The building society say no. they both remain responsible for the whole ammount. can this be correct? We do not have an address for the ex boyfriend and contact is difficult.
2007-01-27 01:51:23 · 12 answers · asked by john h 1 in Business & Finance ➔ Personal Finance
THEY are both responsible and it is in her best interest to let the banks know his where abouts asap.
2007-01-27 01:55:44 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Hiya - What the building society has told you is correct.
Essentially they both agreed to be responsible for the whole amount borrowed. This means the building society can chase either one of them for the whole debt.
There is a subtle reason for this - it is quite usual for say a mortgage to be put in both names, but it is also quite usual for one or other partner to lose a job or get sick for example. It wouldn't therefore mean that the other partner working would only owe half though, would it.
And that in essence is why they make both people responsible for the whole debt. Covering all eventualities including partner break up.
I would advise you to see a solicitor and explain the problem. If he can be traced, they would probably write to him and point out his legal obligations and perhaps you could then sue him for an amount equal to half of the outstanding loan balance.
Alternatively, there are many companies out there who can organise what is known as an IVA for your daughter if the debt exceeds her capacity to repay it. This is an Individual Voluntary Arrangement, where your daughter pays back an agreed amount per month over say 5 years and then the debt is cleared, no matter how much was owed. The company does the negotiating on behalf of your daughter and they do take a commission for doing this.
However even with that it usually works out a lot less than repaying the whole amount.
Hope this helps
2007-01-27 02:12:16 · answer #2 · answered by Wantstohelpu 3 · 0⤊ 0⤋
You sound like a good parent so if possible, help your daughter meet her side of the loan.
Meanwhile, run, run, run, run, run, run, run to a LAWYER. Some of them are cas crappy as those grapes grown in New York City. Find a good one who knows what the heck he is talking about, preferably, one who has dealth with such cases. Get a referral from a friend or someone in church, etc. who may know a good lawyer.
I say that cause you need to know your options. You might find that you can pay half and then file a report which bascially says that the ex has to pay the other half or go to the slammer. Or maybe you'll find that she is fully responsible for the whole amount. The key thing is to act fast cause if you wait too long, the window of opportunity to fix things might just pass you by.
My tip: Get Advice From A GOOD Lawyer!!!! And don't be afraid to ask questions. In fact, go with a list of questions and don't leave until s/he has explained the whole scenario to you.
2007-01-27 02:02:31 · answer #3 · answered by JiveSly 4 · 1⤊ 0⤋
Its called joint and several liability. They are both responsible for the whole loan. If both parties agree to pay half each thats acceptable to the building soc. if the boyfriend cant be found, they will chase your daughter for it all.
2007-01-27 01:56:10 · answer #4 · answered by jeanimus 7 · 3⤊ 0⤋
Yes doth parties are responsible for the full amount not half each. If the boy friend has done a runner then your daughter will have to find the lot I afraid
2007-01-27 01:56:28 · answer #5 · answered by Anonymous · 1⤊ 0⤋
They are probably liable jointly and separately (read the terms of the loan), but there is nothing to stop them making a contract between themselves to pay half each.
2007-01-27 09:15:03 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Unfortunately they are both responsible to pay the bill..if they cant reach him they will come after her for pymt. After she pays the bill she can however take him to small claims court for 1/2 the money
2007-01-27 01:55:36 · answer #7 · answered by Amy 4 · 1⤊ 0⤋
I'm afraid that is correct. They have joint responsbility so they are both responsible for the total amount.
2007-01-27 20:31:09 · answer #8 · answered by gerrifriend 6 · 0⤊ 0⤋
sorry, they both have to pay the loan. You could look into your daughter buying out her share to the friend. You might have to see court judge for that.
2007-01-27 02:00:10 · answer #9 · answered by fleshy queen 3 · 1⤊ 0⤋
sorry, but your daughter has to bear the responsibility of the repayments. Get a solicitor to start legal proceedings against him for his half.
2007-01-27 02:00:56 · answer #10 · answered by mike-from-spain 6 · 1⤊ 0⤋