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Guarantor - Joint and Several tenancy
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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.0
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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.
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.0 -
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'.0 -
still worth having a ccj registered against them, as a warning to othersNo 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'.0 -
Many thanks for all the replies.
gregston0
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