Need Anyones Advice On Clearing My Joint Loan

evemacy08

I divorced from my ex 3 years ago and the ex kept the house and everything. We had a joint loan together from Halifax of about £5000.All the repayments were being made through the ex's bank account.It has now come to light that the ex went bankrupt in 2009 after the last payment was made. I recently received a letter from a debt recovery group called Arrow Group whom i think bought this debt off Halifax on the letter they said I owe £8000 which came to me as a shock. Now i know that my name was on the joint loan I am most likely to be liable for the repayment but I am so frustrated with this because I didnt even benefit from this loan as all the money the ex used for personal use:mad: . I am in the situation where I now have requested for this credit agreement to see if there is anything that can be done.I want to take this as far as I can because I think it is unfair that I have to pay for this loan in full even though I didnt benefit from it. There must be a law or a anyone that can help with this. I am asking anyone out there who is in the same situation as mine or has experienced the same or is a lawyer or financial advisor to get in touch and help me at this desperate time. Thank You In Advance

Nottoobadyet

Unfortunately, the lender doesnt care how it was spent or whether you enjoyed any of the loan. Its very frustrating, but Im afraid you are liable and if it hasnt been paid and has gone into default it will be affecting your credit rating.

cabbage

If you are jointly liable for the loan ie it was in joint names, when you ex went bankrupt his part of the debt cleared as part of the bankruptcy but yours still exists. Its just releasing him from his liability to pay it but your name will stay on the joint loan unless you either pay it off, go bankrupt or take out a debt relief order or complete an IVA.