PLEASE Help x 1000!!

Blaz

Hello All!

Ok so back in 2004 me and my then girlfriend took out a loan for furniture for our new place, the loan was in BOTH our names. The loan was with Welcome finance. A few months later we broke up and she moved back to Belfast and that was the I heard of her. We borrowed around £2500 then when i rang up welcome finance they said we owed £6000+ ... i was gobsmacked ... i was young and stupid and did read the small print.

ANYWAY ... since then i mainteained some paymetns while she paid nothing and now my credit is mud. I said to welcome finance until you track her down and make her pay her half im paying £5 a month. SO many years later ive been passed onto the Lewis Group. I know my X hasnt paid a thing toward that loan in years, the woman who jus rang says she cant discuss anything to do with my X even tho the loan is in both names. I basically want the loan chopped in half with me only liable for half. She said we owe £4100 so if i was to pay a payment of £2050 she said theyd leave me alone and chase her for the remainder of the balance. She also so said on my credit file it would say PARTIAL SETTLEMENT and i would still be associated with my X until she paid of the remainder of her side of the balance.

I just want this to go away now, im coming into some money soon (not loads) and i want to make them an offer but if its just going to show up as a partial settlement is there any point?!? Plus theres no way i can afford £2000 ... does anyone knw of any legal stuff that can force them to split the loan in half .... ???

milliemonster

They will not split the loan in half, when you took out the loan in both names, it will have said in the terms and conditions that if one of you defaulted on the repayments, they would look to the other party for ALL of the remaining balance, this is standard in any joint finance product and there is no way around it.

Have you been making any repayments at all since 2004?, if not then the loan may become statute barred, if you have then you may have the opportunity to offer a full and final settlement, if the balance owed is £4100 then you could offer initially say £1500 as a FULL & FINAL SETTLEMENT and see what they say, if they offer to only accept this as a partial settlement then just continue to pay what you can afford, you would need this in writing from them though not just acceptance verbally.

As far as your ex is concerned, I would put that behind you and just learn from this as one of lifes little experiences

SimbaSimon

Blaz wrote: »

Hello All!

Ok so back in 2004 me and my then girlfriend took out a loan for furniture for our new place, the loan was in BOTH our names. The loan was with Welcome finance. A few months later we broke up and she moved back to Belfast and that was the I heard of her. We borrowed around £2500 then when i rang up welcome finance they said we owed £6000+ ... i was gobsmacked ... i was young and stupid and did read the small print.

ANYWAY ... since then i mainteained some paymetns while she paid nothing and now my credit is mud. I said to welcome finance until you track her down and make her pay her half im paying £5 a month. SO many years later ive been passed onto the Lewis Group. I know my X hasnt paid a thing toward that loan in years, the woman who jus rang says she cant discuss anything to do with my X even tho the loan is in both names. I basically want the loan chopped in half with me only liable for half. She said we owe £4100 so if i was to pay a payment of £2050 she said theyd leave me alone and chase her for the remainder of the balance. She also so said on my credit file it would say PARTIAL SETTLEMENT and i would still be associated with my X until she paid of the remainder of her side of the balance.

I just want this to go away now, im coming into some money soon (not loads) and i want to make them an offer but if its just going to show up as a partial settlement is there any point?!? Plus theres no way i can afford £2000 ... does anyone knw of any legal stuff that can force them to split the loan in half .... ???

Follow the advice in post #2.

You are both jointly liable for all the debt, not 50/50. This isn't going to go away so your going to need to come up with a repayment plan and get it paid off one way or another. The sooner you pay it off the better!

Tixy

Yep you are both liable for the whole balance. Thats they way joint loans work. As WF know where you are and you have been paying them they are going to come after your for the full balance. You are liable to pay it all (as is your other half).

Don't go down the route of partial settlement as they, or another DCA may well just continue chasing your for the rest.

If as millie suggests you want to try a full & final settlement then this is some good info and a template letter - http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=24_full_and_final_settlement_offers

As you will presumably already have a default for this debt, and if you have only been paying £5 off a £4k balance they may be happy to do a reasonably low F&F. Some people recommend starting as low as 20-25%.
Lewis group probably paid no more than 20% to buy the debt off WF, could be even less.

Blaz

Sorry for the ridiculously late reply! Ughhh it seems so unfair that they chase me for the whole thing when im the one who has remained faithful! Yet she gets away totally free of any hasstle!? But perhaps you're right, maybe its time to just bite the bullet and get rid of the bloody thing ... thanx for all your help guys!

mabski

Send them a cca request to see if they actually have a enforcable agreement also check to see if you paid ppi, you may end up owing them nothing
you've got nothing to lose as they will have already trashed your credit file

CHR15

Blaz wrote: »

maybe its time to just bite the bullet and get rid of the bloody thing !

I thought you had already split up