Splitting up and only paying my share?

retro.guy_2

I feel that I need to know all the answers before I go forward.
I have been living with my girlfriend for about 5 years now and the relationship has all about broken down however for financial reasons I find myself worried to leave.

About 3 years ago my other half got a loan for £5000 over 4 years to clear her credit cards. Then last year she then wanted to add £5000 for a new car after speaking with Halifax they told her that she could not have the loan unless I was added to it so it is now a joint loan for the whole lot.

I have never missed a payment or anything however the loan comes out of our joint account that only my wages get paid into.

I would like to know where I stand if we split up.

Can anyone help.
I do not mind paying half as we were together at the time but as none of it was for me I don’t want to end up paying for it all.

HopeAndDriftWood

A joint debt means you are both liable, I think. So you would both be responsible for paying, but if you pay half and she doesn't, you would both be subject to defaults etc. Same as if she paid her half and you didn't.

vaporate

It is like this:

The bank does not care who pays what, as long as the total due is cleared.

Emotions and morality, again, does not come into it. Black and white.

Unfair? Very

This is the same for overdraft. This is not a telling off from me, but in future never do a joint loan, overdraft.

Not even for your parents.

Apples2

This forum is littered with stories on this topic.

What normally happens, is that your ex has the car and WILL stop paying the loan. She won't see it as her debt, it was simply built up during the relationship so is nothing to do with her.

You will be chased for the whole amount, you will be threatened with the defaults and CCJ's.
In the meantime your ex is happily driving about in the car without a care in the World, with no intention of repaying anything.

She wouldn't care about credit files so couldn't give a hoot.

You end up owing £10k and have nothing to show for it.

It seems to be a case of whoever has the biggest gonads, jump first and let the other one struggle. i.e YOU stop paying and let them chase your ex for the whole amount.

Your credit file will be trashed for 6yrs but I would guess 6yrs is less time than it will take to repay the £10k loan (plus interest) you have been lumbered with.

Once the gloves come off, look after your own interests.

We would like to see an amicable agreement to repay in place but it just doesn't happen.