J Flashcards
1
Q
What is Joint and Several Liability?
A
This is where two people enter into a credit agreement and they’reboth responsible for repaying the whole amount borrowed, rather than just half each.
2
Q
What is a Judgment?
A
Acourt order issued for non payment of credit debts.
If you don’t respond to a County Court claim form within the specified time limit, or where a response has been made but not accepted, the court issues the judgment in default and decides on the claim without a hearing.
3
Q
What is Judgment Debt?
A
The debt plus interest and the cost awarded to the claimant in respect of its claim.
