Glossary - J

Joint & Several Liability

When you take out a loan or overdraft in joint names then you are both liable for the full amount of any debt. If you fail to repay the debt then the creditor can ask you personally for payment of the full amount as you are not just responsible for your "half" of the debt. Note: - Credit cards are not normally in joint names, although you may have two cards as only one person with be the account holder.