splitting the debt

claire999

what happens to your joint loan if you split up with your partners,

I have basically had enough, we have 15K loan with HSBC and i want to save and pay it off but OH would rather spend, spend, spend !! i have tried to sort this out with him but hes not listening - this is the last straw.

You help would be appreciated.

quantumleap

I'm not sure to be honest Clare. Perhaps someone will come on soon and offer you some constructive advice. You will have to ensure that you're ex, if that is what he is, pays his half of the monthly payments. I imagine one of you will have to transfer an amount each month into the account that the load is paid from.

I remember you're post from earlier in the week. I take it you're other half wasn't as willing to deal with the debts as you are?

immoral_angeluk

You're both equally responsible for it so the mature thing would be to split it 50/50. Unfortunatley if your partner decides to do a disappearing act, HSBC will come after you for the whole amount.

lynzpower

I would see if theres any way tht HSBC can split the loan so you both have one each?

nomoneytoday

You are jointly and severally liable for the debt. Either take out 2 separate loans, or be prepared for the bank to chase you for the entire debt if the other person doesn't pay.

Sorry.

claire999

thanks for all your replys i think that i will have to really talk to oh tonight and make sure he understands whats gonna happen if he doenst want to help me clear this- its like talking to a child sometimes!!!

Bubbalou

get 2 loans and use them to pay off this one.

leni

personally, I'd ring HSBC and ask their advice. It's not like your gonna forfeit the loan, your acting responsibly by asking what to do!

Emmzi

The short answer is that if OH WON'T or CAN'T get a loan in his own name for his half, then you're stuck with it.

Sit him down with a loan application form and see if he'll sign it...

cazziebo

Claire

Really feel for you, honey..

2 issues here.

1. the other posters are right - you're both liable for the whole amount so unless you both take out separate loans and pay off the original loan then you're both relying on the other to pay their share.

2. is it really worth giving up on a relationship for? It's only money. Take some time out, list the positives and negatives of the relationship..What do you like about him? What is it about him you fell for? And then talk it over - as calmly as you can. Tell him that his behaviour is threatening the relationship. If there really is no way forward then you might have to make the ultimate decision, but give it another go.

Keep us all informed as to how it goes - fingers crossed for you

Cazzie
xx

halloweenqueen_2

I'd contact HSbc, perhaps they will be able to make an arrangment for you to get a personal laon to pay off your half and take your name off the original, its more likely that they will want that one closed. It may be worth your while seeing what loans are available to you for half the amount and seeing what you can do.