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A household contribution is not a liability limit
People may agree privately to share repayments in a particular proportion.
The lender's agreement can define their legal responsibility differently from that practical plan.
Keeping those two arrangements separate clarifies what remains if contributions change. A general article should not promise that each joint borrower can discharge responsibility by paying an informal share.
Work through the repayment planning guide
Definitions
- Total repayable
- Sum payable under the stated schedule and its assumptions; contingent charges and changes must be considered separately.
- Amount received
- Money actually made available to the borrower, which can differ from the stated loan amount if a charge is deducted.