Skip to content

24-hr payment line: 0161 543 1636 Existing customers: 0161 228 6194 New customers: 0161 543 3814

Common Examples of Joint Debts

Joint debts can be divided into two main groups; secured joint debts and unsecured joint debts.

Here are some examples of debts that fall into each of these groups.

Unsecured Joint Debts Secured Joint Debts
Joint Personal Loans Mortgages
Joint Secured Loans

(Please scroll sideways if you can't see the full table.)

How Joint Debt works

If you and a co-signer have a joint debt, both of you are equally responsible for the repayment of the loan. You can’t opt out of responsibility for repayment or split the debt in half. Both parties are 100% responsible. This is called “joint liability.”

Therefore, if one person fails to meet their obligations, the lender will look to the other person for payment of the full amount of the debt.

Do both people have to file for insolvency to deal with a Joint Debt?

If one person has a significant amount of debt alongside some joint debt, they may need to look at insolvency options – the good news is they can do this without the permission or assistance of the other person on the Joint Debt agreement.

If the second person is still able to make their debt repayments with no problems, there is no need for them to also file for insolvency. They can simply continue to make their contractual payments.

However, if both parties are struggling to meet their joint debt repayments it may be worth considering a joint debt solution, such as a Joint Debt Management Plan or a Joint IVA.

Related debt types