Borrowing money or getting into a financial agreement jointly with someone is referred to as joint debts. It can be taken by partners or by any two people under credit or loan agreements. Joint loans, credit agreements and joint accounts are some of the types of joint debts.
Once you took out a loan or credit in joint names, both person concerned is responsible for the entire amount. It does not matter who uses or spend a huge portion of the money. For as long as your name is on the agreement, you’re held accountable for the whole amount. This is referred to as ‘joint and several liability’.
If the other person ignores paying the debt, leaving you to pay the entire amount, contact us. We can help you with how you can manage the situation.
Furthermore, some people assumed that credit card debt taken in joint names are considered joint debts. While this is available to some countries, these do not exist in the UK. In the UK, credit card agreements have a primary cardholder who is accountable for repaying the entire debts. This is regardless of whether they are from an authorised cardholder.
Help with Joint Debts
You can use our debt advice tool for free if you need advice with joint debts. Should you prefer to call us, you can speak with our debt experts to assist you in resolving your debt problems. Debts of any kind could be easier to handle if you get help and support from an organization or company like us.
We are up to this time helping several individuals across the UK; especially individuals having financial crisis due to COVID-19 pandemic. We provide free debt advice and support if you’re struggling with any types of debts.