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alixandrea

My ex husband and I took out a joint loan to consolidate some debts we'd incurred when buying the houseboat we used to live on together. My ex still lives on the boat now, and has been repaying the loan by himself since I left him. He's recently been made redundant and has entered into an agreement with the bank that he'll repay the loan at a reduced rate for the next six months. However, I'm worried that he'll run out of money before he finds another job, and that the bank will come knocking on my door for the repayments on the loan.

The loan is insured, but because of the situation my ex and I were in at the time we took it out (he'd been unemployed for some time but was about to start a new job), I had to be the primary signatory. Due to this, the insurance only covers me if I lose my job, which is unlikely to happen at the moment (and not something I want to consider).

I am currently lodging in the spare room of a friend's house with my partner who is self employed and earning very little at the moment (things being as they are). I have debts of my own to service and money is very tight for us. As things stand at the moment, I wouldn't be able to afford to repay the joint loan. Neither is the boat currently an asset to sell to raise cash, as my ex has not been looking after it at all and it is in a terribly dilapidated state. (The loan is not secured against the boat by the way, it was an unsecured personal loan).

The divorce has reached the Decree Nisi stage and we are currently waiting for my solicitor to draft the Consent Order. In this, I will be giving full ownership of the boat to my ex (without expecting the return of any of the money I have personally invested into it) in return for him taking over full responsibility for the loan. But I don't know how he's going to get the finance to be able to do this.

We are adding in an indemnity clause which will mean that if I do end up having to repay the loan, my ex will repay me. But this will not help me immediately if he has run out of money (which would be the reason for the bank coming to me for repayment). I would have to enter an IVA in order to bring the repayments down to something affordable, or go bankrupt, which is something I don't really want to have to do.

I had a plan to pay off all my personal debts, then spend another couple of years saving up for a deposit on a boat of my own, buying it with a marine mortgage. But if I have IVAs and bankruptcies on my credit rating, I'm worried that I wouldn't be able to get that finance when the time comes, even if by that time I'd be able to afford the repayments.

Help! What should I do if my ex defaults on the loan? How can I get my name off it while he's unemployed?

Alixandrea

escapekey

CCCS_Sarah wrote: »

Hello,

You would need to report this directly to your lender and they should investigate this. You will need to write to the collection agency and inform them of the situation, as the account is in dispute they should hold any further action until the matter is resolved.

Hope this helps
Sarah

Hi, have done exactly as you suggested. The original lender does not respond to my letters. I already wrote and phoned the collection agency many times in last 6 months, they are ignoring me. This has been going on since April 2009. I am stuck with negative false information on my credit filem am refused loans and credit and can do nothing about it... so it seems. They can put information on my file, know it is false, and just leave it there. Have phoned Aktiv kapital and written to Barclaycard many times but am getting nowhere. Legally are they obliged to act on the information I have given them? or is it pointless me trying to get out of this mess? Please give me some advice and perhaps legal information about how to proceed.

CCCS_Sarah

twizzle150 wrote: »

:mad:DEPT MANAGEMENT HELP,
please can anyone give me some advice as i am so worried.
i have been with a dept management firm for 18 months and i have been having letters from the people that the firm is supposed to be paying saying they havent been paid for 2 months. i have phoned the dept management firm up but all they say is that they have paid it. i have been charged interest on each account i have with them which is six, Please can anyone give me any advice, as would be grateful. Thanks

Hello,

The letters may just be standard collection letters so not specially tailored to your situation. Have you spoken to the collection agency directly to see if they have received any payment?

Sarah

mrincognito

Hi CCCs advisors.I was paying a DMP with you guys over two years ago but one year into a five year plan i did a runner from my debt and have been living incognito ever since. Im now feeling a bit guilty and although dont have the money to pay these creditors - will i be accepted back into discusions with the cccs?

CCCS_Sarah

DotNetter wrote: »

Ignore this...I've seen the letter above now!



I'm in the same boat regarding number 2 - I have received my paperwork today but my direct debit to Northern Rock is a single amount which pays my main mortgage, a secured loan and the unsecured loan I want to include on my DMP.

Can I get a copy of the template letter you mentioned please (I'll PM you).

Regards,


Wayne

Hello,

If you are already on a DMP, this should have been discussed on you initial counselling session. Please give us a call as we will need to make sure the unsecured part gets a fair reduced amount.

Sarah

CCCS_Sarah

escapekey wrote: »

Hi, have done exactly as you suggested. The original lender does not respond to my letters. I already wrote and phoned the collection agency many times in last 6 months, they are ignoring me. This has been going on since April 2009. I am stuck with negative false information on my credit filem am refused loans and credit and can do nothing about it... so it seems. They can put information on my file, know it is false, and just leave it there. Have phoned Aktiv kapital and written to Barclaycard many times but am getting nowhere. Legally are they obliged to act on the information I have given them? or is it pointless me trying to get out of this mess? Please give me some advice and perhaps legal information about how to proceed.

Hello,

Thanks for your reply.

You may want to quote the debt collection guidelines to the collection agency specially section 2.6h “ignoring and/or disregarding claims that debts have been settled or are disputed and continuing to make unjustified demands for payment”

See if this helps, if not I would recommend that you contact the Office of Fair Trading to make a complaint and see if they class this as a breach of the Debt Collection Guidelines. You may also want to log a complaint with the Financial Ombudsman.

Hope this helps, and hope you get this sorted.

Sarah

CCCS_Sarah

mrincognito wrote: »

Hi CCCs advisors.I was paying a DMP with you guys over two years ago but one year into a five year plan i did a runner from my debt and have been living incognito ever since. Im now feeling a bit guilty and although dont have the money to pay these creditors - will i be accepted back into discusions with the cccs?

Hello,

Thank you for your post.

Please do come back for an appointment so we can look at your situation again and see your best options. If you are not too sure what is happening with your debts it maybe better to get a copy of your credit file to see what your balances are and who the debts are with.

If you would like an appointment please call our helpline free on 0800 138 1111.

Sarah

we_broke

Hi CCCS,

We are considering a Debt Management Program with CCCS but are concerned about the possibility of CCJs against us. How likely is this whilst on the Debt Management Program and not defaulting?

blurayaddict

hi all first post and what a good help this thread is anyhows

i am in 42k of debt but i have just borrowed some money off of parents to clear bank overdraft that we have in joint names with my partner as i do not want to include her in my dmp when i start it,,i have 500 surplus left over so wil just be under 6years,i am also paying for a car which i need for work 218 which has 2 years left to run,then once this is paid i can pay more to creditors to clear debt off quicker,only our mortgage is in joint names,would i still be able to do a dmp on my own with this,thanks
and who should i start my dmp with cab or yourselfs cccs

on the cccs debt remedy i have not included my partner in it as we have our own bank accounts now and she needs her wages to pay her credit cards ,under 8000 so is it alright to do it this way to NOT include her income/debt .

and do i have to send proof of income wage slips,bank statements to yourselfs and would they be passed on to my creditors as i do not wantt them to find out where i work so they don't harrass me
thank you :T

elenor_rigby

Hello CCCS! Would you recommend using the company Gregory Pennington to clear my debts? I was passed on to them by Halifax when I asked them if they would reduce my payments on my credit card. Thanks for any advice!

elenor.