Financial Disassociation

sunnyman

I took out a £50k loan with my husband (then b/f) in 2005 with GE money. We secured the loan on my house, which I am actually not sure whether this should have been done as the house and mortgage is only in my name, and the loan is joint.
I have since discovered that my husband is a gambler, which he owns up to when he cannot make repayments, and after several times of helping, understanding and sorting the issues, I am now wanting to walk away. He is very apologetic and won't do it again - but he does ...over and over again. He is back in debt again, and has used the payday loan companies regularly.
I have no bills, bank accounts or anything else that is in joint names except for this secured loan - I feel that I need to be financially disassociated from him, as at the moment he is still able to get loans to clear his debts. He moved out in April 13, but he is still using my address as his home address to get the loans.
I still owe about £45k on the loan even though we have been paying approximately £600 per month for 8.5 years. I have offered GE money £20k which a relative has offered to give me to help me out.
GE money will not accept my offer because they say that I have too much equity in the house and because I am not in arrears.
I am not able to afford the monthly repayment and was hoping to get rid of the loan so that I can start to rebuild my life without gambling - I was actually trying to think ahead rather than burying my head in the sand. Even if I used the £20k as a lump sum to repay the capital, GE money have told me that my monthly repayments will not be reduced, and they cannot tell me how long I will be making the repayments anyway ...
Has anyone any ideas of anything I can do to try to get rid of this loan - or at least get myself disassociated?
Thank you

Nice_Weather_For_Ducks

Full repayment of the loan is the only way you can disassociate yourself from the loan.

bigadaj

You can file a notice of disassociation with the credit reference agencies, equifax, experian and call credit/ noddle.

You can also submit a subject access request for eg to supply all documentation in your case, though have to pay a fee for this either £10 or £12.

These secured loans were generally variable rates so there's nothing to stop them increasing rates, though they should be able to tell you what these are. You can raise a formal complaint and try aNd take to the financial ombudsmen service though these large secured loans aren't regulated in the same way that a smaller unsecured loan would be.

The bottom line is that ge see equity and so the only way to get out as this agreement appears to be joint and several is to pay off in full, potentially by selling the property.

You could try and go to your mp or involve the press.

Unfortunately these appear to be the only options.

johnstrowsmith

My sister is experiencing a unfortunately similar scenario although her other half just proved to be an excessive spender, the type that buys designer labels and expensive cars on hire purchase as soon as they get a penny then blow the lot and has now done a runner.
where to get a 50k loan from
I'd be interested to hear also if there's anyway out of this situation but as pointed out by nice weather for ducks this doesn't look promising.

Tixy

I still owe about £45k on the loan even though we have been paying approximately £600 per month for 8.5 years. I have offered GE money £20k which a relative has offered to give me to help me out.

Perhaps you could look in to whether your mortgage lender would allow you to extend your sole name mortgage by £45k (and possibly extend the term so that the repayments are more affordable for you).

If you could do that and repay the joint loan then you would be able to file a notice of disassociation from your ex.

Or if the relative is offering a gift of £20k that does not need repaying then you would only need to extend your mortgage by £25k.