.
Yup. Was pissed off when a local credit union refused to allow me to open an account without a co-signer. They almost consider bad credit better than no credit: at least bad credit is a known quantity.
put your kid, no matter what age, as an authorized user, on your credit card. They will get the same credit rating as you have. When they grow up, they can get their own card if they want but they will start with whatever rating you have - hopefully you only do this if you have a decent rating.
This is a great video. We live in a culture where people feel as thought they shouldn't have any personal responsibility and shame is not a thing anymore. Sometimes you need to put someone in their place and explain to them why their life is in shambles in order for them to do some self reflection.
You live in a culture where people actually need to spend a lot of money to have things that allow them to participate in society, and that offers jobs that don't pay enough for people to be able to afford what they need. You live in a culture that has to deal with several industries that are built on people not having enough money to afford things. You live in a culture that is built on people consuming, so they are continuously told to consume anything and everything.
@@jujubesification We live in a culture in which I made the decision to stay home instead of going out with friends and colleagues, not go to nail salons, and maintain a simple hairstyle that only requires a trim a few times a year. We live in a culture in which I decided to use my money for my actual responsibilities: a home, a car within my budget, hefty insurance on each, and savings and retirement. We all make choices. I’ve missed out on fun, but I am solid.
@genxx2724 yes, I also don't spend any money on those kinds of things either. So I can really relate. Doesn't mean that companies don't spend a ton of money trying to make buying their products irresistible for large groups of people. Maybe they get you on other things. Maybe they get you on nothing. But then you are the exception.
@@jujubesification I am definitely the exception. We have to be aware that every waking minute, businesses are trying to separate us from our money. It is our responsibility to be defensive and use our hard-earned money for our own long-term security and best interest. If you handle things wisely, you can retire early and stop selling your life.
Thank you for posting this! A childhood friend put the pressure on me to be a co-signer on a co-op she wanted to buy. I said, “No.” She kept saying she was “good” for the payments. Somehow she ended up buying the co-op. Don’t know who she convinced to be her co-signer. This incident showed me she was not a “friend.”
If they need a cosigner, it's cos there's a high probability that they aren't going to pay, and that's where YOU come in 😅 anyone that's ever cosigned a loan knows what happens, YOU end up paying it.
You're missing the point here. Nobody would ever ask Veronica to do this. that's the satire. Making a situation where Veronica actually has friends and people talk to her is way over the top by itself. It's pretty good parody.
Now maybe, but in the past, women could not get loans on their own. You had to have a cosigner. It had absolutely nothing to do with your ability to pay, or your credit record. It was simply because you were female. Women couldn't even get credit cards. And they are trying to make it that way again.
Co-signing should really only be done when the co-signer shares in the reward in exchange for the risk. I might co-sign for a loan if I will be part owner of what is being bought or I have first right of redemption or assignment in default. In other words, If I co-sign for a 10 years land note and you stop making payments 5 years in, I get to take over payments and keep the land when it is paid off. My neighbor up the street co-signed for a note on a pickup for his nephew. The nephew got a lift, new wheels and a custom sound system. When the nephew couldn't make the payments, the neighbor paid off the note in full and got the pink slip.
A few years back I had a friend from work asked me to Co-Sign on a loan for a new car he wanted to by. I told him to let talk to my wife first. I was trying to gain some time while I asked around at work. First I found out his car was about 7 or8 years old (hell my work car was older then that) and that he had declared Bankruptcy a 5 or 6 back. Well I told him no and I really did not give him a reason. He was pissed for a few weeks but he got over it. I don't think he found anyone to Co-sign for him because he drove his old car around for some time after that.
My sister took on FULL responsibility of my car loan 20 years ago. However, I paid the loan in full after 5 years and I am now fully capable of not having to EVER ask her again for anything financially.❤️🎊🥳
My parents co-signed for me so I could rent a room during college. It never turned out bad for them or me. My grandma loaned me $1k for a down payment on a car. I paid it back within 8 months. The difference is I had decent credit because I opened a credit card and didn’t use it. Lol I’m also privileged to have family that could help me out. My parents weren’t well off, so I wasn’t going to put them in a bad position by being an idiot.
This video is about 2 women talking about getting a loan and a cosigner, but I felt happy that this conversation could even take place. When I was young, my father died and so their credit card was automatically canceled. My mom had managed the money very carefully for years and my dad was happy to let her. She never went into debt, we were always on a budget. But back then, women could not get a credit card nor a bank loan without a man.
@@lbell5185yeah. A woman couldn’t have a bank account, a credit card or get a mortgage in her own name until the equal credit opportunity act was passed in 1974, which made it illegal for banks to discriminate on the basis of race, gender, ethnicity, or marital status.
Equal rights for women has been cited as one reason house prices are so high: back then, a mortgage was based on the husband's income; as soon as the wife's income was considered, a couple could borrow more money, so house prices rose. Whereas previously, a couple or a single man could afford to buy a house, now it's only couples (who are slaves to the payments), while young single people find it very difficult to get on the housing ladder.
My inner circle know not to ask me for anything regarding money. The only time I was asked to be a co-signer, I asked for Collateral in the amount of the loan. They didnt have it, no co-sign and they told the whole family. They did me a favor.
Well done. Dave Ramsey suggests telling the person that should get a loan for the bank. When they reply that the bank wouldn’t give it to them, tell them that the bank is in a much better position to assess their ability to pay the loan than you are, and if the bank didn’t think they could pay it back, it wouldn’t be smart for you to second-guess that.
This is the kind of shit that is kept in the family. NEVER ask a friend for a loan over $20.... sell some of your shit, get a second job, whatever, but adults do what adults gotta do.
@@carlhicksjr8401 Don't even ask for $20, it's sad and embarrassing if you literally don't even have $20 to your name so you're better off not letting anyone know that you're financially failing that badly.
@@lalywindland5764 you would be wrong, the woman who is playing the character is so rude and talks down to people. The sad part is I suspect she’s like this in her real life.
@@Nottallblonde Funny how you see telling the truth as being rude. She is not rude but she tells it like it really is. Some people like to play games and be dishonest and she is calling them out on it.
