In general, the partner’s debts are only liable if the partner has committed to it. For example, if the husband takes out a loan that should actually be for his wife, the wife only needs to be liable if she has signed the loan agreement as a co-applicant. The same picture emerges if a housewife who has no income of her own takes out a loan for the husband, or incorrectly signs the loan contract, this process and contract is considered immoral. This shows the legal situation with a marriage loan.
The starting point for credit in marriage
However, it is not automatically the case that the husband takes out a loan in the marriage for a car, that the wife has to be liable for just because she is married to the borrower. If only one part of a loan is taken out in marriage, the part has to pay the installments alone. The item purchased and paid for with credit then belongs to him. Of course, the banks know about this.
To be on the safe side, when borrowing from couples, banks are required to both sign the loan agreement. From this point on, they are liable, even if the marriage should be divorced, as long as the loan has not been paid, the divorced partner must also pay for the loan. If the loan was signed by a partner alone and there is a separation, then only the person who signed the loan is responsible for the loan.
The other partner is not affected. The bank cannot automatically turn to the other partner if the loan is no longer paid. A marriage loan can be described as a co-applicant loan. Joint borrowing is possible, but not mandatory. Only the person who has put his name under the loan agreement is responsible for repaying a loan.
A joint liability could arise if the loan was taken out in the marriage in order to live a common life. In general, a loan can only be granted to one person if they have their own income. If both spouses have income, the rate will be as if only one person had taken out the loan in the marriage. In the case of a loan with a spouse, the income must be sufficient.
The loan search
If the couple have a common checking account, the partner can also be given an overdraft facility that is not working. The available household money or pocket money for the partner who is not working could be transferred to this account. However, if a credit card is requested, the bank will not require proof of income as long as the normal credit line is used.
These payments can thus be interpreted as income. The credit card with partial payment function could then also be used. However, this function should only be used for a short time because the interest rates are very high. The situation is similar with the disposition provided. It also has high interest rates and is only intended for short-term use.
If a loan is applied for, the general conditions for a marriage loan must be just as correct as for all other loans. The bank then assumes, depending on how high the loan amount should be, that both sign the loan agreement. However, only one of the partners counts if there is sufficient income.
Most of the credit is taken out by the main earner alone. Where the loan is applied for is up to the loan seeker. He can do this at his house bank or choose one of the many direct banks on the Internet. A cheap provider can be found with a credit comparison. The comparison is free of charge, only the loan amount, the term and the desired rate are entered.
The loan seeker then receives a list of all providers. He can compare these with each other and choose his provider and also immediately apply for a loan. In order to get a loan without any problems, the customer must have a regular income. Likewise, the Credit Bureau must be impeccable, it must not contain any negative entries. This could lead to a loan refusal because the bank’s risk of default would then be too high. The bad Credit Bureau tells the bank that there have already been payment problems.
If you are creditworthy, you can use the loan comparison to choose a cheap lender. The current low interest rate level allows a particularly favorable loan to be taken out. Note the APR, which has all the costs of a loan. But not only the interest rate is important, free special repayments should also be agreed. This also includes rate breaks.
But at the very beginning of a loan search should the question be? Can a loan be paid at all? Does the monthly budget give a monthly rate? To this end, loan seekers should draw up a budget. The income is compared with the expenditure. There should be an acceptable balance remaining. If the invoice does not produce a positive balance, the loan should not be taken up in the marriage, the loan default then seems preprogrammed. The result can then be a negative Credit Bureau entry, which no longer allows further borrowing from a conventional bank.
The bad Credit Bureau loan
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If you already have a bad Credit Bureau, you will often no longer receive a loan from the house bank, branch bank or online banks. The solution would then be the Credit Bureau-free loans from abroad. These loans are advertised by credit agencies that specialize in difficult loan searches. However, the customer should make sure that they hire a reputable broker. Pre-costs and dubious insurance contracts are excluded from a reputable broker.
Basically, it is important to note that a marriage loan only has to pay the partner who has signed the loan agreement. If both partners sign, both are liable. If the separation is due and one partner only transfers half of the rate, this cannot be tolerated. The bank won’t care whether the couple lives separately or not.
If the partner has to pay the installments that are also subject to maintenance, these can be reduced in whole or in part.