Consolidating Partners Credit Cards & Loans

DCFC79

HaSBeenConsolidated wrote: »

One person cannot just clear off and leave the other in the lurch, as they can in more casual joint relationships.

People do clear off and leave the partner to pick up the pieces including any loans that need repaying, an example is the thread linked to in reply #2.

HaSBeenConsolidated

Buying houses is a very different proposition, as this involves hard physical assets and secured loans.

This discussion is about unsecured loans, !!!!less friends and vulnerable partners, who need some better level of protection than is currently provided by many of our financial institutions, which trade upon these weaknesses in our society.

HaSBeenConsolidated

It sounds as though you have a similar experience to Miss B?

ch3101

How can you say there is no protection?

It would be ridiculous of a loan adviser in a bank to turn round and say "listen mate, do you realise what you're getting into? If this relationship doesn't work, he/she can !!!! off and leave you with the debt..."

It is highlighted in the agreement, and by signing the agreement you state hat you fully understand everything there.

If someone doesn't understand it the look for clarity before signing it.
If someone doesn't read he agreement then it's entirely their fault.

HaSBeenConsolidated

Clearly the banks do need a change of attitude. That is exactly the kind of thing the banks should be saying to people to make them fully aware of what they are getting themselves into. If after hearing this the would be borrower still proceeded then - fair enough.

Our society, economy and the banks are rotten with unsupportable unsecured debt and it's high time the regulators and the banks took serious and responsible steps to put a stop to any more of it.

Tixy

Our society, economy and the banks are rotten with unsupportable unsecured debt and it's high time the regulators and the banks took serious and responsible steps to put a stop to any more of it.

What about personal responsibility?
What about people taking loan applications serious and actually ensuring that they read and understand before signing something?
Why should the bank have to read out every clause with a loan agreement and confirm that the borrower understands it. The borrower signs to say they understand the agreement and agree to its terms.

Joint Loans to people in non-formal / casual relationships should in
principle be outlawed unless supported by formal independent legal advice.

Then the boards would be full of people complaining at having to pay out hundreds of pounds to IFAs/solicitors before they can apply for a joint unsecured loan.

Gold_bullion

Agree with all of the above replies - the bank could be viewed as the good guy in that it halved the repayments, albeit that the interest over the much longer period would probably have been higher.

How sure are you that this guy has "disappeared"? There are ways and means of finding people, especially if he is still in the UK.

You say the original debts were his, in which case if you sued him it is possible that a court may agree that a proportion of the debt was his, particularly as which credit cards in whose respective names were paid off in the consolidation would be a matter of fact. You should keep records of these, or obtain them from the card companies or current account that consolidated the previous loans.

For all you know he is living the other side of town with a new car parked outside ripe pickings for the bailiffs when they call.

I'd suggest you keep up the repayments, or negotiate with the bank if you can't, whilst pursuing your complaint against the bank (don't expect much, but ex-gratia payments are not unknown - they do have leeway even if legally they are correct), and concentrate your efforts on finding Mr A.

DCFC79

HaSBeenConsolidated wrote: »

It sounds as though you have a similar experience to Miss B?

Not the case at all, im speaking from what Ive read on the forums, theres alot of posts where a partner has left the other with bills, loans, debts.

JuicyJesus

HaSBeenConsolidated wrote: »

It sounds as though you have a similar experience to Miss B?

I have been and am. It is nobody's fault but my own. I have been paying for it ever since with interest on top. I don't blame the lender. It wasn't "mis-sold". The responsibility on it lies with me for getting into a financial (well, any) relationship with someone !!!!less and irresponsible. It was a foreseeable consequence and I ignored it.

I didn't run around trying to blame other people or complain to the lender for my own idiocy in hitching my horse to a sh*tty wagon. I came to an arrangement to pay the debt off at a repayment amount I could (somewhat) afford and dealt with it. Life sucked sh*t for a while because of it but I lived through it and learned a lesson from it.

I am not a hardcore "by your own bootstraps caveat emptor etc" free marketeer. I'm in favour of strong regulation to ensure people are able to make fully informed decisions in a fair marketplace. But people grasping at straws to make their own poor decisions Someone Else's Problem and claiming it should be a matter of law that negative consequences to poor decisions or downright recklessness are banned make me downright ill.

redpete

HaSBeenConsolidated wrote: »

Does anybody agree with this? Surely somebody must.

Yes, at least one person does. WorriedParent in the thread that was pointed to in the first reply in this thread. Someone in a very similar situation* with the same reluctance to accept what everyone else said.

(*some might think suspiciously similar.)