I got a phone for my niece many years ago when everyone had a home phone. She didn’t pay, I didn’t know until I went to get a phone when I moved and I had to pay that off before I could get one. Last time. I learned from that lesson.
People think co-signing is Person A vouching for Person B. In reality, co-signing is just Person A taking out a loan with the bank, and then the bank gives Person B the money.
I have been asked a couple of times and it was hell no. Absolutely not going to ever do that. Never get involved in other people's financial problems. I took care of myself and they can do the same for themselves.
"Do not be surety for a stranger" is a warning from the Bible to avoid cosigning loans or taking on other debts for someone else: Proverbs 11:15: "He who is surety for a stranger will suffer, but one who hates being surety is secure" Proverbs 22:26-27: "Be not one of those who give pledges, who put up security for debts"
My friend co signed on a car loan for his brother. The credit union was supposed to notify him if payments were late. They faintly contacted him when they were three days from repossession. He took the car away and had to borrow against his 401k to bring the loan current. He did force his brother to sign the car over but he ended up with an upside down car that he didn’t need. Never co-sign
i agree with veronika on this. i went from a 850 to a 430 over night. and it took me years to get it back up. and yes it was my fault. but i never ask anyone to co sing for me. i put 500 in the bank borrowed 500 paid it back 3 times. then i borrowed 500 on just a signature loan. and as my credit built up i could borrow more. once i got to 650 i can get what ever i wanted. and now i am at a 780 and i WILL NOT co sign or ask anyone to co sign for me.
Bravo! Great video! Never co-sign unless you 100% trust the other person... maybe your children or sibling...maybe . Even then expect a chance you will get stuck for the payments.
@@cairosilver2932 So true! Nobody with bad credit could ever be trustworthy. Poor people are evil evil yucky yucky monsters (I hear they have cooties too).
Cosigning on an auto loan is the dumbest thing you can possibly do. By the time you figure out they aren't making payments it's too late and you're on the hook for all kinds of late fees, plus the delinquent payments.
Sure, unless you are on the note and have first position and right of assignment. In that case, you have the right to take over payments and possession of the car before the bank does. The bank would rather the co-signer makes the payments than do a repo.
If the person you co sign for does not pay you might not find out right away and your credit score will be destroyed in addition to you then having to pay.
Seems to me if you cosign, you should have access to the account and can check. No one should be foolish enough to just "trust" the other person is paying on time. Cover your back. The same ding on their credit will appear on yours.
Yep. If a "friend" or "close family" is asking such a thing of you, they either haven't thought it through or worse, have and still see you as someone they can use as a resource. Call them on it and have nothing to do with it.
In Ireland, it's not co-signing for the loan. It's termed being the guarantor for the loan. This means that if the loan goes into default, the guarantor pays. It's rare for financial institutions to offer this product to unrelated people. Also, I just give my family money because I know that I am not going to get it back. Examples are my sister, sister-in-law, parents, parents-in-law, nephews and nephews-in-law.
It's nice that you give your family money but you are being taken advantage of if they ask for the money and never pay back. A lot of your family members seem to need money. If the monies are gifts because you want to share, that's one thing. If they are always asking and you are always giving then you are being used.
My sister had gotten a credit card under my name without me knowing and never paid it back. I only found out after a credit collection agency called me. My parents confronted her about it and basically, her situation was that her credit was bad (gee, I wonder why) and needed to use my name to get approved for things. Crazy enough when I asked her to pay it off, she flat out told me no. Years later she had the nerve to be salty after I refused to co-sign something for her.
She “needed” to. That’s a good one. She committee a crime. You could have reported her. Then she would have been a convicted felon in addition to having bad credit.
A coworker did this to me. I have a WFH job so I’ve never met my coworkers. There was one time, early on my career, I was required to meet up with a coworker for some company paperwork since we live in the same part of town. We touched base on our company platform first and she was really friendly. When we met up she was really nice then after a while she asked me to please co-sign a loan with her. Said she was trustworthy and even willing to give the papers to her car for me to hold. I was flabbergasted and she kept pleading and saying she normally wouldn’t this kind of thing but she needs it for her kids. I finally told her I can’t and even said I hope she understands but I’ve only just met her and just don’t feel comfortable signing something like that. We parted ways half an hour later. Personally, I’m debt free so I could not fathom taking on debt, especially a complete stranger. We never spoke to each other again after. I think she even left company a year later.
Many many years ago I talked to my brother out of co-signing a $30,000 loan for a guy I explained it almost like Veronica did that that means you would be 100% responsible for the payments on that truck but not have the truck so after he thought about it for a while he told the guy no and also he didn't realize he would be locking up $30,000 worth of his own credit if he needed to buy a truck for himself
There are certain things you might co-sign on, stuff that adds value over time, like a car, a house, or necessities like a washing machine or stuff like that, BUT, only if you trust that person or (read and) are willing to lose that money for that person. Just like with loaning money out in general. If someone co-signs for you, it's a big symbol of trust and you better make sure not to abuse that. obviously, a person with little money and a hard time after losing a job/family member or having bad luck in any similar form and loosing a car at the same time, a co-sign on a car might help that person to get out of that hole and change that persons' life, this should also be considered, but TBH, I would never ever co-sign on a loan or anything that is used for a luxury item. Either they can afford it on their own, or it benefits both f us, or it is such a game changer in someone's life that I am willing to lose the money to save that person. These are my conditions if you come to me regarding money, being a loan, a co-sign or similar things.
Forty years ago, my insolvent boyfriend asked me to cosign a loan. I knew neither of us had any collateral and would therefore not be good risks but, for some reason, he didn't seem to understand this basic fact. I co-signed, only because it was the only way he was going to realize *neither* of us was a good risk at that time and he should just suck it up and take responsibility for his finances. The loan was refused. He's history. I carry no debt.
One of my life lessons has been zero credit. I just don't do it. I maintain a reserve which acts as my credit and I pay interest only to myself. I have more 'credit' with myself than I would ever get from a bank. I'm not not into consumption beyond my basic needs. I save 25% or more of my income by living simply, which is then invested. It took me years to learn that lesson and to get to a position where I could implement it. I wish I'd learned it young.
