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Guarantor - Joint and Several tenancy

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  • teddysmum
    teddysmum Posts: 9,471 Forumite
    First Anniversary Combo Breaker First Post
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    I know someone who fell foul of 'joint and several' over a business. This was with someone he knew, who turned out to be greedy , wasteful and selfish, so as his assets were protected, the other partner ended up with all the debts.
  • Guest101
    Guest101 Posts: 15,764 Forumite
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    teddysmum wrote: »
    I know someone who fell foul of 'joint and several' over a business. This was with someone he knew, who turned out to be greedy , wasteful and selfish, so as his assets were protected, the other partner ended up with all the debts.

    There may have been the option of a private pursuit for those debts.


    In this case Students 1-7 all agree to rent together, each owing the full rent. (how they split is up to them). If student 1 doesn't pay, they could be sued by 2-7 to recover what they have paid out.


    getting paid is another matter, but the debt doesn't necessarily disappear.
  • teddysmum
    teddysmum Posts: 9,471 Forumite
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    Guest101 wrote: »
    There may have been the option of a private pursuit for those debts


    No chance. The other party was a member of a well known secret society (turns out the company solicitor was, too) and had everything tied up so his wealthy parent 'owned' everything and he had nothing to 'go after'.
  • Guest101
    Guest101 Posts: 15,764 Forumite
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    teddysmum wrote: »
    No chance. The other party was a member of a well known secret society (turns out the company solicitor was, too) and had everything tied up so his wealthy parent 'owned' everything and he had nothing to 'go after'.
    still worth having a ccj registered against them, as a warning to others
  • gregston
    gregston Posts: 3 Newbie
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    Many thanks for all the replies.
    gregston
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