Private loan for life partner - gone wrong!!

mattyprice4004

Sorry, but as above you're stuffed.

shop-to-drop

This is one of those times in life where you just need to learn a hard lesson. You lent to her knowing she had bad credit and no one else would lend to her and it all went pear shaped. A sorry tale all you can do is not make the mistake again and protect your own credit score by making the payments on time.

WhiteHorse

The fact that you have a paper trail (albeit not an ideal one in the form of a loan agreement), may persuade the court that the loan is real.

Even so, because the loan is in your name, you are liable. You can only seek to recover in turn from her. You will not be able to step out of the picture and get the bank to deal directly with her.

You say that there were County Court actions. What happened?

What was the business? Sole trader or limited company? If a limited company, you have options such as stopping it being dissolved.

jonesMUFCforever

''Persuading'' that the loan was a loan and not a gift is not the issue here.
OP wants legal recourse - he can go to court and win but not get any money as the ex may claim she has no money. The court might tell her to pay £1/£5 per month towards the debt - it will be many decades before the debt is settled.

In the meantime if OP wants to protect his credit rating he has to continue making the repayments as the debt at the bank is his and his alone.

curlygirl1971

My sister obtained a favourable judgement from the county court re. A loan made to her ex partner and she had an email trail as well a couple of other things (bank statements showing some of the agreed payments) to support her side of the story.

As other posters have warned though, obtaining a judgement does not mean you will get all or part of your money or that you will get your money repaid in a pattern that matches your repayments to the loan. You will also have costs to put up that you may not get reimbursement for. My sister found the whole process dreadfully stressful but I guess everyone is different on that score.

To our eternal surprise she did get her money, all of it, in one go. But only because her ex was a devious piece of work who wished to avoid a CCJ at all costs - he didn't want it to harm his credit record - sadly he had no compunction in borrowing from his aged grandfather to repay my sister rather than selling one of his 3 sports cars!

Very sorry this has happened to you - best of luck for the future.

gingergee

Please don't take this wrong but... she already has bad credit you say? so pursuing a CCJ against her wont bother her, and, i presume, costs you? I'd cut your losses and on her concience be it. Hope it is sorted though, your obviously a nice person x