Loan Sharks and private lenders

corbyboy

Just to add my thoughts. If she is threatening to take you to court, let her!

No judge in the world is going to believe that the money was loaned solely to you and was spent only by you and on yourself. Your ex-partner is at least 50% responsible. Don't be scared by the threat of the courts. The emphasis will be on her to prove that the money was not a gift.

Although you may be £15,000 in debt you are not in a desparate situation at all. She offered to guarantee your loan. If she didn't understand what she was getting into then that is her problem. Did she guarantee a loan in just your name or both your names?

I just want to echo what everybody else has said here. You don't need to go to a loan shark. You think your are getting hassle from your MIL now about the debts? It will be a million times worse if you go to a loan shark. Trust everybody here, if you go to a loan shark you will ruin the lives of you and your children.

inmypocketnottheirs

If this went to court, unlikely I think, then the worst a court would award your mother in law would be an amount based on your affordability. Plus interest will be frozen.

Take the alternative route via loan sharks, interest will be added and you will never ever be free of the debt.

A court will not take from you what you don't have.

Please do not do it.

iolanthe07

A loan shark can and will make threats against you and your children that will terrify you. A loan shark will make sure you never pay the debt off. Believe me, nothing your mother-in-law can do to you will be comparable to what a loan shark can do to you.