[Catthomo]

I am trying to apply for a joint loan to pay off an existing loan with another lender. The existing loan is in joint names and I’m applying to Tesco bank in joint names but on the application do I put the full value of the outstanding debt on each of the applicants or do I halve it I don’t want it to look like we’ve both got the full existing debt each

[ChristopherP]

@Catthomo Hey there, thanks for getting in touch. Good question!

You will need to put down the full amount of outstanding debt for each applicant. The application team will be aware that this is a joint account and that will be taken into consideration.

I hope this clarifies things for you.

[Catthomo]

@ChristopherP hi I called customer service and the lady said half it for both applicants I just don’t want to do the wrong thing and be rejected and I don’t want it to look like we have more existing debt than we do

[ChristopherP]

@Catthomo I'm really sorry you've been given conflicting information.

I've just double checked this with the applications team, and they've told me you need to put the full amount for each applicant. This is because both parties in a joint loan agreement are fully liable for the repayments; if one person can’t pay, the other must cover the debt.

I hope this clarifies things for you.