paying a loan not in my name??

sarahkight

Hi,
6 years ago my ex mother and father in law took a loan out for myself and my ex wife,so that we could pay for our wedding and home improvements....3.5 years after we seperated,i have soley re-paid the loan which is in my ex in laws names as we could not get the loan cos of our credit,with approx 1 year to go i can no longer afford to pay the whole loan so i have offered my half...is there anything legally they can do against me as they have now become very aggresive towards me as they believe i should pay the whole loan.
any info would be great

xangeleyes

Wow, in my PERSONAL opinion, I think it was great of you to pay half the loan off as most wouldn't have bothered if it was them. As it's in their name, there is nothing that they can do. THEY are adults too and they should have realised the risks that they were taking.
I'm sure it's only fair now for your ex to pay the other half.

Good luck.

Rachel x

Fiddlestick

Do you have any documentation stating that it was a loan and not a gift?

cos_2

They took out the loan so they have to repay it. Unless you signed as a guarantor (and I'm sure you would remember) you have no legal responsibility at all.

WhiteHorse

It's in their name, so it's their problem.

The only time a problem will arise is if there is any documentation or correspondence that shows that they then lent the money to you.

sarahkight

i have no documents stating it was a gift or a loan...i just remember them taking it out in their name,when asked what for they said to the bank it was for home improvements.

diable

Has the ex contributed to the loan repayments after you split up?

sarahkight

my ex has not made one payment..i was paying the total loan until about 2 months ago and now i have halved it as i have other financial commitments now.

diable

sarahkight wrote: »

my ex has not made one payment..i was paying the total loan until about 2 months ago and now i have halved it as i have other financial commitments now.

How much do you owe so we can gauge the fallout? I think you did the decent and admirable thing to carry on paying the loan, what happened to the house and do you have any children?

sarahkight

diable wrote: »

How much do you owe so we can gauge the fallout? I think you did the decent and admirable thing to carry on paying the loan, what happened to the house and do you have any children?

we have 2 children together who live with my ex wife in a council house,we have never owned a property my ex in laws took the loan out for our wedding, i think the loan was £14,000 over 7 years,but i have paid it all untill now and there is only a year to run....the situation has rose because im now re-married with 2 step children and i physically cant afford to pay...maintanience,the loan and living costs and also support my new family.

NeverEnough

Legally, they are the ones responsible for repayment of the loan - it was very honourable of you to pay it on your own for this long, I would say you are fully within your rights to stop paying them - if they become aggressive, call the police. They took the loan out, they are adults and knew what they were doing, and there were TWO of you in the marriage - not just you!! Divorce happens - but that doesn't mean that you should be intimidated to pay everything on this loan, there is no legal obligation for you to pay anything of it!! Good luck.