Help secured loan advice needed..partner left

zzzLazyDaisy

angelstar11970 wrote: »

i just want him to forfill the agreement he signed with the loan.
It was for £25k...with interest ect its £30 k

I am very sorry for the situation you have found yourself in, but realistically he is unlikely to pay. As others have said, if the debt isn't paid, the lender will not chase him for the money as it is secured on your house, so it would be you who loses out.

As far as the loan agreement is concerned, you are right, you BOTH signed to accept joint and several liability for the loan. Yes, you could go to court and argue that this means that he agreed to pay half the repayments - and you may have bank statements to back up the fact that, until he left, he was in fact paying half.

But even if you were successful in arguing this (and I wouldn't put money on it) you still have two major problems:

1 - the money isn't owed until the repayment is due. Which means that you could only take him to court for the payments he has defaulted on so far, not the outstanding balance of the loan or any future payments. Which means that you are faced with having to go back to court periodically for the next set of unpaid installments with the accompanying costs.

2 - even if you win and get an order that he has to pay, he is still unlikely to pay up. Yes you could get an attachment of earnings order but that is going to cost even more money and if he loses or changes his job, you are back to square one.

Your best bet is to try and get him to pay up voluntarily - even if that means coming to an agreement with him to accept a smaller amount of money in return for you taking over the loan. Although if he takes any sort of advice, he will know that he is home free and you have copped for the lot, so he won't have any motivation to do a deal with you.

KingElvis

Ddi that rather large sum get sepnt on anything you can sell and make things easier?

angelstar11970

He used to give me the cash each month and i used to pay it...
We split up cos of his lies about money (taking loans out here there and everywhere without telling me) i never knew or saw any of the money from these loans and cards.
Im a grown up, like to think im sensible, a responsible job..i cannot believe how stupid and blind i have been.
Looks like im stuck with it.
Im going to get my credit rating sorted and try and remortgage including the loan and forget this nasty episode.
May take a few years but there is a light of the very long tunnel.

Tixy

Its sounds like its going to be tough financially. You might want to see about posting up a statement of affairs on the debt free wannabe section of MSE. People there might be ablee to see places you can save money/get things cheaper/ areas to cut back to help you make these loan repayments.
Any chance you could get a lodger in to give you a bit more income?

angelstar11970

Ive done everything to save money.
Downsized car for fuel and insurance.
Stopped smoking.
Ive started doing the Avon for extra money.
Im eating at my parents.
Ive asked for a payrise at work too...Im working hard so i get more bonus.

ExNicotineQueen

angelstar11970 wrote: »

i never knew or saw any of the money from these loans and cards.

From what you said above, you gave the entire 25k to him? :eek:

What was it supposed to be used for?

angelstar11970

No i didnt give the whole lot to him...
The other cards and loans he took out secretly behind my back i never saw any of that money.

ExNicotineQueen

angelstar11970 wrote: »

No i didnt give the whole lot to him...
The other cards and loans he took out secretly behind my back i never saw any of that money.

I'm confused. You said you took out a loan of 25k jointly. What happened to this money?

Regarding the other cards and loans he took out, I'm assuming he took those out in his name? Or are you saying he took those out fraudulently in your name?

angelstar11970

The money was spent on home improvments, car, holiday.

ExNicotineQueen

Is the car in your name? Can you sell it?

If the car was in your name and you can sell it, home improvements will benefit your home and the holiday you took together I’m assuming didn’t cost more than 5 grand? So if you took the loan out in 2008 and your ex was paying it off until you split, he presumably paid off his half of the holiday cost between then and now. So if you own the car, the majority of the loan was for your benefit really and nothing to do with the ex (holiday aside)?