YesCan a bank legally entertain such an arrangement?
Banks do not like making decisions in an information vacuum, and are unlikely to make a decision until they obtain full financial details of both parties. If their investigations show that the other party has no money, then it is possible that the bank would accept the offer made.Are they likely to?
No. However, if the other party pays more then 50% of the debt, then they may sue the first party for the amount in excess of 50%.Can the other party veto it?
If bank insists on continuing to hold her liable for full amount, she has no choice but to go bankrupt. (This is turn will force other party into bankruptcy as they cannot afford full amount either)
Given that the bank would be pushing both borrowers into bankruptcy resulting in hundreds of thousands more being written off, it seems like a no brainer to me. No?
By accepting offer, bank recovers half the outstanding debt and is still at liberty to pursue the other borrower (public servant in good job) for the rest.
BrendanI don't see why she would even pay her share of €150k?
She should simply go bankrupt.
Brendan
BronteYou're going with logic and trying to outhink a bank.
The banks logic is probably that she is wealthy, money in the family and the public servant is a good bet to get lots of money and interest from over time. And then this will go on and on and probably ruin his life too.
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