Greensboro, NC -- Losing a loved one is painful enough, but what happens when you are a cosigner for that person's debt?
With student loans, if you are a parent who co-signs with your child and your child suddenly dies, whatever is written in the contract has to be enforced.
That means if you sign an agreement explaining that you will take on the payments if the primary co-signer can not, then you are responsible.
This may sound like insult to injury, but a Eric Gillespie, Director of Consumer Report Counseling Service in Greensboro told WFMY News 2's Chantee Lans that he can see both sides.
"If they don't pay them back, then they take a loss but as far as the other side, it's just one less thing to have to deal with especially in a case when something tragic happened," explained Gillespie."
Eric Gillespie also said the same rule applies for other debt like credit cards and car loans.
If your loved one borrows money alone, the debt dies with them unless that person has an estate.
Debt collectors are legally allowed to take money from the estate.
WFMY News 2