Unable to pay joint Loan

I_spent_my_pennies

Hi there, I was wondering if anyone could help answer a couple of questions i have and thank you in advance for any help. I have a joint loan with my wife which she was paying till may this year. Since then due to finacial changes she paid them £1 token payment each month. Now she is due to start a dmp as her circumstances have changed again. Since may I have not been contacted to make up the rest of the monthly payment which is around £270. Will I be contacted soon ? Has this happened to anyone else ? I was expecting a phone call or 2 at least to chase up the money. Also as it is a joint loan will these £1 payments and the dmp payment (which will be allot lower than full payment) earn me black marks/poor credit rating. Hope someone can advise just so I'm prepared for an extra monthly payment of £270 ish! PS as a joint owner of the loan i fully expect them to chase me up just when? cheers....Dan

CLAPTON

check you credit files and see if they are already trashed


do you live with your wife; do the lenders know your address?

I_spent_my_pennies

Hi, the bank (santander) know where I am and I'm with my wife. I'll check out my credit files at the weekend.

Southernman

How come you didn't pay it as soon as you knew she couldn't?

R_P_W

Why are you treating it as two seperate loans? Are you both not jointly liable for the total amount borrowed?

milliemonster

If she's been paying only £1 a month for the last few months then your credit rating will already be trashed to be honest.

As above, as this is a JOINT loan, why did you not pay it when your wife's circumstances changed?

Malky

Joint loans are not half and half. You are both liable for the full amount.
In your case, if your wife pays £1 per month then you must pay £269.

I_spent_my_pennies

Hi, thanks for the reply's,
I guess the way our finances have worked or not worked in the past must be different from many others. We did not pay half the loan each or pay half our rent each or half of any other bill, we each have certain things to pay and we have both never had much left at the end of the month. She lost £200 a month in rent when her son lost his job and with a few other things going wrong found the debts getting worse, over time as she has struggled I have taken on more and more bills to help but I too am at my limit now with all my wage going on rent/c.tax, gas, electric, water, phone ect....I would have paid it had I had the money and fully understand I am liable to. My original question was why they had not contacted me yet or weather this was normal and when she goes on the dmp will I be chased for the remaining money or will they be happy with it being paid at a smaller amount over a longer time, hope this makes some sort of sense as I'm not knowledgable on what happens with these situations,thanks..Dan

Apples2

Its very unlikely to be included in the DMP. They will simply shift target to you for the repayments, along with all those late charges which have been amassed.

McKneff

Why not just pool all your money, pay the bills and share what is left.

Ive been married 44 years, done the above throughout, doesnt matter who earned what.

I can honestly say we have never had an argument about money ever. Lots of other things but never about money.

Why not do an SOA, include all incomings, yours and hers and go from there.

Yu are both unlikely to get credit now for a long time to come.

I_spent_my_pennies

Hi, first off thanks for replying,I am very concerned now as to what will happen and what I should do next to get out of this mess. I feel shocked with myself for putting it aside knowing my name was on the loan and that was the reason they granted the loan in the first place as they rejected my wife's application. I did it at the time so she could consildate all her seperate cards/loan into 1 but now know that hasn't worked!!. I will be looking into all income/outgoings very soon as I have had a default notice on the loan served today. They want £1622 in arrears within 14 days,and the balance of the whole loan is £9k. I think I know the answer as to weather I can afford to pay the loan and take on the monthly payments as I have only recently juggled all my debt to 0% offers so I could afford them.I also took on all but a couple of the household bills as my wife debt was not getting better. I will have very little left out of my wage maybe £60 a month and thats to run my car. My wife is just starting her dmp as she managed to get a part time job. If I was to de a soa should I do it as a joint one or just what I have in and out, also can my wife's dmp be changed to a joint 1 if needed ? or would I end up on my own dmp ? cheers again for any help! Dan