Removing a valid debt and loan forgiveness?

First of all, I know it is perfectly legal to dispute valid debts. I also know that some of you will not agree with what I want to do, and that is fine.

In 2000 or 2001, I cosigned for a loan. Yes I was young and didn't know any better. The original creditor filed for bk. The year before the loan I made less than a 1000.

First, why would the bank even allow me to sign, knowing I would not be able to pay?

Second, has anyone every asked for the loan to be forgiven and received it? I'm sure they sent it to auction and got their money back.

Third, should I attempt to have it removed from my credit report by asking them to validate the debt or will this cause me problems?Also it is listed under the original creditor and two collection agencies it was sold to. Which ones do I ask to have removed.

All help is greatly appreciated, if you have more questions just ask.

Thanks

Removing a valid debt and loan forgiveness?

A couple of comments:

1. You say the year before you made less than $1,000 - how much were you making at the time of the loan? Clearly they assumed that you had either sufficient income or previous credit history that you would make good on the debt. If banks were only willing to lend money to people that didn't need it, it would be pretty hard to sustain a viable business.

2. They have no incentive to grant you forgiveness, especially this far after the fact. You co-signed, which means that you guaranteed the loan - you basically promised to pay if the first person didn't. Well, the first person didn't, and you didn't hold up your end. TRhe time to negotiate was before it progressed to collections - or even during collections - not after the debt is settled and written off.

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