Will joint debts be wiped??

Options
Bluebelle72
Bluebelle72 Posts: 659 Forumite
in Bankruptcy & living with it
Hi guys, if my partner alone goes BR what happens with joint debts, do they get wiped or just the half that OH owes? We have an joint overdraft of £800 plus a joint personal loan of £2,000 both of which are on a debt management plan with CCCS.

Comments

  • shy-but-need-help
    shy-but-need-help Posts: 388 Forumite
    Options
    I was told my joint over draft will become responsibility of DH (who isn't going BR) but I am sure someone more knowledgable than me will be along to answer soon!
    :j BSC #101 :j
  • NekoZombie
    NekoZombie Posts: 1,664 Forumite
    First Post First Anniversary Combo Breaker
    Options
    Yes, shy is correct. All joint debts will transfer to you if your partner goes BR, and you become liable for the whole amount.
    BCSC Member 70:j
    .
  • lovebugfamilly
    lovebugfamilly Posts: 186 Forumite
    Options
    anything joint will fall to you if he goes BR alone they wont split it
  • CCCS_Alan
    CCCS_Alan Posts: 282 Organisation Representative
    Options
    Hi Bluebelle72

    You have what is called joint and several liability for the debt. You have both entered into a credit agreement which makes you both liable for the repayment of the debt.
    So if 1 person goes BR the other person will be responsible for the whole amount owed unfortunately.

    CCCS_Alan
    I am a Debt Counsellor that works for the CCCS and have specific permission from Martin, to post on these boards to try and help those in debt. Read more information on the CCCS and what it does in the Debt Problems: What to do and where to get help article.

    CCCS is a registered charity, and there is no charge whatsoever for any of the services we provide to our clients. We take great pride in offering first class help and advice, but we only offer this where we have been able to fully explore and understand your circumstances with you. We want to help you understand these choices and their possible implications but not make them for you.
  • Bluebelle72
    Bluebelle72 Posts: 659 Forumite
    Options
    Thank you all very much for your replies, so really it would pay us to both go BR then. My OH has the majority of debts ie, 18,000 loan, 2,500 loan etc I have a few smaller debts and as I said in first post I share a couple of big debts with OH.

    Helen x
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.4K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.8K Spending & Discounts
  • 235.5K Work, Benefits & Business
  • 608.4K Mortgages, Homes & Bills
  • 173.2K Life & Family
  • 248.1K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards