UNSECURE JOINT LOAN - Relationship breakdown

lap48

I have recently sold my house which I owned with my now ex-partner. Due to the negative equity in the property, we now have a unsecured joint personal loan with Northern Rock for £33K. Is there anyway I can separate myself from my ex-partner? If possible without paying half of the debt, has anyone had an offer excepted to free themselves from a similiar situation - HELP PLEASE!

MrsTinks

It's called Bankruptcy... If only one of you go bankrupt the other will be pursued for the remaining debt.

aj2703

So you had a joint house with your partner and now a joint loan because of the negative equity when you sold it, but you want to seperate yourself from your patner and the debt and walk away lumbering your partner with all the debt and you nothing..?. If that is the case you are a moron. If not then i do apologise as i have misread your post.

lovecatss

very useful. Thanks, guy. haha

aj2703

lovecatss wrote: »

very useful. Thanks, guy. haha

I thought it was yeah..

Eric_Pisch

aj2703 wrote: »

I thought it was yeah..

I think what he is trying to say is why accept a joint loan with an ex

surely individual loans for half each would have made more sense

aj2703

Eric_Pisch wrote: »

I think what he is trying to say is why accept a joint loan with an ex

surely individual loans for half each would have made more sense

If that was the case then as i said before i apologise. As for seperate loans i don't think you can as the origional loan for the house was a joint one. The banks are just protecting their back making it a joint one cause if one refused to pay they can then persue the other. A seperate loan could mean one could default and the bank would be out of pocket.

I suppose they could have gone to a different lender and sought finance that way, but if they had to sell the house at a loss their credit records would probably be shot, so no chance if going down that route.