Liability for the whole of a joint debt whether or not any other joint debtors pay the debt.• Liability for Others
If two or more parties enter into a credit agreement they will each be liable for repaying the whole amount borrowed.
This type of liability occurs when more than one party is involved in a contract and where both joint liability (that of all the parties to the contract) and several liability (that of each individual party to the contract) promise the action in the contract. If the terms of the contract are not fulfilled, the injured party has the ability to seek a legal remedy from all the parties involved (joint) or each individual party (several).
A clause in most leases which holds any tenant(s) who signed the lease responsible for the entire amount of the rent. If there is more than one tenant listed on the lease and one tenant moves out, the others can be held responsible by themselves or as a group for all of the rent.
A creditor can demand full repayment from any and all of those who have borrowed. Each borrower is liable for the full debt, not just the prorated share.
When you take out a credit agreement, such as a loan or overdraft in joint names (with another person) then you are both liable for the full amount of any debt. (Credit cards are not normally in joint names, although you may have two cards, only one person with be the account holder). This means that if one of you fails to repay the debt (this can occur following divorce or separation) then the creditor could still ask you for payment of the full amount (you are not just responsible for your "half" of the debt).
Should there be more than one party to the mortgage you should be aware that each is jointly and severally liable for the whole loan should the other default.
Where there is to be more than one (adult) person living in the property, the tenancy will say they are “jointly and severally” responsible. This means that, jointly, the tenants are liable for the payment of all rents and all liabilities falling upon the tenants during the tenancy, as well as any breach of the Agreement. Individually each tenant is responsible for payment of all rent and all liabilities falling upon the tenant, as well as any breach of the Agreement until all payments have been made in full. Landlord: Is a person, persons, company or body that has a formal interest in the premises and has the right to let the property.