It would be a highly unusual young person who would adhere to this lifestyle. Young people want things and they want to go out. It’s even worse now with the images on social media.
The animation is very simple, mostly circle and straight likes. The messages are excellent. Looks like we don't need a lot of visual to put across our ideas.
That is not just for a loan, also for an apartment. I would not do it form my son, however I did send a letter that stated the amount of money I was giving him as along as he was a student. He wanted to move out of housing.
Not always. Sometimes it's because a new adult doesn't have the history to grant the banks confidence. Which is where parental co-signatures can help. Where the parent has confidence in their child, that is.
A friend of mine learned the hard way about co-signing. She co-signed for her niece's car loan and for several years everything was fine to the point she forgot all about the loan. Then one day she discovered her checking account emptied out. Turned out the niece had stopped making payments and the bank had come after her as the co-signer. She had to start paying her bills with money orders and pre-paid cards because any money that went into that account would be seized. As far as I know that niece STILL has not paid her back.
After that "Horrible" savings bond video. We are now back on track. - Yeah I said it ! As a former Sr. Finance Exec. I kno Finance ! This one hits & touches all the bases !
I could-signed for a friend nanny years ago when he bought a Fender guitar. I was a little wary, but assumed things must have gone ok because I didn't hear anything for over a year. One day he visited me and asked if I had heard anything regarding payment. I told him I hadn't and asked if he had a problem. He said 'no' and that he signed a direct debit at the time and just assumed the money had come out of his account. Much later he had checked his account and found no payments had been made. He queried his bank, who told him they had never received any request for payment. Neither he not I ever heard anything further.
As an additional comment, please understand I hold no ill-will towards my sister and niece. I knew the risks, and despite my reservations chose that path. It was on me to make restitution as my niece was unable to. I paid off the fines and fees. I got no thank you for it, no repayment or compensation. I accepted it as it was and went about repairing my credit score. My only advice would be to get everything in writing with witnesses and get it notarized before you transact. Better yet, don't lend money to family regardless of the animosity it might incur.
I made this mistake with my son, and when I went to a lawyer, he asked me, "do you lend money out?" to my "no", he then asked, "if a bank, who has money to lend, would not lend it to your son, why in the world, would you co-sign it?" It wasn't my finest hour. My father made the same mistake with my sister and her husband, in 1972. My mother was beyond furious.
My granddaughter was living with us when she got accepted to college and needed a co-signer for her student loans. Even though we went over what she needed to make to be able to pay for them and each time she assured us she would, we got stuck with 102,000.00 worth of loans. Please think really hard about co-signing
FUN FACT Did you know if you loaned someone ALOT of money and they don't pay, you can report this non payment to the IRS. They will have to pay income tax on it as it is considered income. Get everything in writing. And they must pay via check or bank transfer - so there is a paper trail
You have to officially forgive or cancel the loan, which is done on Form 1099-C, Cancellation of Debt. But, yes, it is then taxable income to the deadbeat.
Those are really good reasons not to. My exs parents refused to cosign for a house, great credit, down payment, just hed switch careers. Mortgage on the house would've been like 800 a month. 3 years later the market went up that house was worth 2+ times what he wouldve paid for it. Instead he pays 2k in rent for an apartment and he probably wont get a house till his parents die and leave him their townhome. 🤷🏼♀️ They knew he was good for it but they really fked him for actually a really dumb reason, "because what if we buy a property in florida to go to Disney world" his mom was obsessed with Disneyland/world's food. They never did of course.
I mean…. This was true pre-pandemic. However, I have seen loans denied on perfect credit, 6+ years employment, on time payments , and good debt ratio… denied …. Just because. Sure, this video is new, but it didn’t age well by the time this channel stolen the audio.
I see SO MANY complaints from people who have co-signed a loan for someone and are now indignant that it is showing up on their credit report as a default! They want to know why they are being held responsible for the buyer's failure to pay. I also had a couple of complaints from people who were angry because they were showing up as a "co-owner" when they had "only" co-signed for someone else's car loan.
NEVER co-sign a loan. For ANYONE. It's not "vouching" for the other person- it's a legally-binding agreement to pay the loan, if the primary signer doesn't pay it. Never, EVER do it. Well-stated, Veronka!
I'm 52 and would need a cosigner but not because of bad credit. After my divorce over 12 yrs ago, I put nothing on any form of credit. If I couldn't pay outright, I didn't get it. Now I have no credit history at all, so I can't qualify for any loan on my own. When I went to my bank because I was thinking of redoing the exterior of my house, even they wouldn't approve me. It partially sucks because I don't have access to credit but I love the fact that I don't owe anybody.
I know a lady who co-signed for her granddaughter. Her mom was alive and working did not co-sign. Her dad is alive and working and did not co-sign. The 1ST month the car note was due, the granddaughter did not have any money to pay HER OWN car note because she went shopping........who did they come after???? GRANDMA
By the grace of God I will NEVER co-sign for anyone, nor will I ever put anyone in that position to co-sign for me. My financial health is my responsibility and vice versa. I WILL NOT!!!
My younger brother and I co-sign for each other. Our mother is deceased, and our father don't help anyone, yet expects help. He co-signed a loan for me...i just paid it off last month, I co-signed for his car, he paid the down payment. It helps my credit, and he's almost paid the vehicle off.
Ironically, now Veronica needs a cosigner. She's been booted out of her apartment because she doesn't make enough money now for coming rent increase, and she makes too much to qualify for one of the low-income apartments.
It's also worth considering that when you co-sign a loan for someone you get nothing out of it. No portion of their loan goes to you unless you set some kind of terms with them, but that typically isn't a thing I don't think.
My dad said Social Security numbers do not have passenger seats! Your number is assigned to you and your credit worthiness will be compromised if you cosign for someone.
My business law professor defined "co-signer" as "an idiot with a pen."
That should be the actual definition of a co-signer
Agreed !!!
AKA "Mom and/or Dad"
@@ImJustKindaHere So, I'm an idiot for helping my child to buy house, in which to raise my grandchildren? Should I rather try to be the richest man in the graveyard?
"Hi Veronika. If I default on my loan, I'd like you to pay it. Ok?"
