125% Mortgage with Non-Paying Ex

lianhunt

I took out a 125% mortgage via Northern Rock with a now ex-partner in 2004. When we sold the property in 2006 we had enough to pay back the 100% but not the 25% so this was left as a joint unsecured loan. Since then they have agreed to take half of the monthly payments from each of our accounts, my payments are made by standing order on the 1st of the month my my ex pays as and when he feels like it, we are constantly in arrears and the loan has gone up in the last 4 years we have been paying it (it is now 32k left over 24 years). There is no end in sight and northern rock refuse to separate the loan so that we are each responsible for 16k. I want to know if I stop paying and attend court as and when the time comes what is the likelihood that the judge will make a judgment that splits the loan straight down the middle and we are each responsible for our half with no responsibility for each other? I have told Northern Rock that I am likely to do this and they say they understand, my only other alternative is bankruptcy, in which case they get nothing and which I do not want to do as I am only 27.

I have also asked my bank for help but its a catch-22, my credit without the loan would be perfect as I have a strong account but because they need to do a credit search they will not give me the loan because of the big one.

All help appreciated.

mjm3346

They will not separate the loan as you are both responsible for all of it not just half otherewise it would be two separate loans and not one joint one.
If he has no assets and you have 32k they can come after you for the lot not just your "half"

There are other threads on here

https://forums.moneysavingexpert.com/discussion/2216187

https://forums.moneysavingexpert.com/discussion/1765913

lianhunt

Hi

Thanks for that, they other threads were like reading my life story.

Do you think its feasible that if it got to court the Judge would freeze interest? At the rate we are paying now it could be gone in 8 years if there was no interest to pay.

mjm3346

You might want to try the CCCS, see this thread (they are a charity, the advice is free).


https://forums.moneysavingexpert.com/discussion/2402327