Please could i ask for your advice ???

Billy30_2

Hi I've been seperated since 2008 from my wife and we are going through a cheap divorce but don't know how i stand with our debt which as not had a payment since around the same time.
state of affairs is not known and i need to get all credit reports so i can see what i owe where. nobody is asking for there money too i just want to get sorted so its a clean cut.

How do i get companies to split the debt and we both pay our own halfs?

The debt is belived to be around 40-50k maybe less.

Thanks

B30

~Beanie~

If the debts are in joint names then you are both jointly and severally liable and will not be able to split the debt and each pay 'your own half'.

You need to find out what you owe and to who before you can do anything else.

January20

If the debt is in both your names, then you are equally responsible for it. As I understand it, the companies will not seek to get 50% from each of you. They don't care about that, they care about getting 100% of the debt, from either of you. So if your wife defaults on paying her half, you will be responsible for paying it.

fatbelly

What sort of debt is it that is joint and 40-50k? Seems unusual.

You also seem vague about the balance. Is no-one pursuing you for the debt?

Three years since you last made a payment? I'd leave it alone!

FredWhispers

Tell the creditors where your ex lives and give them her telephone number. They will chase her and not you.

Fred

fatbelly

FredWhispers wrote: »

Tell the creditors where your ex lives and give them her telephone number. They will chase her and not you.

Fred

Of course they may already be doing that - she may be paying.

As I said, I'd leave it alone.

dancingfairy

The only way to split it is for you each to be responsible for any debt in your own name and to take on a share of the joint debt - to get a joint debt in sole names you will have to take out more credit in your name to pay off the joint debt, also your ex would have to do the same but obviously if only one of you gets credit it could make the whole thing a lot worse.
df