questions & answers

Question: 23 years ago in Michigan I cosigned for a Visa card with a 1000 dollar credit limit for my daughter. I just received a letter form the credit union telling me that she has filed for bankruptcy and I am responsible for the 2500 balance. Am I libel for all of it?

Answer: If you dispute the debt, send the collectors a letter stating that you don't owe the money and why. You should also send copies of receipts, canceled checks or other documentation. Keep your original documents in a safe place for future use. Send your letter within 30 days of the date you received the notice. It is best to send the letter by registered mail, return receipt requested. Debt collectors must stop contacting you until they mail you the verification of the debt. If they are unable to verify the debt, they must stop collection procedures