Loan and separation

hgavin9

Hi all

Unfortunately my wife and i have decided to separate. We currently have loan with C & G. I was wondering what options may be available with the repayment of the loan and whether we may be able to be offered better terms.

Any advise is welcome

THanks in advance

zppp

hgavin9 wrote: »

Hi all

Unfortunately my wife and i have decided to separate. We currently have loan with C & G. I was wondering what options may be available with the repayment of the loan and whether we may be able to be offered better terms.

Any advise is welcome

THanks in advance

In terms of a loan there are a few options. You could apply for individual loans to cover the debt, or take out a credit card to pay half off etc. IMO it is really important that the joint loan is closed and split somehow, as otherwise you will always be jointly and severally liable for the debt.

You could try to get a credit card, do you have any available credit presently?

I think your best bet is to speak to C+G, see what they suggest, and perhaps see a solicitor/CAB if it is a divorce.

[Deleted User]

is the loan in joint names?

hgavin9

Yes, the loan is currently in joint names.

CLAPTON

you are jointly and severally responsible for the loan
if one stops paying then the other is fully responsible for the full amount.

how much are we talking about?

maybe best for each to get a loan for half the amount and then pay off the joint loan: but that depends upon both of you agreeing.