Unsecured loan - joint debt

meggymoll

Hello there

Myself and my ex partner took an unsecured loan out for £30k in July 2007 when we bought a house. We split up shortly afterwards (!) and the debt still exists. I made an agreement with Northern Rock via the County Court to pay £20 pcm off the debt, which I have kept to. Sadly, my ex has not been maintaining his part of the payments. I am now keen to try to "split" the debt but Northern Rock are totally at odds with this. Has anyone got experience of this and any advice they could offer me? I have tried to make a full and final offer to Northern Rock but they have asked for income and expenditure details which I would rather them not know about.

Any advice would be gratefully received - many thanks

uptheanti

Hi i had a similar thing and could not get the debt split because if they cannot get the money off your ex they will just keep chasing you my ex never paid but they did not seem that bothered as they were getting payments from myself .

Consumerist

Unfortunately, with joint loans, both parties are "jointly and severally" liable. The lender will pursue the easiest means of repayment.

You say that you have kept to the terms of an agreement to pay £20 pm but what, if anything, has your ex agreed to pay and how was that agreement reached? What was the purpose of the loan and who, if anyone, is currently enjoying the benefits?

chalkie99

£20 a month for a £30,000 loan seems like a result.

What did you do with the £30k and do you have anything to show for it?

Have you now got some capital behind you to make a lump sum offer?

Consumerist

chalkie99 wrote: »

£20 a month for a £30,000 loan seems like a result.

In the long run that's only a "result" if the debt is never repaid - unless interest is not being added.

If the OP is in financial difficulties (only £20 pm), I don't quite understand why the reluctance to provide a Statement of Affairs to the bank to get the matter settled.

I suspect that we haven't got the whole story here.

jonesMUFCforever

Was it one or more loan? Most lenders would not lend £30k unsecured.

iolanthe07

£20 a month for a £30,000 loan would take 125 years to pay off even with no interest at all. I suggest you keep a low profile - you have a bargain.

Tixy

Have your finances improved substantially since NR obtained the CCJ against you?
Presumably they have if you have offered a F&F settlement.

If you don't supply your I&E details voluntarily and NR have a reason to think they have improved then they could and may go back to court for a redetermination to try to get the court to increase the monthly payments.

bryanbukowski

As far as I'm aware, you will not be able to split this debt.

£20 is cheap, but I like your attitude of proactively wanting to get this debt paid off by asking for a settlement figure. As someone else has said, where did the £30K go, do you have any capital?

I think it's safe to say your ex is not going to help with this, so you need to take full responsiblity of the debt and do what you can to get it all repaid, try and build your credit score back up. Refusing to supply them with an I&E will get them interested in you, as they'll believe you can pay more than the current agreement. Can we assume that your circumstances have changed, and you actually could pay more?

Your goal should be to get this money paid off as soon as possible, and start again. Ex's ay, what douche-bags.

KingElvis

30k is a big wedge of cash and you'll be in your box before that's shifted at £20 pm

Good luck.

Apples2

You can't sensibly ask for a Full and Final Settlement figure but maintain you cannot afford more than £20 a Month.

The request itself implies you have access to a wad of cash, maybe not the full amount but certainly more than £20.