First time poster - joint loan liability query.

G10_for_men

Hello all,

First of all, a bit of background; my partner managed to accrue around £60,000 of credit card debt, with the hope that the proceeds from a house sale would offset most or all of the debt. Sadly due to the housing crash, this did not happen and the repayments started to increase (with interest) to the point of unmanageability.

At this stage I agreed to co-apply for a joint loan of £25,000 from Natwest with her in order to try and "lighten the load". I should say at this stage, that she made the repayments as in her opinion "it was her debt". The loan application was successful, however the total monthly repayments continued to rise, to the point where she was obliged to enter an IVA. This formally commenced two months ago.

Since then I have had a number of letters from Natwest pointing out the fact that the payments have stopped (due to the IVA), and that I am now liable for the debt. My questions are this:

i. Whilst I am liable for part of the loan, how much is "part"? Half? All?

ii. How does the fact that her "half" is in IVA affect my liability, if at all?

iii. Natwest have informed me that they have passed on the matter to Triton (Oh what Google has to say about them!). Does anyone have any idea as to a postal address for them as all anecdotal evidence says to not speak to them directly?

I should point out that I havent heard from Triton directly yet, some two or three months after I was told they were being informed. I have no objection to making repayments, however I can't afford the full monthly amount of the loan (£400 pm), £100 pm would be my limit.

Sorry to bore you all, thank you in advance for any advice,

G10.

fatbelly

Hi

The principle of joint and several liability means that, on a joint loan, you are respoonsible for 100% of the debt.

The other party's IVA makes no difference to your liability.

Triton is part of Nat West so the address is:

Triton Credit Services
Kendal Court
Ironmasters Way
Telford
TF3 4DT

but I would wait for them to write to you and then offer them what you can afford.

happycamel_2

Fat belly is correct. If it is a joint loan then you are 100% liable for the debt. I'm sorry you didn't understand that when you applied. Do post again if we can be of any help. If you really can't afford the repayments then you may be looking at a DMP yourself