@RandyWinn42 That's it.
OK, but this particular scenario is absurd. Veronica doesn't talk to anyone. Her family won't even talk to her. There is no way someone is asking her to do this.
😂. Veronika will tell you off! You will definitely get an earful of scolding 😂
"And I'm definitely going to default".
@@nekad2000 I laugh if it was that supervisor that treated her so unfairly and always asking her for a second for a second for a second hahaha!
In my younger days, I had a friend ask me to cosign for a cell phone plan. I have always had great credit (NEVER once late on a payment. My moto was always to never get what I couldn't afford). Great guy, and I was young and naive. Didn't think anything of it. Sure, ok. Sometime later, I was getting calls, and letters from the collection agency. By this time, he had moved and he wasn't responding to my calls. Kept having to call the landline of his grandparents to leave messages. In the end, I think his family pressured him to get it right, but an unnecessary spot on my credit for being gullible. Lesson learned. Never again.
I bet your friend was attractive.
How ironic that your so-called friend stopped answering your calls onthe phone that you paid for.
My dad co-signed for my car back in 2012, and I made sure that I made EVERY payment up to the moment I completely paid it off about 5 years later. Co-signing for a loan is a huge symbol of trust, something that should not be taken lightly, and you better make sure that trust is maintained.
I too have given almost all of my children loans and they have been very diligent in paying them off either on time, or early. There's one child, however, who I wouldn't trust w/handing me a tissue if I needed it. THAT child will NEVER get a "loan" from me. Sigh....
This is right here is true. My mom took out a loan for me to buy my first real car after college (I had a full time job and part time jobs). I'm making sure the car is paid on time along with insurance. Sometimes I'm able to pay a bit more to get it paid off sooner.
@@PastWitch98 You're a good daughter! Blessings to you.
Not everyone is as honest as you are, unfortunately. But I'm glad you did the honest thing :)
Your situation is different. Your dad was willing to tank the loan for you. If he had the funds, he'll probably just lend you the cash. That's what my mom did
The only time I co-signed a loan was at the insistence from my sister to help her daughter, my niece buy a car. My niece ended up not paying the monthly payments, the car got repossessed and I got stuck paying off the remainder of the car as well as the fees associated with it. I tried to buy the car, but it had been sold already at auction. I learned a valuable lesson that day. Funny thing is, I had a bad feeling even before I signed the loan that it was a stupid thing to do. I was never compensated for it, but it did affect my relationships with my sister and niece.
Never, ever go against what your gut is telling you. When you feel the brakes go on inside you, listen to it. Regardless of how much you love someone, like someone or respect someone, it is not worth the sleepless nights and stress of kicking yourself for bowing down to a request someone has no right to make of you. If you are undecided, just say, "I need to think about it. I'll let you know." Then don't mention it again. If they bring it up again, just tell them that while you sympathize with their situation, your own situation would be compromised if anything went wrong. My brother wanted a loan of $10,000 to hire a lawyer to sue his stepson for stealing equipment from a business. I told him "No." Because even if he "won" the case, the stepson didn't have the money to pay whatever the court would order him to pay. He was a drinker, and irresponsible. My "No" caused him to get furious with me, and he never let me forget how I let him down. But I told him that I already was in debt (very much so) and that his request that I get a credit card for him so he could take the money from that would leave me in a very bad state, whether he won or lost. He could have asked any number of his children, but he didn't. I don't regret saying no.
@@gerald-gs2vh The problem is that so many people have to learn this lesson first-hand, we should talk about it more hopefully others can learn from the mistakes of others rather than learning the hard way.
I think there’s a specific bible verse for this, in proverbs, the gist is: don’t ever sign a pledge for anyone
Who told you you had to pay the remainder of a loan for something that was repossessed by them? You got scammed.
Gut instincts don't lie...
This is one YT video everyone should take to heart.
Veronica is like my favorite stick figure ever.
Just remember these words and they will carry you through life: "Never a borrower nor a lender be; for loan oft loses both itself and friend". (William Shakespeare)
Never lend anyone money. It creates resentment and hostility. If you want to give someone money, then give it. Don't expect anything in return.
@@Kindheart93 Yes this.
"Don't set yourself on fire to keep others warm."
It's the same deal when a friend or family member asks to borrow money. We found ourselves in this situation a long time ago and my wife and I came to the conclusion that the only way it works is that you have to tell yourself that any time a family member or a friend wants a "loan" you have to treat it like a gift. If they pay it back -- well, there's a surprise. But chances are, they won't -- and you never ask for it -- any more than you'd ask for someone to give a gift back. And if you can't afford to just give them the money -- don't "loan" it -- because almost certainly, you're never going to see it again.
BINGO!!!
Exactly what I do! If I have it to give I just give it. Last time I expected a “loan” back I got screwed.
Don't mix family/friends with Money.
I have never gotten my money back from “family loans”
@@nnamggiFellauQrDI’m sure I’m an outlier as my family mixes money all the time.
Never had a problem so far, my family has always been honest, and helpful of each other, and I’m thankful they are.
A family member once asked me to co-sign for a cell phone. Nope. Then she later popped up flashing a cell phone. Glad she found someone willing to co-sign because it wasn’t going to be me.
Co-sign a cellphone? Did she get a bank loan for it? I've never heard of doing that for a phone.
There is no reason to go in debt for a cellphone, just pick a cheaper model.
I don't understand how you do that... I have quite low income and whenever I go get a new phone EVRY model in store is available for me o.O I don't want one for 1k£ but I can have it... So HOW you need co-sing on phones? O.O
@@morganablackwater2017 americans are way more burried in debt than europeans.
She probably wasn't borrowing any money at all.
I remember that happened to me. When I signed up for my first phone and cell phone plan, they needed to do a credit check for the phone plan. Since I was only 19 and didn't have any credit history yet, I needed my Mom to co-sign for me.
People are also asked for co-signers when they have no credit, not just bad credit. When I got my first apartment, I had zero credit and no rental history so my parents co-signed for me and I never missed a rent payment. It wasn't that I couldn't afford it, it's just that I had no history to prove myself. Young people, people new to the country, people who have never had a credit card, people who have never rented before and are now trying to get an apartment, all these people are being asked to get co-signers, not just people with bad credit.
