Ex taken out loan without knowledge

cuongzi

Hi all,

I've just found out my ex partner has taken out a loan from the bank account we shared.

I just wanted to know where i stand legally on this? I did not give permission to borrow the money from our joint account. I'm not quite sure how she managed to take out the loan but the loan has already come through.

What can i do?

Any advice would be greatly appreciated.

Regards
C

NAR

Is it not the case that she just used the account to deposit and withdraw the cash? If your ex, why did you keep the account open? What is your concern - that you may be liable if she defaults on payments? If so forget about it, as she has only used the account as a vehicle to get the money. Or is she using the account to repay the loan as well?

payless

Loan accounts are normally separate agreements to bank accounts , so whoever signed the loan agreement will be responsible

Unless it is an overdraft on the actual account ...
in that case it might be different, my banking law is a bit rusty ... back in 1990 I seem to remember the account application would give either party right to agree an overdraft, but it was standard practice to send an agreement letter to both parties

---
Joint account with ex.... you should have blocked it .... do it now ... and tell bank that you rec'd no benefit from the "loan"

cuongzi

Thanks for the reply. It's a complicated issue as we are still husband and wife. Basically she's used our joint account to take out a loan without my knowledge. Because the account is joint what will happen to me if she stops making the loan repayments?

NAR

Is the loan with your bank? If so check with the bank how the loan was obtained ie was it signed by ex for her purposes only. As payless has suggested the bank need to be informed immediately of you and your ex's separation; your ex taking out this loan without your knowledge and suspension (if possible) of the account immediately.

Somerset

cuongzi wrote:

I've just found out my ex partner has taken out a loan from the bank account we shared.
C

I'm confused too.

How do you use an account to take out a loan? Either she got a loan ( which presumerably only she applied for ) or as someone earlier said it's an overdraft on the bank account.

If the former - she is responsible

If the latter - you both are since the account is joint and presumerably the terms allowed one sig only and the account is obviously still active.

ChrilleK

Like payless says. Loan accounts are usually separate agreements to bank accounts. She must have signed a loan agreement when she took the loan?

CK