Did you agree to support someone’s loans? Has that person defaulted, leaving you to handle the debt? Sometimes helping others could lead to financial trouble. Banks want their money back. If you don’t have the funds to make that happen, it could impact where you live and your credit. Don’t just give in. Fight back. The following are four ways to regain control.

1. Call the Lender

As soon as the first notice arrives, call the lending agent immediately. Find out about the situation, learning any details about the loan and the other person’s inability to pay. If you guaranteed it for them, you made a legal agreement to assist. However, circumstances change. If you now have a valid reason to keep you from paying, explain that to the agent. See if you can work out a payment plan until the other person can meet the notes again.

2. Hire a Lawyer

Banks are financial institutions with legal teams. They may work with you, but they aren’t going to forget and forgive completely. If you need out of the obligation, have a lawyer on your side who specializes in banking litigation support.

3. Find Someone Else To Take Over the Loan

Maybe you can get someone else to cover the loan. This tactic may work best if you know you wouldn’t handle a default and the other lender is still paying. Ask other family members who may have more lucrative circumstances to take over as the backer.

Many people can’t get a loan with someone’s support; however, becoming a guarantee isn’t for everyone. It’s a great deal of responsibility and may feel very stressful. If you decide you now want out, be open and honest about the choice. Then, work with the lender and a lawyer to dissolve the arrangement.