Have you ever been asked to be a joint and several debtor? Well, think twice and take note of the responsibilities that are acquired with it.
What is a joint debtor?
It is understood by the person who supports another before an acquired obligation, for example a credit, for which they can be forced to pay the debt.
Joint and several debtor = shared responsibility
It is worth mentioning that to be a joint and several debtor, a contract is signed, this means that once the responsibility has been acquired, it is not possible to disassociate from it.
If you decide to provide support of this type, it is important that you follow up on the debt payments, in order not to have problems.
Jesús David Chávez Ugalde, Condusef’s Director of Analysis and Statistics for Financial Services and Products, explained to Expansión that this also applies in the case of an inherited debt. That is, if a person dies and has an economic commitment but does not have insurance to settle it, if the assets of the deceased are not enough to cover it, it is possible to go over the assets of the joint and several debtor.
“Although the institutions are obliged to provide life insurance when a loan is granted, it may be the case that the holder has not paid the insurance, so it will not be active and in the event of death the debt will not be covered in full. The debt must be paid with the inheritable asset, that is, with the money of the deceased, in case there is an heir, you do not have to worry because they cannot be collected from your estate, unless there is a joint and several debtor, in that case, the institution can go over its assets”, he explains.
Joint debtor and reference
Solidarity debtors are not the same as references, so if someone gave you as a reference and does not fulfill their obligations, they cannot charge you what that person owes.
Something that many in Mexico know from the insistent calls are the collection offices, but according to the law, they cannot carry out collection procedures to third parties, including personal references and beneficiaries, however, they can do it with solidary debtors or endorsements.