Response to Will the lender split the shortfall?

Tracy,

Joint borrowers are joint and severally liable- either can be sued for the full amount, so I really hope you have no shortfall if you are a joint borrower. Some building societies say they split it 50/50 but there is no legal obligation for them to do so, unfortunately. Keep written records/recordings of any phone calls just in case, also keep any letters and envelopes. If there is a debt be sure to deny liability in any communication and always state that you dispute it. If the worse comes to the worse and you can't afford to make an offer of settlement you could consider insolvency, discharge will be quicker under the new rules coming in. Good Luck.

Mark.

[ Previous | Next ]