Proportionate liability

Aponivi

Can anyone advise please, my wife and I are separating, the principle reason for this is her cavalier attitude to sensible financial housekeeping. We do have a joint bank loan, where liability is both joint and several. Is it possible that this loan could be rearranged to proportionate liability so I can at last disassociate myself from my wife's irresponsible attitude toward money.

I thank you in anticipation

Aponivi

CLAPTON

no possibility

as you say the loan is joint and several and that unfortunately is exactly what it means

paddyrg

Thinking aloud, can you find the money to buy out your 'half' of the loan, even through another loan? She would do the same, and you can run for the hills.

[Deleted User]

paddyrg wrote: »

Thinking aloud, can you find the money to buy out your 'half' of the loan, even through another loan? She would do the same, and you can run for the hills.

if she didnt do the same then he could still be held responsible for the other 50%

Culex

Aponivi wrote: »

Can anyone advise please, my wife and I are separating, the principle reason for this is her cavalier attitude to sensible financial housekeeping.

... For richer, for poorer...?

Emmzi

imagine you are the bank.

would you do it, knowing wife is rubbish with money? replace a safe bet with a wastrel?

paddyrg

woodbine wrote: »

if she didnt do the same then he could still be held responsible for the other 50%

Yep, poor blighter. She would need to do the same, agreed. Frankly, the poor OP is shafted either way.

CH27

How much do you owe & how long before it's paid off?

Aponivi

May I thank you all for taking the time to reply, it is appreciated.

Thinking out loud....
Since I now have another account with a different bank (Coop) I am considering talking to the NW bank to ask if it is possible to close access for the joint account, I will pay into the joint account to honour all DD's I would also expect the same (proportionally) from my OH, but at least, she will not be able to drain the account anymore. I can only conclude she is using debt as a weapon in our increasing acrimonious divorce. I realise I am in a somewhat difficult situation and most likely she will not contribute her portion, but first I must stop further damage. I wonder if in the event of her not paying her portion, this could be used to secure, further down the line, redress upon the sale of the house.
I don't know though since it is a joint account if I can solely ask for these restrictions to be put in place. Although a joint account she continues to make unilateral and unbelievably stupid and damaging decisions.

How much do we owe? the loan was for 20K over 4years The purpose was consolidation of outstanding debts, this loan was to clear up all outstanding debts, we discussed what we should do and how we should do it, then despite all this, she soon knocked up another £3K overdraft. I cannot get her to handover debit card she refuses, I feel very vulnerable.

Once again thank you, one and all.

Trajal

Ok this is going to be nasty but here's what you have to do:

All bills for which you are liable - cancel direct debits on everything and place them purely into an account which only you have access to.

All pay and income - have it moved straight into an account which she cannot access.

All current joint finances - remove these funds and put them into an account which she cannot access.

All joint loans and debts - organise to have them cancelled and stop the possibility of any additional extensions.

All credit cards - remove your wife's authorisation from anything she has in your name, additional card holder etc.

It's clearly going to get nasty and she's clearly going to be selfish. If i'd done these things myself i'd be around 15k richer about now.

I also was left with a loan that we took out jointly, which I ended up repaying on my own. It sucks but at least you're in control of your own destiny.

If she's playing hardball you need to fight back, forget doing the 'decent thing' and look after your own interests. I assure you that she will not care about anything but her own interests.

Paying off the loan, make sure you keep receipts and copies of the CCA proving it was a joint loan. That should definitely give you reason to have more of a % on the property value later on down the line.

Do not pay into the joint account to honour DD's. If she sees the money in there she can remove it before the DD's are paid and you will be stuffed. Move the DD's to a single account that only you have control over, like i said. If she puts money into the account then withdraw it for the purpose of paying those DDs. Don't hold your breath waiting for her to do that though.

Good luck mate.

Emmzi

who is living in the house and who is paying what towards it?

I think I would be investing in a solicitor to draw up an interim financial agreement.