Glossary
joint borrower
Joint borrowers are people who sign an agreement to borrow money together. For example, a couple may jointly submit a credit card application or sign a loan agreement. Joint borrowers are equally responsible for paying back the entire amount of the loan. They are sometimes called ‘co-borrowers’. A joint borrower is not the same as a guarantor.
joint debt
A joint debt is a debt that you owe with another person. For example, a mortgage you co-signed with a spouse or partner is a joint debt. Everyone on a joint debt is responsible for paying back the full amount of the debt.