Help secured loan advice needed..partner left

angelstar11970

Hi everyone...
Myself and my ex partner took out a secured loan against my property in 2008.
The mortgage is in my name and the secured loan is in joint names.
We have since split up.
I am now left paying for the secured loan (which is in joint names)
Can anyone tell me..
A) Is he legally bound to pay back his half
How can i go about this
C) Can the loan company split it in half

He signed the papers and agreed for this.
Does it matter what the money was for?

Thanks everyone in advance!!

Tixy

Hi

You are both liable for the full amount, so the lender might chase both of you but if one won't or can't pay then the other will need to pay it all.
The loan company could split it in half - but they won't, they'll want to keep the whole loan secured on your property, so wouldn't change half of it to an unsecured loan in his name.

chalkie99

What is the loan secured on?

I assume the house but don't see how it was secured in joint names if the house is solely in your name.

However, as Tixy says you are liable for the full amount of the loan if your ex does not pay and if the loan is secured on your property it is you they are going to chase hardest.

Maybe try a solicitors letter to your ex to try for an agreement on payments.

angelstar11970

Yes the loan was secured in both names against my house...
The house and mortgage is in my name.

CHR15

Looks like you have won it all.

Even if they do chase him and he doesn't pay, it isn't his house so he wouldn't care.

Tixy

Have you tried asking him to contribute?
Would he care about his credit rating? if he might then you maybe you could warn him that you cannot keep up with repayments and that if he doesn't help you'll have to default on the loan which will affect his credit rating. It might not work of course but it could be one tactic you could try - and anything he paid you towards it would be better than nothing.

blacksta

Tixy wrote: »

Have you tried asking him to contribute?
Would he care about his credit rating? if he might then you maybe you could warn him that you cannot keep up with repayments and that if he doesn't help you'll have to default on the loan which will affect his credit rating. It might not work of course but it could be one tactic you could try - and anything he paid you towards it would be better than nothing.

I hope the alleged defaulter is not reading this forum

angelstar11970

no he wont be on here...
I was led to believe that a loan agreement was a legal document...
If you sign...you pay..
I think a trip to citizens advice may be needed

Tixy

It is a legal document, and it say legally for a joint loan you have joint and several liability, which means the creditor can legally chase you for the whole lot, or him for the whole lot, or you both for as much as they can get.
But in the end they only have to get one of you to pay up all of it, and they will be most likely to chase you as you have the security.

CHR15

angelstar11970 wrote: »

I was led to believe that a loan agreement was a legal document...
If you sign...you pay..
I think a trip to citizens advice may be needed

That's right, you signed, you pay.

Neither one of you are any more or any less liable for the debt than the other. You BOTH owe the entire amount.

The problem for you is that you will be the one who suffers the most if neither of you repay it. It is YOUR home at risk, not his.

Sad position to be in unfortunately, but also a very common position to be in.

redpete

angelstar11970 wrote: »

I was led to believe that a loan agreement was a legal document...
If you sign...you pay..

You signed to say that you would be liable for the full amount. He signed to say he would be liable for the full amount. This gives the lender two people they can chase for repayments. Whilst you pay they won't chase him. If you stop they might chase him but they would also chase you, and they hold a charge on your house as security.

I think a trip to citizens advice may be needed

Won't change the above.