If you have a joint debt with another person you are both equally responsible to repay the full amount. This means that you will both be chased for the full amount of the debt, rather than half each. This is called 'joint and several liability'.  If the other person named on the credit agreement is unable to pay, the lender will expect you to pay the debt back.

If you are not sure what type of debt you have, you should check your credit agreement. If you do not have your credit agreement you should contact your lender and ask them.

A guarantor is a person who agrees to make payments towards a debt if you cannot. In most cases a debt taken out with a guarantor will be a joint agreement and the guarantor will have to sign the agreement.  If a creditor thinks you may be a risk they may ask for a guarantor before they agree to lend you money.