Joint loan with EX!!

Mrs_Woo

My ex and I still have a joint overdraft which has long been converted to a loan and passed to a (second) debt collection agency!! This has been going on for ten years and by and large it has only been me paying it and a very low,slow rate! The loan companies say he is difficult to get hold of and so don't pursue him and as I am trying to do the right thing they com after me. Does anyone know that if I just stop paying what the legal implications would be for me and /or him??

InsideInsurance

If you both signed the credit agreement for the loan then you are both fully liable for 100% of the loan.

The bank is therefore free to seek the monies from either party or both and inevitably if one starts coughing up then they may choose to target that one. They obviously cannot recover more than the amount owed so whilst you are both 100% liable they cannot claim 200% of the monies.

Mrs_Woo

Thanks, yes that's as I suspected.

zxspeccy

InsideInsurance wrote: »

If you both signed the credit agreement for the loan then you are both fully liable for 100% of the loan.

The bank is therefore free to seek the monies from either party or both and inevitably if one starts coughing up then they may choose to target that one. They obviously cannot recover more than the amount owed so whilst you are both 100% liable they cannot claim 200% of the monies.

Absolutely correct this would fall under "Joint and Several Liability", so it is not as simple as just paying off "your half".

sharpy2010

If its been going on for ten years, its a shame you didn't just ignore the letters, the debt would have been statute barred for four years now and that would've been the end of it!

[Deleted User]

OP why not make it as hard for them to get hold of you,they may then have another go at your ex