Loan with Ex! Help

nicmars1982

Help help help please! My partner had a loan with his ex, she was the first applicant on the loan, he was the second. When they initially split (3 year ago) she paid half. We have now found out she is and hasn't been paying. We have spoke to the bank and they basically said tough, whilever we are paying something they wont chase her for money. We have been offered an option to name a figure that we are willing to pay and it will be classed as a partial settlement, but I don't see why its all down to us. Any advice would be gratefully gratefully recieved please!!!! (ps we know where she works not lives). Thanks!

Emmzi

it will be a joint and several loan so the bank are in the ight; it does not matter whose name is first and whose is second.

All you can do is pay what you can and pursue ex through small claims court for what she then owes you.

Apples2

nicmars1982 wrote: »

but I don't see why its all down to us.

Because he signed the agreement to state he is 100% liable for the repayment unfortunately.

Having two signatures makes it more likely the application will be accepted. This is simply because there is a lower risk as they have two people to hold responsible for the whole lot, and not just one applicant.

JimmyTheWig

As per the above, the bank don't care who pays as long as someone does.
The loan agreement will be written in such a way that both parties are liable for the full balance.

It's unfair, but that's the way it goes.