"Joint & Several" - What does this really mean

ReadingTim

John1993 wrote: »

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?

If it's crystal clear, this conversation wouldn't be happening, even if the majority of posters are violently agreeing with one another.

But unfortunately, yes, the explanation does seem to need to cater for the lowest common denominator.

Clive_Woody

HaSBeenConsolidated wrote: »

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?

The bank offered the loan based on the application submitted by your daughter and her partner and the financial information that they provided when they approached the bank to borrow money from them.

Clearly this young lady did not understand what she was signing but that is not the banks fault. If she had questions she could have asked the bank to explain, used the internet or approach family or friends for advice. She chose not to do this assuming everything would be okay.

It's a tough lesson but trying to blame the bank for ruining her life is simply wrong. This was a decision made by her and her partner.

You are flogging a dead horse here. Your daughter made a bad decision and she needs to hold her hands up admit responsibility. and deal with it

HPoirot

HaSBeenConsolidated wrote: »

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?

Who forced a loan onto the young people?

HPoirot

ReadingTim wrote: »

If it's crystal clear, this conversation wouldn't be happening, even if the majority of posters are violently agreeing with one another.

But unfortunately, yes, the explanation does seem to need to cater for the lowest common denominator.

It already does, a few years ago these terms used to be in stiffer formal English. Can't ask for more.

ChopperST

HaSBeenConsolidated wrote: »

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?

This is because people are motivated by a "I want it now" culture rather than living within their means.

The level of control in the system is called self discipline and taking responsibility for your actions. As others have said lending is based on probabilities and statistical modelling, not the morality of the decision. No body forced Miss A into this situation, she chose to borrow a large sum of money at her own risk. That decision has come back to bite her and she will have to accept the consequences. Has she spoken to a debt management charity as yet?

John1993_2

ChopperST wrote: »

Has she spoken to a debt management charity as yet?

I reckon that she'll still be at the "it's not fair" stage, and wo won't want to take that step yet.

I wonder what they spent the money on originally. I do hope that the memories are worth it.

HaSBeenConsolidated

Before she met her !!!!less boyfriend (10 years older than her) she had only one relatively modest Personal Loan, which she could afford and was servicing very satisfactorily.

Within a year or two of meeting this chap, who already had a maxed out Credit Card, he had run up his Car Hire (£700/month) and mobile phone (£1,000 in a year) on her Credit Card supported by much b******t and lies about his successful businesses (we call them failures) - then added a significant overdraft to the joint current account he had persuaded her to open.


By and large she was the only one who ever paid any money into the current account. All this was with the same bank, which eventually discussed the financial position with him. As you can see all the loans were already on their books, so they had nothing to lose and all to gain if she signed up to a consolidated loan, as they would then be able to chase her for the boyfriends debts.


He told the girl that the bank wanted them to take out the Consolidating loan, which would be 'a good thing' as this would enable them to manage their finances and him to progress with his business plans.


This she did.


A while later he moved out and has ducked shy of ever repaying a penny, leaving her to try to manage a monstrous loan on her own, with no help from the bank - debt charities etc. have been unable to provide any really useful advice.

DCFC79

AFK_Matrix wrote: »

Don't bother replying to this person, they have already been told all this in their other post here:

https://forums.moneysavingexpert.com/discussion/4753133

They just can't accept that you can't split a loan and each party is responsible for the loan. No helping some people I guess!!

Agreed :beer:

Tixy

debt charities etc. have been unable to provide any really useful advice.

Thats unusual. They usually are able to advise people on a way forward to deal with their debts.
What did the debt charities suggest / recommend to her as a way to deal with her loan?

sharp82

Imagine the outcry if banks starting judging relationships before giving them a loan/mortgage.

'I'm sorry, we cant offer you a loan as we don't think your relationship will last'