Stuck in loan with ex partner need advice

sharon5112

Good morning,

I wonder if you could forward me any advice on the following problem as I am unable to find a solution.

I and my ex partner took out a loan in the amount of £13,500 back in January 09 over a seven year period. (5 years remaining) This loan was taken out in my name and my partners at the time, the loan was for a new car so my ex partner could change his career and be a taxi driver, he has agreed to pay the loan for the remaining period outstanding. (I have taken 2 credit cards and an overdraft which I have removed his name from so our split has been amicable)

I have in the last year been turned down for every possible credit I have applied for due to this loan. My ex partner has applied for a new loan in order to release my name but to no avail. I am currently selling my home and would like to apply for a new mortgage with my new partner unfortunately this loan is like a chain around my neck and has put a stop to this. The loan is paid every month with no late payments by my ex partner.

My question is, Is there any possible way my name can be removed from this loan by any means, I am desperate to move on but even my bank who have had my attention for the last 15 years and several accounts are not willing to do this.

Many thanks:)

zppp

Welcome to MSE first of all.

Lenders prefer to have two names on a loan, because they can chase two people instead of one if the loan defaults. It would be up to the lender to choose whether they will no longer chase you for the debt. At the end of the day though this is very unlikely.

You have tried the most obvious solutions to resolve it, and it hasn't worked out. All I can suggest is that you get something in writing from your ex-partner stating that he will repay the loan, so that if for whatever reason he doesn't, you are able to prove this.

redpete

I suspect the problem is not just an admin issue of changing the details on the loan. You probably applied for a joint loan because his credit rating wasn't good enough to get one himself (possibly because of an uncertain or low income).

Unless his rating is significantly better now I'm not surprised they won't change it, as mentioned above they can go after either of you should the repayments default and are going to be unwilling to increase their risk for no benefit to them.