Joint secured loan on ex husbands house!

mosnippy

Hi all!

I am looking for advise and help..i seem to hit brick walls where ever I go.

My husband and I took out a secured loan together..but the catch is its on a house that was solely in his name. we have since split up.. he stopped paying his portion of the loan months ago. He has since than moved out of house and given back to the bank and now filing for bankruptcy. which leaves the loan people coming for me for the money??

all i keep getting is how was i able to sign a secured loan on a property that was not mine? which makes sense. I would like to avoid bankruptcy as well..but I cant afford to pay off the whole debt ..its sitting at £35k at the moment..i have no assests to my name.

thanks!

Rafter

mosnippy,

It is possible to take out a joint secured loan on a property that isn't in joint names.

Effectively the bank has reduced its risk because it gets its money back from either of you and ultimately can repossess the property and sell it to get the loan back.

From what you suggest, your ex has walked away from his mortgage - presumably because the property had lost a lot of value? When the mortgage company sell it will there not be something left to repay some of the £35k secured loan?

If not, you do need to talk to citizens advice, CCCS or debtline about your options.

If you cannot realistically afford to make payments on a £35k loan you dont have to but will have to come to a formal arrangement with the loan company about how much you will have to pay back and when.

Bankruptcy might be the best option. You will probably get an order to repay as much as you can afford over 3 years, but after that you will be debt free and can get on with your life. Other options might mean you are still paying off this debt many years from now.

Good luck

R.

mosnippy

thanks... that is what i was afraid of.

Bankruptcy will have to be the answer as it would take me years and years to pay it back..


thanks for your reply. I am waiting on NDL to get back to me as well.