Joint Loan

CHR15

I still can't see the point in going BR just to get our of this debt.

Shirk it and let them chase the ex... he is just as responsible for it as you... and you have Child Maintenance due to you.

You will be £251 per Month better off and also the Maintenance Payments to top that up.

Dig your heels in and avoid the BR route.
I know it comes off your record but a lot of applications ask if you have EVER been made bankrupt, not if you have been made BR in the last XXyrs.

A friend of mine works in Insurance Claims and has just rejected a claim because the Policy holder (who has been a loyal customer for over 5yrs) didn't mention his bankruptcy from over 15yrs ago on his application.
I think it sucks but thems the rules.

aerich28

hi CHR15 thanks for your feedback. What do you mean 'shirk' it. Do u mean stop paying and let them chase my ex? I think they will only chase me as they know where i am. If i stop paying it will get to a point where they take me to court which surely i would have to pay for as it is I who has defaulted on the payments. I would then have a big chunk of court costs to add to my debt. I know my ex is also responsible but he seems to have got off scot-free as we dont know where he is.

CHR15

They can indeed chase you but if you simply don't have the money to give, they cannot take it.

Rafter mentioned in the first reply about talking to CCCS and National Debtline, use their service to agree a reduced payment which you CAN afford.

You must know a fair amount about your ex, full name, employer, who he banks with, car details etc.. try to give them something to go on, if the repayments default, he would surely recieve notification about his credit rating going down the pan as well.

It simply seems crazy for you to give in and suffer for so many years, but the debt and all the hassle remains in place.

aerich28

Just to update on my situation..

I have been into my bank today to see about reducing my loan payments, I have to put it in writing which is what I am going to do now. Hopefully under the circumstances, and with the current climate, I may be able to get my monthly payment down to half, if of course my bank agrees to this (I will keep you posted)

It is crap that I have to pay the full amount of the joint loan when it is another person's debt as well as my own but it is a hard lesson learnt. I would rather do that than go bankrupt as i worry about my credit rating. I don't want my ex partner to affect my future as much as he has affected my past so I will try all other options available before considering drastic action such as bankruptcy.

If i manage to eventually pay the loan off in full my next port of call will be to attempt to claim his half back through the small claims court.

Fingers crossed! Thanks again everyone for your comments. Any further comments are very welcome