But the situation in the video is clearly not about parents co-signing for their kids.
I agree that is a different situation.
That's a different situation. Parents or close family know you from birth and have years of proof as to whether you will pay up or not. My mother was in that situation when she decided to buy her own car instead of using dads all the time. She had no credit history as dad always did that sort of thing. She wasn't even on the mortgage. I co-signed for her without hesitation as A) it was my mom and B) I knew she was the kind of person who would fret if she owed someone a pound and would drive 2 hours to pay them back that pound. She paid without fail and it was never an issue for me, but that's the level the bar is set for me to co-sign. In case people were wondering why dad didn't co-sign, she didn't want to ask dad as he was working in Germany at the time and wasn't due home for another six months. She wanted to accept a new job offer that was not easy to get to on public transport like here previous job. I signed, she took the job, she paid the loan off, all was good.
Yup.
Was pissed off when a local credit union refused to allow me to open an account without a co-signer.
They almost consider bad credit better than no credit: at least bad credit is a known quantity.
put your kid, no matter what age, as an authorized user, on your credit card. They will get the same credit rating as you have. When they grow up, they can get their own card if they want but they will start with whatever rating you have - hopefully you only do this if you have a decent rating.
This is a great video. We live in a culture where people feel as thought they shouldn't have any personal responsibility and shame is not a thing anymore. Sometimes you need to put someone in their place and explain to them why their life is in shambles in order for them to do some self reflection.
You live in a culture where people actually need to spend a lot of money to have things that allow them to participate in society, and that offers jobs that don't pay enough for people to be able to afford what they need. You live in a culture that has to deal with several industries that are built on people not having enough money to afford things. You live in a culture that is built on people consuming, so they are continuously told to consume anything and everything.
We live in a culture when people don't seem to understand that they are expected to behave like an adult.
@@jujubesification We live in a culture in which I made the decision to stay home instead of going out with friends and colleagues, not go to nail salons, and maintain a simple hairstyle that only requires a trim a few times a year. We live in a culture in which I decided to use my money for my actual responsibilities: a home, a car within my budget, hefty insurance on each, and savings and retirement. We all make choices. I’ve missed out on fun, but I am solid.
@genxx2724 yes, I also don't spend any money on those kinds of things either. So I can really relate. Doesn't mean that companies don't spend a ton of money trying to make buying their products irresistible for large groups of people. Maybe they get you on other things. Maybe they get you on nothing. But then you are the exception.
@@jujubesification I am definitely the exception. We have to be aware that every waking minute, businesses are trying to separate us from our money. It is our responsibility to be defensive and use our hard-earned money for our own long-term security and best interest. If you handle things wisely, you can retire early and stop selling your life.
Thank you for posting this! A childhood friend put the pressure on me to be a co-signer on a co-op she wanted to buy. I said, “No.” She kept saying she was “good” for the payments. Somehow she ended up buying the co-op. Don’t know who she convinced to be her co-signer. This incident showed me she was not a “friend.”
The requester will be mad at you if you don't sign, and mad at you when you ask for repayment. You choose which you prefer
If they need a cosigner, it's cos there's a high probability that they aren't going to pay, and that's where YOU come in 😅 anyone that's ever cosigned a loan knows what happens, YOU end up paying it.
💯🎯
Never cosign especially for "friends"
You're missing the point here. Nobody would ever ask Veronica to do this. that's the satire. Making a situation where Veronica actually has friends and people talk to her is way over the top by itself. It's pretty good parody.
@@nekad2000 Or the person who would ask her to cosign is beyond desperate, having been turned down by everyone else.
Now maybe, but in the past, women could not get loans on their own. You had to have a cosigner. It had absolutely nothing to do with your ability to pay, or your credit record. It was simply because you were female. Women couldn't even get credit cards. And they are trying to make it that way again.
Dr. Laura Schlessinger said money is the litmus paper test of character. She has a gift of saying so much in so few words.
Co-signing should really only be done when the co-signer shares in the reward in exchange for the risk. I might co-sign for a loan if I will be part owner of what is being bought or I have first right of redemption or assignment in default. In other words, If I co-sign for a 10 years land note and you stop making payments 5 years in, I get to take over payments and keep the land when it is paid off. My neighbor up the street co-signed for a note on a pickup for his nephew. The nephew got a lift, new wheels and a custom sound system. When the nephew couldn't make the payments, the neighbor paid off the note in full and got the pink slip.
My Dad said he would not cosign for me or anyone else. He also said to never cosign for anyone, ever!
He’s double right
@@mercedeswilkins9085 💯
A few years back I had a friend from work asked me to Co-Sign on a loan for a new car he wanted to by. I told him to let talk to my wife first. I was trying to gain some time while I asked around at work. First I found out his car was about 7 or8 years old (hell my work car was older then that) and that he had declared Bankruptcy a 5 or 6 back. Well I told him no and I really did not give him a reason. He was pissed for a few weeks but he got over it. I don't think he found anyone to Co-sign for him because he drove his old car around for some time after that.
My sister took on FULL responsibility of my car loan 20 years ago. However, I paid the loan in full after 5 years and I am now fully capable of not having to EVER ask her again for anything financially.❤️🎊🥳
My parents co-signed for me so I could rent a room during college. It never turned out bad for them or me.
My grandma loaned me $1k for a down payment on a car. I paid it back within 8 months.
The difference is I had decent credit because I opened a credit card and didn’t use it. Lol
I’m also privileged to have family that could help me out. My parents weren’t well off, so I wasn’t going to put them in a bad position by being an idiot.
This video is about 2 women talking about getting a loan and a cosigner, but I felt happy that this conversation could even take place. When I was young, my father died and so their credit card was automatically canceled. My mom had managed the money very carefully for years and my dad was happy to let her. She never went into debt, we were always on a budget. But back then, women could not get a credit card nor a bank loan without a man.
Wow! Really?
@@lbell5185 Yes. Really. Our mothers and grandmothers had to fight for the rights you enjoy today.
