Advantage Loans - Debt Management

This is simply a breif guide and cannot state the full details of the law. If you require more information on any specific details then try your local Citizen's Advice Bureau or Advice Centre.

ARE YOU LIABLE FOR THE DEBT?

Always check that you owe the money before agreeing to make repayments. This is called being liable for a debt. Many people are asked to pay back money they are not liable to repay.

Generally speaking, you are not liable for your partner's, or anyone else's debts, unless you signed an agreement or acted as guarantor (More information on these links regarding guarantors and guarantor loans). The two main exceptions to this are council tax and water charges.

DID YOU SIGN AN AGREEMENT?

Most people will have to sign an agreement in order to get money or goods on credit.
If you signed the agreement alone, you have sole liability - you and nobody else owe the debt.
If you signed along with someone else you have joint and several liability. This means you will each be regarded as owing the full sum.

Just because you live with someone, are married to them or just have the same address, does not mean you are liable for their debts. However you can be jointly liable for council tax and water charges with your partner if you live with them.

If you have signed as a guarantor for someone, you have accepted liability for the debt in the event that the other person does not pay.

If someone signs an agreement in your name and without your agreement you may not be liable, and they may be guilty of fraud. You will need legal advice.
If you have been forced to sign an agreement against your will, e.g. by a partner, or you have been misled, you may not be liable for the debt. Seek legal advice.

ASSUMING RESPONSIBILITY

If you are liable for the debt, and you're struggling financially, then signing up for a Debt Management program could be all that you need to get back on track and sort out your finances.

Advantage Loans recommened that you use Debt-Line's Debt Management program.

Debt-Line Web Site: www.debt-line.org.uk