Difference between revisions of "Co-signing, Guarantees and Joint Debts"

Jump to navigation Jump to search
no edit summary
 
Line 3: Line 3:
'''Co-signing''' is when someone agrees to be jointly responsible for a debt with another person. This is different from signing a '''guarantee''', which is a promise to pay the debt of another person if they default on the debt.
'''Co-signing''' is when someone agrees to be jointly responsible for a debt with another person. This is different from signing a '''guarantee''', which is a promise to pay the debt of another person if they default on the debt.


== Client problems ==
== Client problems==
*Client has been asked to be a “co-signer” for a debt and wants to know what legal responsibilities are involved.
*Client has been asked to be a “co-signer” for a debt and wants to know what legal responsibilities are involved.
*Client co-signed a loan and wants to know their rights because the other party defaulted and the creditor is demanding payment from the client.
*Client co-signed a loan and wants to know their rights because the other party defaulted and the creditor is demanding payment from the client.
*Client and spouse have separated, and the client wants to know what to do about joint debts, such as credit cards.
*Client and spouse have separated, and the client wants to know what to do about joint debts, such as credit cards.
9,075

edits

Navigation menu