what about joint loans

keithboy40

i have recently spoken to payplan and am awaiting a decision on what they recommend. all the debts i am trying to sort out are in my name. my wife does not know about all my debts and the problems i am having to sort them out.

i have just found out she has taken out a £6500 loan to pay off our overdraft on our joint account, which she did know about. this means i have another debt taken out in my name. what do i do now? will this effect my payplan.

she intends paying the loan with her money/wages. she did not discuss this with me because she knew i was distressed about the overdraft and thought it was the best way to get it sorted. as this is in a joint name will it effect my payplan

sgx.saint

How did she get a joint loan in your name without you signing something? Or am I missing something?

If it is a joint loan, then you need to let PayPlan know, however if your wife intends paying it then let them know this too.

Sorry if I can't be of any more help.

keithboy40

she got it online through lloyds where you do not have to sign anything. i was suprised she could do this, however she did. i have not told her about payplan

sgx.saint

Well, if you go down the route of a DMP with PayPlan, then personally I would'nt mention the joint loan if your wife is paying it all.

Donedoingdebt

I'm pretty sure that you'll receive paper work through the post for you to sign before the funds are released. These are legal documents & have to have a signature. You didn't say that she took out a loan in joint names, just that she took out a loan to pay off a joint account. It may be that she's taken out the loan in her name only & this won't affect your DMP.

CLAPTON

based only on what is said here and knowing nothing else about your circumstances, i think its about time you told your wife the full situation about all your debts.
in any event, once you go down the DMP route your credit rating will be trashed and as she has joint a/c s with you, hers as well.
better meet the challenges ahead together and avoid any more situation like this.

and yes its probably best to include ALL debts in the DMP now.

mrmajika

Donedoingdebt wrote:

I'm pretty sure that you'll receive paper work through the post for you to sign before the funds are released. These are legal documents & have to have a signature. You didn't say that she took out a loan in joint names, just that she took out a loan to pay off a joint account. It may be that she's taken out the loan in her name only & this won't affect your DMP.

Lloyds TSB new QuickSign loans allow you to electronically 'sign' for the loan releasing the funds to the account immediately.

Hope This Helps.