"Joint & Several" - What does this really mean

antrobus

HaSBeenConsolidated wrote: »

...Does anybody think that the banks are operating responsibly, and in the best interest of their clients, with such a business practice?

And another 'yes' from me.

HaSBeenConsolidated

Agreed - Reading Tim - but on balance I would think the probability is that the banks ALWAYS know what they are doing, whilst their 'joint & several' borrowers don't always do so.This is going to be especially true as you move down the scale of financial strength, awareness and responsibility. This becomes particularly true with younger women who have !!!!less boyfriends, with whose tales these forums are well populated.

Brock_and_Roll

HaSBeenConsolidated wrote: »

Agreed - Reading Tim - but on balance I would think the probability is that the banks ALWAYS know what they are doing, whilst their 'joint & several' borrowers don't always do so.This is going to be especially true as you move down the scale of financial strength, awareness and responsibility. This becomes particularly true with younger women who have !!!!less boyfriends, with whose tales these forums are well populated.

True, indeed sad, but the fact was that she was an adult, 18 years old and presumably of sound mind and hence free to enter into such contracts. Move on.

ReadingTim

HaSBeenConsolidated wrote: »

Agreed - Reading Tim - but on balance I would think the probability is that the banks ALWAYS know what they are doing, whilst their 'joint & several' borrowers don't always do so.This is going to be especially true as you move down the scale of financial strength, awareness and responsibility. This becomes particularly true with younger women who have !!!!less boyfriends, with whose tales these forums are well populated.

True, and these forums are also well populated with "Why can't I get a loan? - I can afford the repayments!" tales too.

Furthermore, the refusal reason "we're protecting you from your own stupidity" is not usually well-received either.

John1993_2

ReadingTim wrote: »

Fair enough - I've never seen/signed one of these such loan applications, so I don't know how clear the explanations are!

However, even the one you quote above contains extraneous legalese, which could be struck out for clarity: This means you can each be made liable to [the] [STRIKE]perform the borrowers obligations under this agreement, including but not limited to, [/STRIKE]payment of the outstanding balance."

Oh, come on, not only do you want it clearly explainemd but you want it in shorter words, too, even though the meaning is crystal clear?

JuicyJesus

Jesus wept.

John1993_2

HaSBeenConsolidated wrote: »

Agreed - Reading Tim - but on balance I would think the probability is that the banks ALWAYS know what they are doing, whilst their 'joint & several' borrowers don't always do so.This is going to be especially true as you move down the scale of financial strength, awareness and responsibility. This becomes particularly true with younger women who have !!!!less boyfriends, with whose tales these forums are well populated.

May I ask, how happy would you be if companies started refusing to deal with you based on their assesment of your competence?

I assume that you'd be really, really angry, if "petty bureaucrats" refused to give you a mortgage, sell you a car, serve you in the off licence, and so on, as they thought that you perhaps shouldn't be doing what you believe that you wanted to do.

I'm affraid that adults have to take responsibility for their actions. No matter how many times you ask this, people aren't going to agree with you.

John1993_2

HaSBeenConsolidated wrote: »

This becomes particularly true with younger women...

Wow. I did not think that such bigotry still existed. Do you believe, then, that a woman had best take her guardian with her before applying for finance, as they oughtn't to confuse their pretty little heads?

HaSBeenConsolidated

I assume that you'd be really, really angry, if "petty bureaucrats" refused to give you a mortgage, sell you a car, serve you in the off licence, and so on, as they thought that you perhaps shouldn't be doing what you believe that you wanted to do.

But this does go on all the time - If you can't afford a mortgage they won't give you one - If you can afford the car they won't sell you one - If you are drunk they won't serve you in an Off-Licence.


Why should the banks be allowed to ruin young peoples lives by tying them into life-long indebtedness by providing them with Loans they can't afford to repay?


Surely it's time to bring in some level of control to help reduce the level of abuse of the current passion for borrowing money at any cost?

[Deleted User]

But they CAN afford to repay them. It's only when they have a significant change of circumstances that they can't.

And if every loan was written on the basis of 'can this person still afford this loan if they lose their job and have no income?', then no loans would be written.

Lending is based on risk and probablility.