yes. i had it happen to me
It would depend on the terms and conditions of the account and what the account is about. Generically speaking, it may be that the second account holder shares the account equally with the primary and therefore both have to approve changes to the account. Alternatively, in many cases either of the primary account holders has full privileges to do anything without the knowledge or consent of the other.
Depends on what "Type" of Credit Holder you are. Here is how that will go: If you are what is known as an authorized user on the account. (i.e. - The Primary account holder has given you permission to make charges on the account), the answer is No. The primary account holder is responsible for any charges he/she has allowed you to make on the account. If you are a Secondary account holder (i.e. -your name was put on the account APPLICATION at the time the card was applied for), then your answer is YES. If the Primary account holder defaults on the account, then the credit card company will turn to try and collect from the Secondary account holder. BEWARE of becoming a secondary holder on anything that has to do with credit. If you know that the Primary holder may default, you could get stuck with a huge amount of debt on your hands, and if you can't pay, your nice credit score of 783 could very quickly go down the drain to 535 or lower.
The major difference is that the Primary Account holder is responsible for all the amounts due on both the Primary Card and the Secondary Card.
If you were only an authorized user and not a joint account holder, you should never be responsible for the primary account holder's debt.
The co-signer will be required to pay off the debt. That's what they agreed to when they co-signed so that the primary could get the account.
Primary account holder is the person on whose name the bank account is created in the first place. Ex: Assuming you have a bank account and then once you get married you would include your spouse as a joint account holder. you will be the primary account holder and your spouse would be the secondary holder.
Pay off the balance and close the account. Then reopen a new account with only the primary holder.
It would depend on the terms and conditions of the account and what the account is about. Generically speaking, it may be that the second account holder shares the account equally with the primary and therefore both have to approve changes to the account. Alternatively, in many cases either of the primary account holders has full privileges to do anything without the knowledge or consent of the other.
Depends on what "Type" of Credit Holder you are. Here is how that will go: If you are what is known as an authorized user on the account. (i.e. - The Primary account holder has given you permission to make charges on the account), the answer is No. The primary account holder is responsible for any charges he/she has allowed you to make on the account. If you are a Secondary account holder (i.e. -your name was put on the account APPLICATION at the time the card was applied for), then your answer is YES. If the Primary account holder defaults on the account, then the credit card company will turn to try and collect from the Secondary account holder. BEWARE of becoming a secondary holder on anything that has to do with credit. If you know that the Primary holder may default, you could get stuck with a huge amount of debt on your hands, and if you can't pay, your nice credit score of 783 could very quickly go down the drain to 535 or lower.
If the person's name is not listed as a primary account holder, you usually cannot remove their name from the account. Only the primary account holder can make changes to the account. A joint account holder can be removed if both parties agree, but it may be best to speak with your bank for specific guidance on your situation.
The major difference is that the Primary Account holder is responsible for all the amounts due on both the Primary Card and the Secondary Card.
Not enough information. What kind of account? What are the institutions, or the lenders rules regarding this? Was it done with criminal intent?
If you were only an authorized user and not a joint account holder, you should never be responsible for the primary account holder's debt.
An authorized user on a credit card can be responsible on an account in which the primary card holder passes. The creditor looks at the situation as the authorized card holder was able to make purchases with the account, and should be held liable, even in the event of the primary's death.
It depends if the secondary card holder is a "Joint Account Member" or a "Authorized User". The joint account member is responsible for the balance, the authorized user is not.
The co-signer will be required to pay off the debt. That's what they agreed to when they co-signed so that the primary could get the account.
Yes, you can open an account with anyone you choose to. Just be careful though! Who ever is the primary on the account (the person listed first on all of the paperwork) will be held responsible if the other joint holder overdrafts the account, and this primary account holder can also be put onto chexsystems do to the joint owner's actions.