Originally Posted by LawrenceMD
I've had to say no to several family members and close friends to consign things this young year (mortgages, NYC apartment leases). It's the most awkward phone call ever.
But when someone is newly divorced and just doing the quick math you know that they can barely cover payments it's too much of a risk. It's less riskier to just "lend" out lumps of money, but that's just giving away fucking money.
Just tell them that your attorney told you never to co-sign on anything for anyone. In the alternative, maybe tell a little white lie and say that you're just about to buy something big on credit (like a car or investment property) so you need to have your credit as clean/clear as possible.
I've had several times when I've had to be the bearer of bad news to clients who didn't realize that by co-signing they became equally liable for the debt and that the creditor could come after them first
, without even bothering with the poor 20-something.