Joint Loan - PROBLEMS!!

Lorenashley

Hi all,
I really need some advice on a joint loan that I have, Its a bit of a long story so please bear with me!

Last year I took out a Joint loan for £3500 with my partner, through Halifax ( which I believe is now HBOS ) over 36 months. £120.00 to be paid every month, so £60 each.

Since then me and my partner have split up. However, he is making life extremely difficult for me by refusing to pay his half, he has even gone as far as holding my television hostage, he wants me to sign something to say that I wont force him to pay his share ( is that even legally binding?! ) Which is infuriating as its my T.V in my name and the payments are coming out of my bank.


Somebody had mentioned that as The Ex is joining the Army soon, that the bank can set up an agreement to take half his contribution straight out of his wages, but I'm not sure how true that is

I have spoken to Citizens Advice and also the bank. They have basically informed me that 'there is nothing they can do'
If the payments are not met each month then my EX and myself will both be persued by the collections dept. I am quite happy to carry on paying my £60 but there is just no possible way I can afford to pay his half on top of mine, its just not an option, not on my salary. Not to mention its not fair!

The only options I have at the moment are

1. Stop payments altogether and we both get taken to court
2. extend the repayment plan so that the monthly installments are reduced

The only problem I have with option 1 is that I dont want to be blacklisted, plus I will get myself further into debt as I will incurr bank charges and penaltys for missing payment plus court costs. The only plus side is that The Ex cant get away with not paying.

Option 2 - well, I'm just not happy that all this debt lands into my lap and he gets away scot free. He has a history for not paying things, he has avoided a £600 bill from vodafone by claiming he doesnt live where he does.


Any advice is very much appreciated as I havent a clue what to do

naijapower

The first thing i would do is to try and reach an agreement with the bank maybe extend the loan term so that monthly payment is lower. In this way, you can still pay while trying to resolve the issue. Because failure to meet up payment would affect ur credit rating which i can see you can trying avoid.
Then the 2nd part which is perhaps the most crucial would be to seek legal advise with regards chasing ur other for his share of the loan.
Because it is a joint loan, both of you are jointly liable for this debt

Phaelok

Lorenashley wrote: »

Hi all,
I really need some advice on a joint loan that I have, Its a bit of a long story so please bear with me!

Last year I took out a Joint loan for £3500 with my partner, through Halifax ( which I believe is now HBOS ) over 36 months. £120.00 to be paid every month, so £60 each.

Since then me and my partner have split up. However, he is making life extremely difficult for me by refusing to pay his half, he has even gone as far as holding my television hostage, he wants me to sign something to say that I wont force him to pay his share ( is that even legally binding?! ) Which is infuriating as its my T.V in my name and the payments are coming out of my bank.


Somebody had mentioned that as The Ex is joining the Army soon, that the bank can set up an agreement to take half his contribution straight out of his wages, but I'm not sure how true that is

I have spoken to Citizens Advice and also the bank. They have basically informed me that 'there is nothing they can do'
If the payments are not met each month then my EX and myself will both be persued by the collections dept. I am quite happy to carry on paying my £60 but there is just no possible way I can afford to pay his half on top of mine, its just not an option, not on my salary. Not to mention its not fair!

The only options I have at the moment are

1. Stop payments altogether and we both get taken to court
2. extend the repayment plan so that the monthly installments are reduced

The only problem I have with option 1 is that I dont want to be blacklisted, plus I will get myself further into debt as I will incurr bank charges and penaltys for missing payment plus court costs. The only plus side is that The Ex cant get away with not paying.

Option 2 - well, I'm just not happy that all this debt lands into my lap and he gets away scot free. He has a history for not paying things, he has avoided a £600 bill from vodafone by claiming he doesnt live where he does.


Any advice is very much appreciated as I havent a clue what to do

Hi Loreashley - it has already been mentioned by another poster, however in essence you are both liable for the debt regardless of whether you have previously agreed as a couple to pay half of it each month. From the bank's perspective, I suppose, because the debt is in joint names, it has 2 people for whom the debt is registered in and makes it easier to have it repaid rather than the loan being in a sole name.

As advised I would talk to the bank again, but in all honestly there is very little that they can do. They might suggest taking the debt in your own name (consolidating it) but the repayments will be roughly what you are paying now which clearly defeats the object. If you refuse to pay it then both your credit ratings will be affected, so it will affect you long term as well.

beebop23

you could try and get him to agree to sign the loan over to you and while your credit remains good maybe try and get a loan for a longer period therfore reducing payments. as for the tv situation i dunno how that works but good luck.

Robert_Sterling_3

Last year I took out a Joint loan for £3500 with my partner, through Halifax ( which I believe is now HBOS ) over 36 months. £120.00 to be paid every month, so £60 each.

OK

Since then me and my partner have split up.

OK

However, he is making life extremely difficult for me by refusing to pay his half, he has even gone as far as holding my television hostage, he wants me to sign something to say that I wont force him to pay his share ( is that even legally binding?! ) Which is infuriating as its my T.V in my name and the payments are coming out of my bank.

Not on

Somebody had mentioned that as The Ex is joining the Army soon, that the bank can set up an agreement to take half his contribution straight out of his wages, but I'm not sure how true that is

Nor am I

I have spoken to Citizens Advice and also the bank. They have basically informed me that 'there is nothing they can do'

I would be surprised if they were not right.

If the payments are not met each month then my EX and myself will both be persued by the collections dept. I am quite happy to carry on paying my £60 but there is just no possible way I can afford to pay his half on top of mine, its just not an option, not on my salary. Not to mention its not fair!

When you have "a partner" it is a bit like being married.
For better or for worse etc. You agreed to take a joint loan.
Your partner has let you down.


The only options I have at the moment are

1. Stop payments altogether and we both get taken to court
2. extend the repayment plan so that the monthly installments are reduced

The only problem I have with option 1 is that I dont want to be blacklisted, plus I will get myself further into debt as I will incurr bank charges and penaltys for missing payment plus court costs. The only plus side is that The Ex cant get away with not paying.

Option 1 is not really an option.

Option 2 - well, I'm just not happy that all this debt lands into my lap and he gets away scot free. He has a history for not paying things, he has avoided a £600 bill from vodafone by claiming he doesnt live where he does.

You may have to bite the bullet.

SteveScooby

I'd be putting a phonecall in to Vodafone telling them where he lives if I was you