Done a runner with Loan...Letting off steam!

beecher2

iluvmarmite wrote: »

If two people sign for a loan agreement then they should be liable for half each, if they split up then they should both be chased for their half of the loan, if the loan company cannot find one person then thats tough, as long as the other partner pays her/his half then thats their part of the agreement settled and they should not be hounded for the whole lot.

If they sign for a loan agreement then they're agreeing that they're jointly and severally liable. They always have the choice to get two separate loans, one in each name.

lala9

I never received the money that's just it! This is not a wind up, god I wish it was! Nothing has ever touched my bank account and I was taunted constantly by this person that i will get my share, but never did. Yes I've been a total prat but until you are mixed up in a controlling, manipulative and abusive relationship I guess most of you wouldn't understand. I imagine this will be resolved at some stage but it's just a waiting game at the moment and it's stressing me out beyond belief. I'm glad some of you find this so amusing but I guess it gives you something to do with your time. Makes me wonder why anybody posts on here at all.

beecher2

lala9 wrote: »

I imagine this will be resolved at some stage but it's just a waiting game at the moment and it's stressing me out beyond belief.

the thing is, I don't imagine it will be resolved in the way you hope. I have sympathy with you, but the reality of the situation is that you are liable for this debt - pretending otherwise isn't really going to help. I dont' think anyone thinks this is funny, and perhaps you're just wanting people to tell you it'll be ok but I'm sorry, I really dont' think it will be. I'd be cancelling the holiday plans and doing my best to pay off the loan - otherwise you're still connected to this man.

lala9

If this was 5k then yes I would take the hit but 5x this amount is a bit hard to swallow plus all the debt I have in my own name.

beecher2

lala9 wrote: »

If this was 5k then yes I would take the hit but 5x this amount is a bit hard to swallow plus all the debt I have in my own name.

It must be hard - I've no doubt about it. But sometimes facing reality has to be done and there's no way you can get away from the fact that you signed up to be liable for this loan.

Apples2

iluvmarmite wrote: »

If two people sign for a loan agreement then they should be liable for half each, if they split up then they should both be chased for their half of the loan, if the loan company cannot find one person then thats tough, as long as the other partner pays her/his half then thats their part of the agreement settled and they should not be hounded for the whole lot.

WHY??

Your option is already available, to each get a loan for 50% of the requirement in a sole name each.

I would respectfully suggest you do not enter an agreement unless you understand the terms upon which it is based. For a joint loan it is a jointly and severally liable venture. Both parties are equally liable for the entire debt.
This is what a joint loan IS !

Nobody is laughing at the predicament, we see it all the time but trying to change the agreement after it has been signed is ridiculous.

The reason only adults can apply for such things is because, as adults, we can make informed decisions and understand what we are signing.

All this talk of abusive OH's/domestic violence is completely irrelevant to the topic and is being ignored by those who understand the Joint Loan policy.

nick5466

Apples2 wrote: »

WHY??

I would respectfully suggest you do not enter an agreement unless you understand the terms upon which it is based. For a joint loan it is a jointly and severally liable venture. Both parties are equally liable for the entire debt.

Not sure if you noticed but the OP has already taken one out and was asking for advice?

Apples2 wrote: »

All this talk of abusive OH's/domestic violence is completely irrelevant to the topic and is being ignored by those who understand the Joint Loan policy.

How can you say it's totally irrelevant?!?

Obviously I do not know the circumstances but in cases of domestic violence one party is very often 'forced' into things they do not want or do because of fear of what may happen, if this has happened then surely it should be taken into consideration?

lala9

nick5466 wrote: »

Not sure if you noticed but the OP has already taken one out and was asking for advice?



How can you say it's totally irrelevant?!?

Obviously I do not know the circumstances but in cases of domestic violence one party is very often 'forced' into things they do not want or do because of fear of what may happen, if this has happened then surely it should be taken into consideration?

This was exactly the situation. And this person has made major purchases to set up in business clearly with this money openly rubbing my nose in it, items seen on the website. I can't say too much as you don't know who is lurking!

Apples2

nick5466 wrote: »

Not sure if you noticed but the OP has already taken one out and was asking for advice?

I wasn't referencing the OP, I was quoting iluvmarmite and responding to her comments

nick5466 wrote: »

How can you say it's totally irrelevant?!?

Obviously I do not know the circumstances but in cases of domestic violence one party is very often 'forced' into things they do not want or do because of fear of what may happen, if this has happened then surely it should be taken into consideration?

Quite possibly, but not by the bank. This should be a Police Matter and drag his a$s in front of the beak. The Bank have done nothing wrong and should not be held to account.
This is two completely different subject matters, the joint loan is a simple joint loan, nobody has done anything wrong.

The Domestic Violence matter is not for the bank to investigate nor get involved in.

dave82_2

I think the problem is that you are both just guarantors for the debt the loan company don't care where the money went. If you took it out the bank and handed it out in the street they would still want to be repaid.

Part of the loan application process wasn't outlining what was going to happen with the funds. You might have had a case if it was a home improvement loan with a agreed use and you could prove that he and he alone used the money for something else?

Firstly I would ask the loan company are they chasing him for the money as hard as they are chasing you?

Next I would contact a domestic violence charity and ask for advice on being forced into signing the loan agreement. You may be able to take a legal route if you were threatend into signing but you would probably have to be able to prove that you were.

Finally if you think he still has the funds and is currently spending them you could advise the loan company that you have no means of paying the loan back and will be forced to go bankrupt however he still has the funds but no intention of repaying they might then try a bit harder to recover them from him? Dunno if they would though sorry!

I hope you get something sorted but I don't think you have a chance of changing the terms of the loan or future loans in joint names.