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joint loans liability
popcornthecat
Posts: 1 Newbie
my ex and i took a joint loan with the co-op bank in 2003.
he is still paying it off, while i have had no contact or made any payments to the bank at all for well over 6yrs.
is the bank statute barred from chasing me for the full amount if my ex is repaying?
and if he does default in the future?
he has now been successful in claiming back ppi, but he needs my signature.
my worry is that i am still legally liable for the loan, jointly and separately? am i going to land myself in it if i sign for his ppi?
my ex and i are friendly enough, just not very money wise...
he is still paying it off, while i have had no contact or made any payments to the bank at all for well over 6yrs.
is the bank statute barred from chasing me for the full amount if my ex is repaying?
and if he does default in the future?
he has now been successful in claiming back ppi, but he needs my signature.
my worry is that i am still legally liable for the loan, jointly and separately? am i going to land myself in it if i sign for his ppi?
my ex and i are friendly enough, just not very money wise...
0
Comments
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If the loan was in joint names then you are both responsible for paying it back.DEBT FREE AND PROUD
'Better to remain silent and be thought a fool than to speak out and remove all doubt'0 -
Hello there.
Your liability would not be statute barred as the payments being made by the other party have continued. A payment can be made by either party and owuld bind each other. I hope that makes sense!
Best wishes,
David @ NDL.We work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps0 -
The 6 year counter doesn't even start ticking until the final payment (acknowedgement of debt) is made.0
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