Hi All,
I have a friend that is not good with money, after many years of trying to help in various ways, one of the last options I thought of was a savings account where he can't get money out without someone signing with him, and that someone not letting him get money out except for things like rego and insurance.
Last night he actually brought this up as an option.
What is this type of account called? Cosign?
What is the risk for me if I am down as the person to sign? Does it mean I will be on the account, and thus subject to his bad credit rating? Or will I just be a signature?
I don't want to take on his bad credit...
Thanks
Chris
I have a friend that is not good with money, after many years of trying to help in various ways, one of the last options I thought of was a savings account where he can't get money out without someone signing with him, and that someone not letting him get money out except for things like rego and insurance.
Last night he actually brought this up as an option.
What is this type of account called? Cosign?
What is the risk for me if I am down as the person to sign? Does it mean I will be on the account, and thus subject to his bad credit rating? Or will I just be a signature?
I don't want to take on his bad credit...
Thanks
Chris