@@lbell5185yeah. A woman couldn’t have a bank account, a credit card or get a mortgage in her own name until the equal credit opportunity act was passed in 1974, which made it illegal for banks to discriminate on the basis of race, gender, ethnicity, or marital status.
Equal rights for women has been cited as one reason house prices are so high: back then, a mortgage was based on the husband's income; as soon as the wife's income was considered, a couple could borrow more money, so house prices rose. Whereas previously, a couple or a single man could afford to buy a house, now it's only couples (who are slaves to the payments), while young single people find it very difficult to get on the housing ladder.
@@lbell5185 It boggles the mind that women were not able to get their own credit cards until 1974.
My inner circle know not to ask me for anything regarding money. The only time I was asked to be a co-signer, I asked for Collateral in the amount of the loan. They didnt have it, no co-sign and they told the whole family. They did me a favor.
Well done. Dave Ramsey suggests telling the person that should get a loan for the bank. When they reply that the bank wouldn’t give it to them, tell them that the bank is in a much better position to assess their ability to pay the loan than you are, and if the bank didn’t think they could pay it back, it wouldn’t be smart for you to second-guess that.
Scripture also warns us to never provide “surety” for another person.
so true ! shortest lecture about co-signing - share with youth, and young women and men who are in temptation to co-sign for their crushes.
Never offer out any money you can't afford to lose.
Amen, the same goes for loans, if you can’t afford to give them the money don’t loan it to them.
Blessings 💚💜
This is the kind of shit that is kept in the family. NEVER ask a friend for a loan over $20.... sell some of your shit, get a second job, whatever, but adults do what adults gotta do.
Flip side: Never lend money to a friend you can't afford to be a gift to that friend.
@@carlhicksjr8401 Don't even ask for $20, it's sad and embarrassing if you literally don't even have $20 to your name so you're better off not letting anyone know that you're financially failing that badly.
Not even for $20. If you don't have the money, that is your issue, not mine.
@amierichan7231 Exactly, not only that, but nothing that's necessary to survive costs $20 so they really don't even need it in the first place.
Don't do it for family either! They are the ones who will tell you that you should be happy to get stuck with the bills because "familyyyy!"
You gotta love Veronika. She gives it to you straight. She's gotta be a New Yorker.
No, she’s actually totally rude
@@Nottallblonde No, the rude one is that woman that's trying to put her in financial danger.
@@lalywindland5764 you would be wrong, the woman who is playing the character is so rude and talks down to people. The sad part is I suspect she’s like this in her real life.
@@Nottallblonde Funny how you see telling the truth as being rude. She is not rude but she tells it like it really is. Some people like to play games and be dishonest and she is calling them out on it.
@@4daluvofnikki you can state your opinion without being nasty rude. She is absolutely nasty rude.
I got a phone for my niece many years ago when everyone had a home phone. She didn’t pay, I didn’t know until I went to get a phone when I moved and I had to pay that off before I could get one. Last time. I learned from that lesson.
Never ever be a co-signer. I learned that lesson the hard way.
"I thought that you were my friend?" Master manipulator move and your cue to get up from the table with your tea and walk away.
"So did I."
I love Veronica. Schools need to show this to students.
People think co-signing is Person A vouching for Person B. In reality, co-signing is just Person A taking out a loan with the bank, and then the bank gives Person B the money.
I have been asked a couple of times and it was hell no. Absolutely not going to ever do that. Never get involved in other people's financial problems. I took care of myself and they can do the same for themselves.
"Do not be surety for a stranger" is a warning from the Bible to avoid cosigning loans or taking on other debts for someone else:
Proverbs 11:15: "He who is surety for a stranger will suffer, but one who hates being surety is secure"
Proverbs 22:26-27: "Be not one of those who give pledges, who put up security for debts"
I was wondering if there was one...out there!
My friend co signed on a car loan for his brother. The credit union was supposed to notify him if payments were late. They faintly contacted him when they were three days from repossession. He took the car away and had to borrow against his 401k to bring the loan current. He did force his brother to sign the car over but he ended up with an upside down car that he didn’t need. Never co-sign
Vee flies off the handle again.... in a good way 😀
i agree with veronika on this. i went from a 850 to a 430 over night. and it took me years to get it back up. and yes it was my fault. but i never ask anyone to co sing for me. i put 500 in the bank borrowed 500 paid it back 3 times. then i borrowed 500 on just a signature loan. and as my credit built up i could borrow more. once i got to 650 i can get what ever i wanted. and now i am at a 780 and i WILL NOT co sign or ask anyone to co sign for me.
It just depends on the situation. Never co sign or loan if you aren't ready for loss.
Bravo! Great video! Never co-sign unless you 100% trust the other person... maybe your children or sibling...maybe . Even then expect a chance you will get stuck for the payments.
If you could 100% trust them then they could definitely make the payments by themselves anyway
@@cairosilver2932 So true! Nobody with bad credit could ever be trustworthy. Poor people are evil evil yucky yucky monsters (I hear they have cooties too).
Cosigning on an auto loan is the dumbest thing you can possibly do. By the time you figure out they aren't making payments it's too late and you're on the hook for all kinds of late fees, plus the delinquent payments.
Never co-sign for any loan and never add someone as an authorized user on your credit card
Sure, unless you are on the note and have first position and right of assignment. In that case, you have the right to take over payments and possession of the car before the bank does. The bank would rather the co-signer makes the payments than do a repo.
I learned that lesson the hard way
If the person you co sign for does not pay you might not find out right away and your credit score will be destroyed in addition to you then having to pay.
Seems to me if you cosign, you should have access to the account and can check. No one should be foolish enough to just "trust" the other person is paying on time. Cover your back. The same ding on their credit will appear on yours.
Yep. If a "friend" or "close family" is asking such a thing of you, they either haven't thought it through or worse, have and still see you as someone they can use as a resource. Call them on it and have nothing to do with it.
In Ireland, it's not co-signing for the loan. It's termed being the guarantor for the loan. This means that if the loan goes into default, the guarantor pays. It's rare for financial institutions to offer this product to unrelated people. Also, I just give my family money because I know that I am not going to get it back. Examples are my sister, sister-in-law, parents, parents-in-law, nephews and nephews-in-law.
