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Be careful about your signature on some loans

Can it really be true that I have to pay my friend’s bank debt because he owns a villa?

Can I have the right to have a loan split in two halves so that I and my ex-boyfriend can each process a loan instead?

Why should I pay more than loan balance when I want it out?

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While there may be many good reasons to borrow money at a time when tax and environmental taxes make it difficult for most of us to save for larger purchases, such as car and housing, there are essentially four situations, you need to take care. These are:

1) Loans that you record with others, e.g. loans of joint and several liability.

2) Predictable loans, e.g. Loans that you do not have the right to terminate.

3) Loans with special redemption terms.

4) Loans for which you bail.

If you take out a loan with another, such as spouse or partner, you will both be liable for the entire debt, e.g. a joint and multiple responsibility is automatically generated. But what is directly guided by the thinking in the direction of the story of the three musketeers – “one for all and all for one” – often ends in a slightly different way in the real world. Pro with a loser!

You have no chance of escaping from the joint liability if the terms of the loan changes, for example due to a divorce. Instead, you and your former spouse or partner are jointly and severally responsible for the entire outstanding balance.

There is nothing that pays you your entire share of the loan

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ie .. half the debt, which the creditor – typically a bank or savings bank – will keep calling you by the way!

Failure of ex-husband example to pay his share of a repayment debt, the bank can claim the entire outstanding balance of the loan paid by you and it becomes your problem if you can wring money out of your former spouse.

Instead of you and your boyfriend or spouse taking out a loan jointly, it will often be wiser that in each post a loan of half the amount. Should I use the example, $ 50,000 to buy new furniture for I can practically try to get a loan on each half, that is. a loan of 25,000 kroner, and then I just make sure to buy furniture together, eg. with both names on the receipt. Should I later move apart, I should be responsible only for the outstanding balance on your own loans, which I otherwise, it is. In the case of a joint loan, would continue to be responsible for each other outstanding on the loan.

You should be aware that you cannot require a loan to be split in half because conditions would break. The creditor, such as the bank, has the right to maintain joint responsibility, and that the bank will almost always do when there is a far greater security to get their money back!

Another type of loan that you should consider an extra time

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Loans that you can’t say if you need it, for example, because interest rates are falling.

The built-in risk of unpredictable loans, which they had taken in the early 80’s. Where people came to pay an outstanding debt was significantly higher than the amount to which the loan was reduced, for the remaining was to be repaid at a price higher than 100, such as the rate 140. An outstanding example of 50,000 should perhaps be refunded with NOK 70,000 – And there was no doubt that the label does not tax deduction for NOK 20,000

As pension funds and banks no longer provide loans, which you cannot say is now another type of loan, you need to pay extra attention. For fixed income loans with special redemption terms, because here, it may very well end up paying an extra high price – ie .. a rate of 100 – if you want to settle the repayments on them. If the interest rates in the years after you have taken up such a loan, it will be exactly the same as with the said loan. You have to pay a premium to get rid of the loan again!

It’s a completely different type of loan that you have to be very careful about putting your personal signature on. For loans where you gently other people’s debt, such as helping a good friend who can not provide adequate collateral for the bank’s loan.

When asked to bail, do you always have to ask yourself if you are prepared to pay the entire outstanding balance on behalf of others? The guarantee The result is that you are not personally responsible and with all your assets to another person’s debts!