Guarantor on ex-husband's Welcome Finance loan HELL!

l-y-n-z

Hello there. I was wondering if anyone has any much needed advise on my current situation. In brief... I've been divorced from my husband for a couple of years now, I had to force a sale on the marital home and went through the courts to get my ex to move out and sell the home. Whilst I was still in a relationship with him, and living with him, he asked me to sign some paperwork for a loan that he had from Welcome Finance, he informed me that it was just some paperwork that was needed to go through the motions and as I was guarantor on the original loan my signature was needed. At this point in time I asked him whether the loan was secured on the home, to which he replied no, I was happily married and at this point had no reason to doubt what he said. It turned out the loan was secured on the home. On selling the house Welcome Finance received a lump sum from the sale, but there was a couple of thousand outstanding. I am currently being harrassed daily from an employee of Welcome Finance at home and at work via telephone chasing payments for the outstanding balance on the account. My ex-husband has again stopped paying the monthly payments and they are chasing me for the money. I paid the payments for this loan for two years after initially leaving my ex as I didn't want them to take the house or receive a bad credit rating. I am now not prepared to make any more payments and they can't get hold of my ex and are chasing me. Is there anyway that I can remove myself as guarantor, or am i still legally responsible for this loan of my ex's? I've not been with him for 6 years in total, but the divorce and the house sale were settled around a year ago due to my ex causing problems and dragging his feet. I am at the end of my tether with Welcome Finance, I have paid plenty towards this loan that I did not take out and I feel that as he is my ex I should no longer be responsible for his loan. Someone please give me the advise I am looking for, so that I can finally scrape this manipulative, lying man from the bottom of my shoe? Cheers

BugsyBrowne

If your prepared to trash your credit report for 6 years go ahead, Unfortuantly it would of been all in your T&C's when you signed.

I do feel for you but that's why these guarantor loans shouldn't exist IMHO.

Apples2

l-y-n-z wrote: »

or am i still legally responsible for this loan of my ex's?

That's about the truth of the matter, although it wasn't really your Ex's loan. You signed to agree payments so you are equally as liable, maybe moreso as they knew he wouldn't pay but you guaranteed it would be okay.

Sad but true..

poppasmurf_bewdley

The only way to get Welcome Finance to stop ringing you at home or work is to write to them recorded delivery telling them that you will only deal with them in writing, and if they continue to phone you will report them to the FSA and OFT for harassment.

Tixy

Template letter as said above - http://forums.moneysavingexpert.com/showpost.php?p=11571485&postcount=4

But as said you do remain legally liable for the debt.
If you are in a positon to do so, you may find they will accept a reduced full & final settlement offer from you, rather than small payments over years.

roger196

This should have been sorted out at the time of divorce and then by the court. If you had a solicitor acting for you, they may have been negligent. Without considerably more detail, it is not possible to arrive at a proper opinion. Get a half hour consultation ( check that its free) with a firm of sols who specialise in suing other sols. They will be able to tell you whether you have a case or not. Be careful that you do not run up more in legal bills than what it would cost you to pay off the guarantee.

teddy161

I had this same issue. I made a formal complain tdirect to Welcome siting that we are no longer together. I have since recieved a letter up holding my complaint. Credit file updated.

geoffky

teddy161 wrote: »

I had this same issue. I made a formal complain tdirect to Welcome siting that we are no longer together. I have since recieved a letter up holding my complaint. Credit file updated.

How can this be? When you go as a guarantor you agree to take over payments when the other person defaults....How did you get out of it?

teddy161

just because you a garantor when you split any debt does not become yours you send proof of split....

geoffky

teddy161 wrote: »

just because you a garantor when you split any debt does not become yours you send proof of split....

ignore....wrong advice...

CLAPTON

teddy161 wrote: »

I had this same issue. I made a formal complain tdirect to Welcome siting that we are no longer together. I have since recieved a letter up holding my complaint. Credit file updated.

if there is a real story here then let's hear the full tale.