It's nice that you give your family money but you are being taken advantage of if they ask for the money and never pay back. A lot of your family members seem to need money. If the monies are gifts because you want to share, that's one thing. If they are always asking and you are always giving then you are being used.
My sister had gotten a credit card under my name without me knowing and never paid it back. I only found out after a credit collection agency called me. My parents confronted her about it and basically, her situation was that her credit was bad (gee, I wonder why) and needed to use my name to get approved for things. Crazy enough when I asked her to pay it off, she flat out told me no. Years later she had the nerve to be salty after I refused to co-sign something for her.
I'm sorry you have a sister like that. It sucks knowing you can't trust your own flesh & blood. I hope you're able to keep your distance from her.
@ Thank u. Yeah it def sucks. But I have forgiven her since then. It was a good learning lesson on protecting your credit.
She “needed” to. That’s a good one. She committee a crime. You could have reported her. Then she would have been a convicted felon in addition to having bad credit.
“Lower your expectations or find a way to increase your income.” 👏🏼👏🏼👏🏼
Well said, Veronica.
A coworker did this to me. I have a WFH job so I’ve never met my coworkers. There was one time, early on my career, I was required to meet up with a coworker for some company paperwork since we live in the same part of town. We touched base on our company platform first and she was really friendly. When we met up she was really nice then after a while she asked me to please co-sign a loan with her. Said she was trustworthy and even willing to give the papers to her car for me to hold. I was flabbergasted and she kept pleading and saying she normally wouldn’t this kind of thing but she needs it for her kids. I finally told her I can’t and even said I hope she understands but I’ve only just met her and just don’t feel comfortable signing something like that. We parted ways half an hour later. Personally, I’m debt free so I could not fathom taking on debt, especially a complete stranger. We never spoke to each other again after. I think she even left company a year later.
Many many years ago I talked to my brother out of co-signing a $30,000 loan for a guy I explained it almost like Veronica did that that means you would be 100% responsible for the payments on that truck but not have the truck so after he thought about it for a while he told the guy no and also he didn't realize he would be locking up $30,000 worth of his own credit if he needed to buy a truck for himself
There are certain things you might co-sign on, stuff that adds value over time, like a car, a house, or necessities like a washing machine or stuff like that, BUT, only if you trust that person or (read and) are willing to lose that money for that person.
Just like with loaning money out in general. If someone co-signs for you, it's a big symbol of trust and you better make sure not to abuse that.
obviously, a person with little money and a hard time after losing a job/family member or having bad luck in any similar form and loosing a car at the same time, a co-sign on a car might help that person to get out of that hole and change that persons' life, this should also be considered, but TBH, I would never ever co-sign on a loan or anything that is used for a luxury item. Either they can afford it on their own, or it benefits both f us, or it is such a game changer in someone's life that I am willing to lose the money to save that person. These are my conditions if you come to me regarding money, being a loan, a co-sign or similar things.
Neither a borrower nor a lender be, my dads words when I started work.
Those were Shakespeare’s words. Standard high school English class curriculum.
Forty years ago, my insolvent boyfriend asked me to cosign a loan. I knew neither of us had any collateral and would therefore not be good risks but, for some reason, he didn't seem to understand this basic fact. I co-signed, only because it was the only way he was going to realize *neither* of us was a good risk at that time and he should just suck it up and take responsibility for his finances. The loan was refused. He's history. I carry no debt.
One of my life lessons has been zero credit. I just don't do it. I maintain a reserve which acts as my credit and I pay interest only to myself. I have more 'credit' with myself than I would ever get from a bank. I'm not not into consumption beyond my basic needs. I save 25% or more of my income by living simply, which is then invested. It took me years to learn that lesson and to get to a position where I could implement it. I wish I'd learned it young.
It would be a highly unusual young person who would adhere to this lifestyle. Young people want things and they want to go out. It’s even worse now with the images on social media.
The animation is very simple, mostly circle and straight likes. The messages are excellent. Looks like we don't need a lot of visual to put across our ideas.
That is not just for a loan, also for an apartment. I would not do it form my son, however I did send a letter that stated the amount of money I was giving him as along as he was a student. He wanted to move out of housing.
Same with people renting a car for someone else. It usually doesn’t end well.
Sometimes is a family member asking for this, and the same rationale applies ❤
Not always. Sometimes it's because a new adult doesn't have the history to grant the banks confidence. Which is where parental co-signatures can help. Where the parent has confidence in their child, that is.
@@BaalsMistress Sucker LOL
I have learned never to cosign for anyone . Family, friends, co workers. Even sometimes your spouse.
"I had no idea there were consequences to my actions."
At this point I don't know why anyone thinks they could try anything with Veronica
The only time you might want to co-sign is if your kid has no credit yet and you are willing to help him pay that bill anyway.
Judge Judy had a lot of these cases, she would rip into the people who stopped making payments.
I never would co-sign nor would I even ask anyone to co-sign for me because I’m always afraid I might screw over the other person.
You have a conscience not everyone does.
Friends don't ask friends to cosign.
I did co-sign for my son’s new furnace because he needed heat in February.
He had it paid off in a year.
But normally I’d never co-sign.
Your son owns too much house if he can't afford to maintain it.
The lesson there is to put money aside every month, so there is a fund for these repairs that come up.
A friend of mine learned the hard way about co-signing. She co-signed for her niece's car loan and for several years everything was fine to the point she forgot all about the loan. Then one day she discovered her checking account emptied out. Turned out the niece had stopped making payments and the bank had come after her as the co-signer. She had to start paying her bills with money orders and pre-paid cards because any money that went into that account would be seized. As far as I know that niece STILL has not paid her back.
Never be a cosigner. Period.
If a friend ever asked me to cosign, they would not be a friend any longer
Since we are not friends anyway, will you cosign for me?
@@esIworld Ha ha ha ha ha ha ha
Veronka on the money again!!! "Neither a borrower nor a lender be, for a loan often loses both itself and the friend" - Shakespeare, Hamlet.
After that "Horrible" savings bond video.
We are now back on track. - Yeah I said it !
As a former Sr. Finance Exec.
I kno Finance !
This one hits & touches all the bases !
