if you sign up to a debt agency with a partner and then you break up, does the partner whose name ISN'T on with the debt agency have to pay anything?
2006-11-14 04:16:52 · 11 answers · asked by lilfeeney1991 1 in Business & Finance ➔ Credit
If you co-signed, then the debt is usually joint and several, meaning you both owe it. If they did not sign anything, they do not owe anything. That's if youre using "partna" to mean in a personal relationship.
If you two are partners in a business partnership and you signed on behalf of the business, youre both liable.
2006-11-14 04:20:47 · answer #1 · answered by Annette J 4 · 0⤊ 0⤋
If your partner's name is not on the paper, they will not be responsible for a penny. However, even if your partner's name is on the paper, they may still get away without paying; debtors tend to concentrate on the person they are best able to track down. You could cop the lot! Best thing is not to get involved with a debt agency. Go to citizens advice beaureux, they will be able to give you some sound advice. I know this because I have a very good friend who is still paying the debt agency now. He has nearly finished paying, but it has taken him years!!!
2006-11-14 12:23:18 · answer #2 · answered by Anonymous · 0⤊ 0⤋
if the debt is in your name then you are liable for payments unless you can prove that you took the debt out for the partner, eg bought a car and he has the car and you are left with the debt but this is very difficult, he could claim it was a present. have a word with citizens advice and they may be able to help you and give you a bit of legal advice on where you stand!
2006-11-14 12:22:39 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Nope, sorry. If they did not sign for the loan they are not legally obligated to pay any of it. Chalk it up to a learning experience and be careful in the future.
2006-11-14 12:23:28 · answer #4 · answered by Kwk2lrn 4 · 0⤊ 0⤋
Probably not. Although if you are the one that is not on the agreement and you owe the money its bad karma to leave the burden on your former partner.
2006-11-14 12:25:14 · answer #5 · answered by Charlene 6 · 0⤊ 0⤋
no
only the people whose signature appears on the forms have the legal responsibility to pay.
you could try small claims court to get them to pay up their half, but i think you might have a hard job proving that they agreed if only your name is on the agreement.
2006-11-14 12:22:35 · answer #6 · answered by alatoruk 5 · 0⤊ 0⤋
No only the person who signed is responsible
2006-11-14 12:28:32 · answer #7 · answered by sedona 4 · 0⤊ 0⤋
Only the named parties will be liable.
2006-11-14 12:24:15 · answer #8 · answered by Gone fishin' 7 · 0⤊ 0⤋
the best way to split up is to get your partner shot, its a lot cheaper
2006-11-14 12:19:39 · answer #9 · answered by ss24xbhandyman@yahoo.co.uk 2 · 0⤊ 1⤋
No, as I found out to my great cost.
2006-11-14 12:27:04 · answer #10 · answered by Anonymous · 0⤊ 0⤋