Joint loan with ex, help/advice please?

stokiedan_2

Please stick with me on this one as its a bit of a nightmare for me and i'll try my best to keep it brief.

I had a joint loan with the wife. We then divorced, in the divorce agreement it was stated we would pay half each every month until we could split the loan with 2 personal loans, that cant happen due to her going mad on cards etc after the split so we have been payin half each, right up until now. She's stopped paying after 18 months and the bank keep contacting me. My adress and name is gettin bad credit even though i'm paying my half every month. The bank don't seem too bothered about contacting her even though I explained about the divorce agreement. Theres still 42 months left to pay on the loan and i'm worried i'll have bailiffs knocking on my door even though i'm paying my way as agreed in the dovorce papers. I cant afford to pay the full loan every month and I wont.

- Is it worth me taking her to court to enforce the agreement in the divorce? (even though I cant afford this)
- Will Britannia not care about that and take me to court for the money?

She keeps changing her address and contact numbers so the bank cant get hold of her but they want their money. I asked the bank if I paid my half of the loan would the release my name from the contract and just leave hers on but they just aren't prepared to do anything for me. I'm really struggling on where to go with this now.

Thanks for any much needed help.

ALIBOBSY

The banks are gits really and will chase after whoever they can actually get hold of, in this case you. I suppose they would expect you to pay up and chase up your ex for the rest.

Try not to worry about baliffs, they can't be sent out unless they take you to court and get a CCJ against you first.

Debt collectors who are not proper baliffs may threaten to visit, but rarely do. If they did,you can tell them to jog on and close the door. They have no more powers than the milkman.

The bank is most likely to sell the debt on to a debt collector rather than sue you direct themselves and you can make a reduced arrangement to pay with them.

Did you tell the bank half is all you can afford? They may accept a reduced payment plan, also ask them to freeze/reduce the interest as well.

Your problem is that a joint loan makes you both jointly and severally liable, and they will chase the easy option which is you.

If they took you to court they can only ask for what you can afford and the judge won't like it if you have been paying within your budget and they tried to push it for more.
good luck
ali x