HELP!! Loans after splitting up with joint named person

ConfusedSingle1

Hi,

Please can someone give me some advice on what to do?!

I was with my X for over 5yrs, in which time we took out a loan with Natwest, initially it was for approx £6000 but over the years we increased it to clear his car finance.

For most of the year before we spilit in Aug 2009 he wasn't working, therefore resulting in me struggling to pay the repayments as well as pay rent, bills & look after a baby.

Since the split I have mood into another house & haven't given the bank my new details, however I am conscious of the fact that this isn't going to go away.

I think the loan is approx now £21,000 but as least two thirds of this was to pay off his car finance is there a way that I can split the loan & then I somehow arrange a way to pay my share. I also have Hillside Messengers chasing me now & this is the only thing I can think of, as I know they chase people for debt in anyway they can.

Any help or suggestions would be really helpful.

edinburgher

Have you spoken to your ex about this? If it was taken out in both your names you will no doubt both be held equally liable and unless you have written/documentary evidence to the fact that he is responsible for most of the debt, I'd imagine that the debt collectors will be after both of you.

BenL

Have you got your ex-partners address? Send an anonymous letter to them or the debt people saying where they are to take the heat off you.

Its a joint loan though and I don't think the loan companies like to split it and accept your half then chase the other party.

If they know where you are they will contact you and chase you. By pointing them in the other direction to your ex they will hassle them and make them take over some of the payments too.

inmypocketnottheirs

You are both jointly and severally liable. The bank will go after who they are most likely to get a settlement from.

ConfusedSingle1

No point speaking to my X about it as I've just had to fight with him for months over CSA payments for our daughter.

The bank are not likely to get a settlement out of either of us, as he's supposedly not working & I've got a child to look after aswell as a house and all the usual bills on my own.

The only way I can see out of it is for me to go bankrupt which if needs be I will, but I can't afford the fees to do that either. I read in someone else's thread that if 1 person goes bankrupt the other is liable, is this correct?

Thanks

edinburgher

I am conscious of the fact that this isn't going to go away.

Remind yourself of this point. Your ex has a responsibility here (as with your child) and you can't (as far as I'm aware) 'hive off' the part of the loan as you see it. Did you see the comment from the early poster:

You are both jointly and severally liable

That means they can chase you for the full amount if they decide to do so, my understanding of the phrase is that you're both individually responsible for the entire loan.

I strongly suspect that you need to figure this out with him, regardless of how painful/aggravating it is.

Can't comment on bankruptcies, that would justify a new thread I think.

Fi_83

edinburgher wrote: »

Can't comment on bankruptcies, that would justify a new thread I think.

Wow..how very Harsh

LilacPixie

my understanding of bankrupsy is if one member declares br then the other party becomes 100% liable for the outstanding amount.

CHR15

Fi_83 wrote: »

Wow..how very Harsh

What??? Why??

edinburgher

Fi_83 wrote: »

Wow..how very Harsh

I also don't get how this is harsh... I couldn't comment on a topic and (I thought) helpfully suggested that the OP might need to start a new thread if she had questions on this complex subject.

fatbelly

ConfusedSingle1 wrote: »

The only way I can see out of it is for me to go bankrupt

Debt Management Plan?