default on joint loan

GeordieGeorge

Pbrushneen said:

Sainsbury’s have refused to allow my partner to carry on paying a joint loan we have after I entered a protected trust deed that have said they can’t accept anymore payments snd the loan has been written off, does this sound correct? I thought my partner would still be liable to pay the loan ? 

Written-off doesn’t ran that they won’t expect to be paid, it’s not the same as settled. It’s an accounting term that earns that they aren’t valuing it on their balance sheet the same way that they were previously.

Confusingly some companies (or their call centers) conflate the two terms.

Pbrushneen

DCFC79 said:

Do remember that only you see the rating, your credit history is what lenders see.

Oh not sure what you mean but thanks 

Pbrushneen

GeordieGeorge said:

Pbrushneen said:

Sainsbury’s have refused to allow my partner to carry on paying a joint loan we have after I entered a protected trust deed that have said they can’t accept anymore payments snd the loan has been written off, does this sound correct? I thought my partner would still be liable to pay the loan ? 

Written-off doesn’t ran that they won’t expect to be paid, it’s not the same as settled. It’s an accounting term that earns that they aren’t valuing it on their balance sheet the same way that they were previously.

Confusingly some companies (or their call centers) conflate the two terms.

They have refused to accept any more payments and have refunded the last 2 that i made by standing order 

sourcrates

Pbrushneen said:

GeordieGeorge said:

Pbrushneen said:

Sainsbury’s have refused to allow my partner to carry on paying a joint loan we have after I entered a protected trust deed that have said they can’t accept anymore payments snd the loan has been written off, does this sound correct? I thought my partner would still be liable to pay the loan ? 

Written-off doesn’t ran that they won’t expect to be paid, it’s not the same as settled. It’s an accounting term that earns that they aren’t valuing it on their balance sheet the same way that they were previously.

Confusingly some companies (or their call centers) conflate the two terms.

They have refused to accept any more payments and have refunded the last 2 that i made by standing order 

It’s a formal insolvency solution, so you are obviously covered, but the other joint borrower remains liable for the full debt, so I don’t know what Sainsbury’s are playing at, but I wouldn’t argue with them if I were you.

Pbrushneen

sourcrates said:

Pbrushneen said:

GeordieGeorge said:

Pbrushneen said:

Sainsbury’s have refused to allow my partner to carry on paying a joint loan we have after I entered a protected trust deed that have said they can’t accept anymore payments snd the loan has been written off, does this sound correct? I thought my partner would still be liable to pay the loan ? 

Written-off doesn’t ran that they won’t expect to be paid, it’s not the same as settled. It’s an accounting term that earns that they aren’t valuing it on their balance sheet the same way that they were previously.

Confusingly some companies (or their call centers) conflate the two terms.

They have refused to accept any more payments and have refunded the last 2 that i made by standing order 

It’s a formal insolvency solution, so you are obviously covered, but the other joint borrower remains liable for the full debt, so I don’t know what Sainsbury’s are playing at, but I wouldn’t argue with them if I were you.

sourcrates said:

Pbrushneen said:

GeordieGeorge said:

Pbrushneen said:

Sainsbury’s have refused to allow my partner to carry on paying a joint loan we have after I entered a protected trust deed that have said they can’t accept anymore payments snd the loan has been written off, does this sound correct? I thought my partner would still be liable to pay the loan ? 

Written-off doesn’t ran that they won’t expect to be paid, it’s not the same as settled. It’s an accounting term that earns that they aren’t valuing it on their balance sheet the same way that they were previously.

Confusingly some companies (or their call centers) conflate the two terms.

They have refused to accept any more payments and have refunded the last 2 that i made by standing order 

It’s a formal insolvency solution, so you are obviously covered, but the other joint borrower remains liable for the full debt, so I don’t know what Sainsbury’s are playing at, but I wouldn’t argue with them if I were you.

Oh really why not ? 

sourcrates

Pbrushneen said:

sourcrates said:

Pbrushneen said:

GeordieGeorge said:

Pbrushneen said:

Sainsbury’s have refused to allow my partner to carry on paying a joint loan we have after I entered a protected trust deed that have said they can’t accept anymore payments snd the loan has been written off, does this sound correct? I thought my partner would still be liable to pay the loan ? 

Written-off doesn’t ran that they won’t expect to be paid, it’s not the same as settled. It’s an accounting term that earns that they aren’t valuing it on their balance sheet the same way that they were previously.

Confusingly some companies (or their call centers) conflate the two terms.

They have refused to accept any more payments and have refunded the last 2 that i made by standing order 

It’s a formal insolvency solution, so you are obviously covered, but the other joint borrower remains liable for the full debt, so I don’t know what Sainsbury’s are playing at, but I wouldn’t argue with them if I were you.

sourcrates said:

Pbrushneen said:

GeordieGeorge said:

Pbrushneen said:

Sainsbury’s have refused to allow my partner to carry on paying a joint loan we have after I entered a protected trust deed that have said they can’t accept anymore payments snd the loan has been written off, does this sound correct? I thought my partner would still be liable to pay the loan ? 

Written-off doesn’t ran that they won’t expect to be paid, it’s not the same as settled. It’s an accounting term that earns that they aren’t valuing it on their balance sheet the same way that they were previously.

Confusingly some companies (or their call centers) conflate the two terms.

They have refused to accept any more payments and have refunded the last 2 that i made by standing order 

It’s a formal insolvency solution, so you are obviously covered, but the other joint borrower remains liable for the full debt, so I don’t know what Sainsbury’s are playing at, but I wouldn’t argue with them if I were you.

Oh really why not ? 

Ha, well, they may realise their “error” and decide to resume collection activity against the other borrower.

Its your call.