My husband took out an unsecured loan at a local bank branch, using my social security number without my knowledge. I was later sent a promissory note which I did not sign, even though they had distributed the money into his bank account. Now the bank has a collection agency calling me to collect these funds. I am livid that the bank officer would write him a check knowing that he was not the person belonging to the SSN. I could not have obtained this money if the tables were reversed. What should I do. Can the bank hold me responsible for the transaction and if I pay the note can I sue them for any inpropriety?
Your first response to the collection agency and the bank should be "Show me the signed note." If your signature isn't on the note, and you didn't guarantee the loan in writing, you should not be liable.
The bank was responsible to verify your husband's identification and should have noticed the discrepancy in Social Security numbers. The mere association of a Social Security number with a loan does not make the individual to whom the number was actually issued liable on the loan. If you continue to be contacted with collection efforts after you've seen the note without your signature or after the collection agency and bank say they won't or can't produce a copy of the note, speak to an attorney.
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Your first response to the collection agency and the bank should be "Show me the signed note." If your signature isn't on the note, and you didn't guarantee the loan in writing, you should not be liable.