Getting your name off a joint account usually takes a bit of effort and the cooperation of the joint account holder. It is seldom possible to take your name off an account simply by requesting it. The easiest accounts to be removed are those such as credit cards where one person is simply listed as an authorized user. Joint account holderswho applied for a loan together will have to work with the creditor to change the terms of the loan to indicate that one person is solely responsible for the debt.
Determine which loans you need to have a name removed. The most common joint loans include car loans, mortgages, business loans and personal loans.
Contact the lender to find out its procedure is for removing a person from a joint loan. You can contact lenders through the customer service number on your bill or go to its website and contact the company through the appropriate form.
Complete the process required by each lender to remove a name from a joint loan. Some lenders will simply have one person sign a form acknowledging full financial responsibility for the loan. Some companies will require that the person complete a new loan application to ensure financial ability to pay the debt.
Wait to hear from the lender if the company approved the taking a name off the joint loan. In some cases the request will be denied.
A joint loan requires the individuals on the loan to work together to pay the debt until it is gone. It can often be useful for joint borrowers to have an agreement about what will happen if they are no longer willing to work together before taking out a loan. This can help resolve issues if the joint loan holders decide to sever their relationship. Another way to handle joint loans is to simply sell the asset (a car for example), pay off the debt and close the account.
A severed personal relationship does not mean your financial relationship has been severed by the banks who loaned you money. If you are on a joint loan, then in the eyes of the bank, you are as financially responsible for the repayment of the loan as the person you co-signed with. If your co-signer agrees to pay the debt and does not, then the bank can collect the money from you. All joint accounts are reported on the credit reports of all parties who signed for the loan.