Advice needed ASAP....

crabbman2004_2

Hi all,

I am in a bit of a mess and was hoping for some help....

Me and my ex wife split last year and agreed on taking on half the debt each.

I am in control of my half, however she has since taken a further loan and is now struggling each month, with just £100 spare each month. She is saying she is looking to do a Debt Management Plan. Her main loan she is struggling with is still in joint names. Which is where my problem lies. I am not in a position to pay this for her. Will I therefore be affected if she does go on a DMP. A consolidation loan for her/us is not an option due to credit score etc. Does anyone have any other ideas or options?

Thanks in advance.

shortchanged_2

I'm not 100% sure but I would say if it was a joint loan then there is equal liablity for that debt. Therefore if she defaults they can chase you for the debt by whichever means is necessary.

I stand to be corrected but to be honest it doesn't look very promising if neither you or your ex can pay that debt.

CLAPTON

joint loans are indeed just that ; both parties full responsible for the debt and not half each


if she doesn't pay then they will chase you for the full amount

CHR15

This could lead to disaster as has already been pointed out.

If you are of good enough credit standing, maybe look into refinancing this lot yourself.
If you take it on in your own name, and you are on good terms, agree with the ex to make regular payments into your account.

If the wheels fall off the current arrangement, as it sounds like is happening, this could have disastrous consequences for both your credit ratings.

If she can't pay, she won't pay so it will all be coming your way regardless.

At least you have some knowledge before it goes wrong. Many many posts on here of people only finding out when the Debt Collectors call and it's too late.

If your credit rating is already shot, then this is just another mess to add to the pile.