Joint bank loan...

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Post by nepensioner » Fri Aug 13, 2010 9:21 pm
This really has nothing to do with IVA's but you are all such a knowledgable bunch thought I would ask.. A friends daughter has a joint bank loan with her partner and it looks as if they are about to separate, however he is refusing to take her name off the bank loan. Mum is willing to pay what is outstanding of her daughters share, how does she ensure daughter is then free of this loan??
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Post by MelanieGiles » Fri Aug 13, 2010 11:44 pm
If the debt is joint and liable - then they are both responsible for the full amount. Paying off one half of the debt, will not necessarily release her from the liability I am afraid - only payment in full will secure the position.
Regards, Melanie Giles, Insolvency Practitioner
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