Sexually Transmitted Debt
Imagine for a second waking up to discover your partner, the love of your life, has done a runner, leaving you with nothing but a whole heap of debt.
To make matters worse, this debt you're now lumbered with only came about because of your partner.
But it's OK you think to yourself, at least you're only responsible for you're half - right? WRONG!Chances a you will be responsible for the whole debt and you have just caught the disease we in the industry call an 'STD', a sexual transmitted debt.
So how does this come about? When you take out a loan with someone else most lenders will have you sign as what is known as 'joint and several borrowers'.
What this means is that you are both responsible for all of the debt, not just your half.
The kind of debt we're talking about are things like; join credit cards, joint phone accounts and personal loans - all perfect examples of a potential STD.
So, how do you avoid catching a sexually transmitted debt? For a start, you need to practice 'safe borrowing'.
Resist the urge to jump too quickly and ask yourself this question: "Is this really the right thing for me to do?" The second thing we would recommend is to get professional advice.
See a solicitor who will advise you on the ramifications if something goes wrong, because we all know stuff happens and people are people, but at least you will be aware of the consequences...
"
To make matters worse, this debt you're now lumbered with only came about because of your partner.
But it's OK you think to yourself, at least you're only responsible for you're half - right? WRONG!Chances a you will be responsible for the whole debt and you have just caught the disease we in the industry call an 'STD', a sexual transmitted debt.
So how does this come about? When you take out a loan with someone else most lenders will have you sign as what is known as 'joint and several borrowers'.
What this means is that you are both responsible for all of the debt, not just your half.
The kind of debt we're talking about are things like; join credit cards, joint phone accounts and personal loans - all perfect examples of a potential STD.
So, how do you avoid catching a sexually transmitted debt? For a start, you need to practice 'safe borrowing'.
Resist the urge to jump too quickly and ask yourself this question: "Is this really the right thing for me to do?" The second thing we would recommend is to get professional advice.
See a solicitor who will advise you on the ramifications if something goes wrong, because we all know stuff happens and people are people, but at least you will be aware of the consequences...
"
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