Advice wanted on getting out of joint loan agreements!

womanonamission_3

Hi, I wander if anyone can offer any advice on a situation I need to get out of?

I won't go into details as yet but I want to find out if there are any legal loop holes that can separate joint loans when one person is a bad payer?

My ex is being particularly difficult with regards to an old joint loan, so much so that the amount owed appears to be increasing instead of decreasing despite us both paying into it monthly. His payments (according to the statements and letters I receive) are bouncing periodically and there is a large amount of arrears due from a time when he refused to pay.

Is there any way I can separate this loan before he stops paying for good and leaves me with the full amount owed?

The loan is with Welcome Finance and has a particularly large interest rate.
I do have the original credit agreement and all paperwork sent to me since my ex and I parted.

I didn't see a penny of this money when it was received either but am begrudgingly paying a share of the loan as I know the debt is against my name too. I just want to get myself debt free.

Any suggestions greatly appreciated!

Thank you.

CLAPTON

sadly no

a joint loan is just that and the loan companies like them because if one is a poor payer then they can chase the other for the full amount.
unfortunately there is no 'your half' and 'his half' it's all joint.

you may find that your credit file is severely damaged by your ex as they will probably be shown as being financially linked to you

Apples2

womanonamission wrote: »

I didn't see a penny of this money when it was received either but am begrudgingly paying a share of the loan as I know the debt is against my name too.

Sadly for you that makes absolutely no difference whatsoever.

The lenders couldn't give a hoot what you spent it on, but you both applied so you are both equally liable to repay the full amount.

Other than learning a valuable lesson about entering into financial commitments, there is nothing you can do.

Sounds like your ex doesn't care about his credit rating, but yours is being badly affected too, the only option is for you to make all the repayments on the loan, and keep on hassling, begging, you ex to pay too.

Welcome are in a bit of a pickle so if it is an option, try to make them an offer to settle the whole amount, you may be surprised what they will accept now the loan is in arrears.

womanonamission_3

Thank you both. I thought as much. The debt company have been really helpful and have agreed to take separate direct debit payments from us each so as it stands i'm not getting chased. So long as he continues to pay!

I think i'll get on it at him again.

Many Thanks again, much appreciated!