Joint loan storey. Help and advice wanted

birtymeek

I had two joint loans with my ex which were unsecured. When we split up I signed the house over to her without drawing a penny from it (10k given there). We had arranged for me to pay the most expensive joint loan which also had the greater outstanding balance. She would take the least per month and lowest balance.
:beer: More than fair I thought

However, the back stabber had other ideas and decided that she'd leave me with it! Basically since this point I struggled to pay the loans as I had bought another house by the time this come about. So I spoke to a debt admin company who told me that they could get a greatly reduced monthly outgoing and that everything would be OK.

Things were cheaper but the two loan companies were writing to me stating that payments had been missed (they hadn't. What they were referring to was 'not for the original agreed monthly payment as per the contract). One of these then was then listed a 'default'. I was never told that this would happen?

My current partner took out a loan to clear on of these old joint loans out as I wouldnt get credit and neither old joint loan companies would allow the loans to be transferred into single names.

This has all meant that I cannot remortgage to clear the defaulted loan off despite me having a 117k mortgage on a 170k house!:mad:

Is there anything I can do regarding my ex. Surely it cannot be right that she gets away with paying nothing with regards to our joint debt.

Any help or advice on any of the matters mentioned is appreciated because its driving me mad now how I've tried doing everything right and just keep hitting brick walls

Emmzi

when you say "ex" were you married and did you have a financial divorce settlement?

if not, small claims court. try moneyclaimonline.

Also if your DMP provider is rubbish, try CAB instead.

dancingfairy

Nope joint loans =joint problem I'm afriad. She stops paying they come after you, you stop paying they go after her. They don't care what agreement you had between you I'm afraid.
As the previous poster said your only real option would be court but proving what was agreed might be tricky and lets face it your ex wasn't bothered about her credit rating or she would have paid the loan she agreed to so getting a court judgement possibly wouldn't bother her. Then you'd actually have to get the money out of her which if she hasn't got anything or decides to play silly games won't be pretty and will cost you more.
The thing that worries me is that a loan that you and your ex were jointly responsible for is now in the name of your new partner :eek: which means dragging them into the mess and lumping them with a debt they had nothing to do with.
As to remortgaging then yes you're right it will be difificult if not impossible to remortgage with defaults on your credit file. Yes the companies were well within their rights to deafult you. If you dont' pay the orignal agreed amount then that's what they would do. In some respects though not being able to remortgage is a good thing - fail to pay the loan as it was and you get defaults etc and possible court action, fail to pay a secured loan and your house is at risk - this is far worse.
Anyway best of Luck
df

birtymeek

Cheers for the advice.

The joint loans were with my ex-partner.

My current partner took a new loan out to clear the old joint one away. So she is not currently linked financially to me or my ex as I pay everything to do with our house etc. I then pay for the loan too as it is my issue.

The reason I wanted to remortgage is because I wanted it all 'under one roof'. I now have no issue with making payments and have greatly increased my payments.

Also, because of what happened my credit score went through the floor. To increase this I have a Vanquis credit card which I just buy fuel on and clear off each month.

Has anyone any experience of if its easier to re-mortgage after the defaulted date is over 2 years old?

Also, if I can somehow clear the defaulted loan, will it make a remortgage more likely?

Apples2

The defaults will be stuck for 6years, there is no fast track to get rid of them.

It is common for these Management Companies to withold your first two Months payments for themselves and only start passing on a portion of your payments to creditors.

I'm sure a lot of them don't even bother speaking to your creditors, they just start sending part payments from Month 3 onwards.

This stacks up with your comment that you have missed a couple of payments.

They should, (as the CCCS would do for nothing) contact all your creditors and negotiate with them, in many cases obtaining an agreement to freeze the interest on your accounts.
Your credit file will continue to be hit hard though as you have found out, by not making the correct payments, they are correct in defaulting you.

To make matters worse, the Management company are taking about 20% of your payments for themselves so your debt will take even longer to clear. The CCCS or Payplan would have passed on the whole 100% of your payments.

It isn't too late to move the management of this mess over to CCCS though, it will save you the extra 20% going into their pockets.