Cash loans are made much easier with two than one at a time. When a loan is taken by a marriage, regardless of the existing or non-material separation, the loan is repaid by both spouses. Who repays cash loan after divorce?
Loan alone or with your spouse?
When coming to the bank for financial support in the form of a cash loan, you can choose whether you want to take it yourself or with your spouse. If we decide to do it ourselves, we have a greater impact on the credit terms and we are fully responsible for paying it back. When we stop paying it back, the bank will apply special enforcement measures to us to recover the money and interest it borrowed.
This situation will not change regardless of our family situation, whether we are married or divorced. What will it look like when you take out a loan with your spouse? There are two borrowers on the loan agreement, so in the event of problems with repayment, the bank will claim liabilities from both parties. The spouses must jointly ensure that the installments are paid regularly and it is not important who earns the money or who forgets to make the transfer.
What about a loan after divorce?
When a marriage with a loan divorces and a judicial division of property takes place, the loan is a matter that remains unaffected. The court can determine who will take over the apartment, car, household appliances, but in the case of credit remains impartial. This is because two people sign the loan agreement with the bank, regardless of whether they are married or family, or if they are completely strangers.
What counts for a bank is how many there are and that each of these people can apply for a payment order. So, if the spouses divorce and decide which of them will pay the loan, then if one of them fails to pay and does not pay, the bank will also contact the second borrower on the list, even if he does not uses borrowed money.
Transfer of credit to one of the spouses
If only one of the spouses uses the money borrowed by the bank and they both agree that it is the one person who should pay the loan installments, it is worth going to the bank with this case. Both parties must report to the bank that they want to transfer the loan to only one borrower and release the other from its repayment. Of course this is possible but it is not easy. Banks are happy to sign loan agreements with several borrowers, because this is a good security for them – more people will be obliged to pay it, so someone will definitely do it.
At the time when only one borrower is to remain, the bank must have sound arguments that this one person is enough and is a good security. Counting the borrower’s creditworthiness begins again, his BIK history and his earnings are checked to see if they are high enough.
If it turns out that the rewriting of a loan for one borrower is too risky and does not provide full security, the bank may not agree and then the former marriage, despite the fact that they are no longer connected, will still have to pay back the cash loan they have drawn together.