I could-signed for a friend nanny years ago when he bought a Fender guitar. I was a little wary, but assumed things must have gone ok because I didn't hear anything for over a year. One day he visited me and asked if I had heard anything regarding payment. I told him I hadn't and asked if he had a problem. He said 'no' and that he signed a direct debit at the time and just assumed the money had come out of his account. Much later he had checked his account and found no payments had been made. He queried his bank, who told him they had never received any request for payment. Neither he not I ever heard anything further.
As an additional comment, please understand I hold no ill-will towards my sister and niece. I knew the risks, and despite my reservations chose that path. It was on me to make restitution as my niece was unable to. I paid off the fines and fees. I got no thank you for it, no repayment or compensation. I accepted it as it was and went about repairing my credit score. My only advice would be to get everything in writing with witnesses and get it notarized before you transact. Better yet, don't lend money to family regardless of the animosity it might incur.
What she said 😂. FACTS!!
I made this mistake with my son, and when I went to a lawyer, he asked me, "do you lend money out?" to my "no", he then asked, "if a bank, who has money to lend, would not lend it to your son, why in the world, would you co-sign it?" It wasn't my finest hour. My father made the same mistake with my sister and her husband, in 1972. My mother was beyond furious.
My granddaughter was living with us when she got accepted to college and needed a co-signer for her student loans. Even though we went over what she needed to make to be able to pay for them and each time she assured us she would, we got stuck with 102,000.00 worth of loans. Please think really hard about co-signing
I have seen some videos of parents opening accounts in the names of their children. That leaves the children in bad debt for life. Shocking.
Dispute it. I had a friend who happened to. I told her to file a police report, but she was too loyal to her grandma 😂
I worked in banking for most of my life. My advice from a bankers pov: Never, ever cosign a loan. Never.
FUN FACT
Did you know if you loaned someone ALOT of money and they don't pay, you can report this non payment to the IRS.
They will have to pay income tax on it as it is considered income.
Get everything in writing.
And they must pay via check or bank transfer - so there is a paper trail
@sunset6010 Thanks for the tip
Yup. Trump owes the IRS millions for a forgiven loan he flaked out on.
You have to officially forgive or cancel the loan, which is done on Form 1099-C, Cancellation of Debt. But, yes, it is then taxable income to the deadbeat.
That's very true. Very logical explanation.
Those are really good reasons not to. My exs parents refused to cosign for a house, great credit, down payment, just hed switch careers. Mortgage on the house would've been like 800 a month. 3 years later the market went up that house was worth 2+ times what he wouldve paid for it. Instead he pays 2k in rent for an apartment and he probably wont get a house till his parents die and leave him their townhome. 🤷🏼♀️ They knew he was good for it but they really fked him for actually a really dumb reason, "because what if we buy a property in florida to go to Disney world" his mom was obsessed with Disneyland/world's food. They never did of course.
Never co-sign for anyone unless they are your married spouse and their income and credit either match yours or is greater than yours
If you really have a "negative" history of payments, the bank won't tell you to find a co-signer. It will just refuse to loan you any money.
I mean…. This was true pre-pandemic.
However, I have seen loans denied on perfect credit, 6+ years employment, on time payments , and good debt ratio… denied …. Just because.
Sure, this video is new, but it didn’t age well by the time this channel stolen the audio.
Even with all those factors it doesn’t mean your income amount is enough to make it probably you will be able to afford the loan payments.
I have no problem being the ahole and saying no. I have enough of my own bills to worry about
I bet Veronika is a blast at parties... lol
She can afford to go to parties and bring something nice to drink, because she didn't co-sign
I recently discovered it and got hooked on these shorts….. however, I was shocked to see Veronica in pink. She changed her outfit lol
Right on Veronika!!
She could have just said "for you? Are you nuts?"
I see SO MANY complaints from people who have co-signed a loan for someone and are now indignant that it is showing up on their credit report as a default! They want to know why they are being held responsible for the buyer's failure to pay. I also had a couple of complaints from people who were angry because they were showing up as a "co-owner" when they had "only" co-signed for someone else's car loan.
NEVER co-sign a loan. For ANYONE. It's not "vouching" for the other person- it's a legally-binding agreement to pay the loan, if the primary signer doesn't pay it. Never, EVER do it. Well-stated, Veronka!
I'm 52 and would need a cosigner but not because of bad credit. After my divorce over 12 yrs ago, I put nothing on any form of credit. If I couldn't pay outright, I didn't get it. Now I have no credit history at all, so I can't qualify for any loan on my own. When I went to my bank because I was thinking of redoing the exterior of my house, even they wouldn't approve me. It partially sucks because I don't have access to credit but I love the fact that I don't owe anybody.
This came at the perfect time.
I know a lady who co-signed for her granddaughter. Her mom was alive and working did not co-sign. Her dad is alive and working and did not co-sign. The 1ST month the car note was due, the granddaughter did not have any money to pay HER OWN car note because she went shopping........who did they come after???? GRANDMA
This has happened so many times. People wanting me to co-sign a loan or lend them hundreds of dollars. I'm really good at saying no.
By the grace of God I will NEVER co-sign for anyone, nor will I ever put anyone in that position to co-sign for me. My financial health is my responsibility and vice versa. I WILL NOT!!!
My younger brother and I co-sign for each other. Our mother is deceased, and our father don't help anyone, yet expects help.
He co-signed a loan for me...i just paid it off last month, I co-signed for his car, he paid the down payment. It helps my credit, and he's almost paid the vehicle off.
That’s the exception not the rule. Also, if you’re helping your father, who helps no one you’re a fool.
Ironically, now Veronica needs a cosigner. She's been booted out of her apartment because she doesn't make enough money now for coming rent increase, and she makes too much to qualify for one of the low-income apartments.
It's also worth considering that when you co-sign a loan for someone you get nothing out of it. No portion of their loan goes to you unless you set some kind of terms with them, but that typically isn't a thing I don't think.
Veronika ... I love watching you ... only found you a few days ago and I visit with you everyday !!!! Annie Lou
My dad said Social Security numbers do not have passenger seats! Your number is assigned to you and your credit worthiness will be compromised if you cosign for someone.