"Joint & Several" - What does this really mean

John1993_2

HaSBeenConsolidated wrote: »

Within a year or two of meeting this chap, who already had a maxed out Credit Card, he had run up his Car Hire...

She seems to have been unlucky in love there, which is sad.

She doesn't, though, get to blame the bak for the fallout from this, I'm afraid. If he'd convinced her to get a tattooo wit hhis name on it she'd not be able to demand a refund on that years later either.

It's the same principle in both cases.

ReadingTim

HaSBeenConsolidated wrote: »

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

By "useful advice" do you mean 'magic wand to wave/waive the debt away'?!?

HPoirot

HaSBeenConsolidated wrote: »

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.

Fail to see how the bank can be blamed here. It's the same as them blaming you for having raised her to be gullible. Beside the point of this guy's deception totally.

Clive_Woody

HaSBeenConsolidated wrote: »

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.

Sounds like her ex is where you should be directing your anger, blaming the banks for your daughters poor choices is going to get you nowhere. I suspect this is what the debt charities told you.

ChopperST

Please Hasbeenconsolidated focus your efforts on supporting your daughter through this mess.

You have recieved several helpful replies across two threads now yet you seem unwilling to accept that this is a horrible situation, yet (unfortunately) a situation your daughter finds herself in.

Her ex is a lying rat - yes

The banks however have done nothing wrong in this situation, please face up to this and start to work proactively to help your daughter get her life back on track. Don't go to the FCA or the ombudsman.

Edit - I've just seen that you have said and let me get this straight...

Your daughters ex (who we know to be a liar) told your daughter that a nice person at the bank told him that they should get a loan together. I think this changes the complexity of your argument as you implied they went to the bank hand in hand and the bank suggested this as an option.

What did happen is your daughter's ex convinced your daughter it would be a good idea to get a loan in joint names. She already knew he wasn't paying into their current account and she was covering his share of the bills yet she went ahead with it???!!!

Perhaps post your daughters SOA on here or the debt free wannabe forum so people can help you identify a solution to the problem.

John1993_2

Clive_Woody wrote: »

Sounds like her ex is where you should be directing your anger, blaming the banks for your daughters poor choices is going to get you nowhere. I suspect this is what the debt charities told you.

Some big boys made me break the window, but they ran away. It's not my fault.

Antimoron

Blame everyone else but yourself. The bank, the ex, the law.

The hell happened to accountability?

pvt

Hasbeenconsolidated,

One possibility to explore is for your daughter to approach the bank and offer to pay off half the loan if they will agree to split it and agree she then has no further liability. If she makes the point that she has no chance of being able to pay off all of the loan and it would therefore be better for her to default on all of it if they don't make some arrangement. For this to work the bank would have to be convinced that getting 50% of the money and chasing the other borrower for what they can get might be their best option - if it looks to them as if she's good for the whole amount they obviously wouldn't agree to this.

It can be done, but has to be agreed to by all three parties involved, including her !!!!less ex-partner. And for all three parties to agree, it obviously has to be mutually beneficial to ALL those parties.

ChopperST

Have you spoken to stepchange?

This is their take on the matter - http://moneyaware.co.uk/2011/09/we-got-a-joint-loan-now-weve-split-who-has-to-pay/

Apples2

ChopperST wrote: »

Have you spoken to stepchange?

This is their take on the matter - http://moneyaware.co.uk/2011/09/we-got-a-joint-loan-now-weve-split-who-has-to-pay/

The op is never going to accept that.....