Joint Loan Help

BobbyT_2

Hi, I've just found this site via google and joined straight away!

To cut a long story short, over 1year and a half ago me and my brother ended a business we ran together, the thing is we had a joint loan of £20,000 which we still pay every month.

I've spoke to the cccs and they advised me to go BR ( I owe £54,000) but I asked could they try for a DMP, which they did and I'm currently on (I didn’t include the joint loan as my brother is kindly paying for it and was worried what effect it would have on him).
The thing is I’m living with my parents I have little/no assets and I'm starting to think I should go BR as advised by cccs and try to move on with my life.

But I'm worried about what would happen to my brother (he has a house and wife) over this joint loan. He is willing and able to make the repayments, but would the bank come after him or something if I go BR or would they just be happy if they keep getting the repayments?

Thanks for any advise.
Bob

philnicandamy

Any joint debts would fall to the person NOT going bankrupt.......so your brother would be responsible for the loan the banks wouldnt touch him or any of his assets...its you going BR not him

BobbyT_2

Thanks for your reply. I realise that, but what sort of response would he get from the bank, I mean would they keep accepting the agreed payments from him as normal or would they give him grief?

philnicandamy

Might cause problems though in future obtaining credit etc if your credit files show financial links to your brother...

philnicandamy

BobbyT wrote: »

Thanks for your reply. I realise that, but what sort of response would he get from the bank, I mean would they keep accepting the agreed payments from him as normal or would they give him grief?

if he's making full payments on time for the loan I cant see why the bank would be bothered....IF the loan repayments have been changed reduced etc due to circumstances its down to your brother to re negotiate with the banks after explaining your bankruptcy

philnicandamy

And apologies for my Manners

BobbyT_2

Thanks for the advise!