What can you do with a joint loan when partners split?

R_P_W

weel82 wrote: »

I, myself find it disgusting that banks penalise both parties, however, to slate this parent for being worried about their child, especially if you are all parents is horrendous.

I, from what i have read, think your daughter should take her ex partner to court.

I can only imagine the worry your daughter has and hope it is resolved quickly.

Why disgusting? It is what the pair if them signed up to. No one forced them to take out a joint loan.

redpete

weel82 wrote: »

I, myself find it disgusting that banks penalise both parties, however, to slate this parent for being worried about their child, especially if you are all parents is horrendous.

I, from what i have read, think your daughter should take her ex partner to court.

I can only imagine the worry your daughter has and hope it is resolved quickly.

People are slating the OP for agreeing that he understands "joint and several", that he agrees that the daughter should keep the agreement that she willingly made with the bank yet also thinks she should not have to keep the agreement that she willingly made with the bank.

Others have suggested that the solution is to keep repaying the full amount and take the partner to court - as you suggest. The OP has dismissed this out of hand (it's impossible to pay the full amount - even with help form her businessman father? and it's impossible to take the partner to court - even with help from her businessman father?)

Many in the thread have sympathised with her predicament but realistic suggestions have been dismissed.

Thrugelmir

redpete wrote: »

People are slating the OP for agreeing that he understands "joint and several", that he agrees that the daughter should keep the agreement that she willingly made with the bank yet also thinks she should not have to keep the agreement that she willingly made with the bank.

The fact that this was a consolidation loan. Suggests that the couples finances were not being managed properly for some time. So the end result is possibly unsurprising.

The other party is not in a position to defend themselves. Yet could be fully aware of the consequences of their actions but can do little about it. Due to their own current financial position.

In my personal view if people wish to party then they have to settle their own bills. Not expect others to bear the cost.

aliasojo

weel82 wrote: »

I, myself find it disgusting that banks penalise both parties, however, to slate this parent for being worried about their child, especially if you are all parents is horrendous.

I, from what i have read, think your daughter should take her ex partner to court.

I can only imagine the worry your daughter has and hope it is resolved quickly.

People are NOT slating this parent for being worried about his child.

People are trying to stop him from giving his daughter poor advice. His personal feelings about the matter are clouding the cold hard facts.

I think all of us sympathise with the situation, it's horrible to be left with something so heavy hanging round your neck and you have to deal with it alone. I am sure none of us would want our kids to be in this situation.

However, feelings do not trumph the 'actuals' of life. He is doing his daughter no favours by advising her badly.

redcard

weel82 wrote: »

I, myself find it disgusting that banks penalise both parties, however, to slate this parent for being worried about their child, especially if you are all parents is horrendous.

I, from what i have read, think your daughter should take her ex partner to court.

I can only imagine the worry your daughter has and hope it is resolved quickly.

This isn't about a child. It's about a fully grown adult.

antrobus

weel82 wrote: »

I, myself find it disgusting that banks penalise both parties, ...

The bank isn't seeking to 'penalise' anybody. It just wants the loan repaid.

[Deleted User]

Having been in a similar situation this is the advice I would offer.

First, ensure your daughter continues to make the full payments. Defaulting will destroy her credit and possibly her career which is a stupid thing to do especially if she has worked so hard.

Two, Make sure she informs her employee of the full situation and keeps them updated - Not knowing will do more damage than them knowing.

Three - Write the letter mentioned several times before asking for his share of payment to be made or you will take to court.

Four - Via money claim online take the ex to court to recover costs, you say the loan was for £20,000, and i assume has been running for a while so the fees should be moderately small. If they don't reply - judgement will go in your daughters favour and she can recover costs.


Things i have learnt;

Keep records of ALL correspondences.

If the ex paid directly to the bank their 50% or they paid your daughter 50% they have confirmed that the debt is a 50/50 split.

When i took someone to court last year, I had no written contract, however them paying me money to the debt confirmed that they accepted liability of the debt and the share of it that was theirs.

Dont do anything stupid, it can be hard not to say regrettable things or do actions that feel good at the time.But you have to look at the bigger picture, the future.

Having had an ex destroy all my finances to the tune of £14,000 debt, a parent borrow and never return hundreds of ££'s, and an ex friend borrow and never pay back hundreds of pounds I know how hard it can be to not want to just default and go sod it. I also know that my decision to bite the bullet and battle through and my determination not to let an ex and spiteful people ruin my future has seen me get my debt of maxed out CC's and a huge loan down to a loan I will have cleared in a few months (36 months early), one CC i clear every month, a nice car on the drive, holidays abroad and the niceties i work my !!!! off for.

I am 25 years old, and this has all happened in the last 18 months. I have taken no money from anybody to help me and i am extremely proud of myself for not giving up and for battling through and getting myself into the position i am in now.


You don't say whether your daughter has a new partner but assuming not.
Your daughter needs you as a Dad right now to help her, provide her with constructive advice and to not give up. My girlfriend did the one thing I needed to help me clear my debts quicker, she didn't give my money, but she did support me, understand my position and give me advice and made sure i was never in a position in which i felt that my issues put her out.

Just my input...

John1993_2

weel82 wrote: »

I, myself find it disgusting that banks penalise both parties, however, to slate this parent for being worried about their child, especially if you are all parents is horrendous.

They are being slated for apparently being dead set on giving appalling advice to their daughter, based on their not understanding what it was that she signed up for.

People here are trying to stop him encouraging her to make a serious mistake. Vainly, I fear.

JuicyJesus

I can guarantee that as a staff member of the lender, OP's daughter will get a lot more forebearance should she go through her HR department and/or line manager.

Defaulting would be the worst possible mistake she could make. Ever.

The ex is a pr*ck.

meer53

JuicyJesus wrote: »

I can guarantee that as a staff member of the lender, OP's daughter will get a lot more forebearance should she go through her HR department and/or line manager.

Defaulting would be the worst possible mistake she could make. Ever.

The ex is a pr*ck.

The daughter now works for a different bank. As per the OP.