Joint Loans: What to Do When Your Co-Borrower Stops Paying
A joint loan ties you and another borrower together. You share full responsibility for repaying the debt even if your partner stops paying. Missed or late payments by either of you can damage both credit scores. If your co-borrower stops making payments, contact your lender right away. Ask about options like payment holidays or interest-only arrangements. At the same time, keep making agreed payments yourself to protect your credit. You can seek a court order to force repayment, refinance the debt in your name alone, or add a guarantor if you qualify. Make sure any guarantor understands they are fully liable if you default. Consider professional debt advice if you struggle. Filing a disassociation notice with credit bureaus after full settlement can remove the link. Always weigh the risks before taking on a joint loan.
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