We show when a loan withdrawal can be particularly useful and how it works.
It is common for many married couples to take out a joint loan for a joint investment. This happens particularly often in the context of home or car financing. However, if the couple later separates or even divorces, the question arises of how to deal with the joint loan. Because it has to be clarified who has to pay what part of the loan. In quite a few cases, an unpleasant argument breaks out about it. Because especially when it comes to house financing, it is sometimes about enormously high sums.
Important: Who acts as a contractual partner to the bank or lender?
Who has to continue paying off the loan depends on who is the contractual partner of the bank or credit institution:
- Only one spouse signed the contract
According to the principle of “Pacta sunt servanda” (contracts must be kept), only the person who has signed it has to fulfill the contract. If only one of the spouses is contracting partner, then only this partner has obligations towards the bank. Accordingly, there is only an obligation to pay for him, but not for the former partner.
- Both spouses signed the contract
If both spouses have signed the loan agreement, it is a so-called “joint and several liability”.
This means that it is a joint debt for which both must be liable. It is irrelevant to whom the car is registered or who is entered in the land register as the owner.
If there is a case of joint and several liability, at least one debtor must pay off the loan. If one of the persons registered as debtor becomes insolvent, the other person must pay for it. In practice, this means that you are not only liable for “your half”, but for the entire amount.
What happens if one of the spouses is insolvent?
In the event that only one of the spouses pays off the debts, a cost compensation is possible as part of the maintenance payment. If the ex-partner is liable for maintenance, he can include the full installment amount as a reduction in income in the maintenance calculation. The required maintenance payment is reduced by around half of the loan installment. Thus, the ex-partner actually participates again in half of the debt repayment.
There is another possibility in the context of house financing: If one of the spouses has moved out, the installment payment can be offset in such a way that he demands a monthly rent from the spouse who has stayed in the home.
Opportunity for both partners to completely withdraw their credit: the withdrawal joker
If the new private and financial situation after the separation is such that both ex-partners want to get out of the loan completely, the so-called withdrawal joker comes into question.
Through the Revocation of the loan agreement Often, even loans that were taken out years ago can still be repaid today. Successful revocation transforms the contract into a so-called restitution obligation. As a result, the lender must reimburse the borrower for all contributions paid.
When can the withdrawal joker be drawn?
If a contract is still to be revoked after the 14-day revocation period has expired, there must be errors in the cancellation policy.
This can result from the fact that the cancellation policy was written in too small a font or contains unclear or misleading text passages. All of this contradicts the requirement of clarity, according to which all consumers must be clearly informed about their rights when concluding a contract.
In total, there are over 100 starting points through which a contract can be revoked even after the normal 14-day revocation period has expired. The chances are therefore very good that you will be able to get out of the joint loan completely even years after the conclusion.
Free initial review of the credit cancellation policy can pay off!
The law firm of Decker & Evil find out whether your cancellation policy contains errors.
You can then instruct us to assert your rights against the bank.
Because: For the banks, every single revocation involves a lot of money, so that enforcing a right is often difficult for private individuals. Contact us without obligation by phone (0221 – 29270 – 0), email ([email protected]) or the contact form https://www.db-anwaelte.de.
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