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Will joint debts be wiped??
Bluebelle72
Posts: 659 Forumite
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.
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Comments
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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 :j0
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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
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anything joint will fall to you if he goes BR alone they wont split it0
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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_AlanI 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.0 -
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 x0
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