Can't pay bank loan because of divorce. HELP!!

Neil5555

Hi All,
I took out a bank loan to buy a car with my wife some years ago with Lloyds. I am paying £311 pm and have about £8500 roughly left on it. Just befor Xmas we split , I've lost my job and she's transferred all tax credits to another bank account that she uses. She also has taken her name off our joint account without me signing anything. I don't have any money to go bankrupt .
I'm due to pay on 28th.
Please help.
Thanks.
Neil

[Deleted User]

Talk to the bank. And perhaps seek some (free) debt management advice, as I assume this will be an ongoing issue, rather than just needing to be resolved this month.

Neil5555

Thank you will do.

poppasmurf_bewdley

Is the car loan a joint one with your wife? I ask as you say you took out the loan with her.

If it is, then she has as much responsibility to pay off the loan as you have.

It must have been a very large loan if you have been paying £311 pm for several years and still have £8500 left as a balance. How much is the car worth? You can check this by comparing it with the asking prices of similar cars for sale on the Autotrader website.

happy_bunny_2

Might want to post on your situation on the debt free wannabe board.

You will get lots of help over there.

HB

longtermplanner

Who has the car? if this is you, what could it be sold for?

It sounds as though you need to get your benefits sorted (have you signed on for JSA? have you applied for housing benefit if you are renting?) and look for a new job.

There is no point in worrying about bankruptcy or taking rush decisions about this debt. Talk to your local CAB or National Debtline about how you can put this debt 'on hold' for a while.

jonesMUFCforever

How long ago did you take out the loan?

I am asking because the much maligned PPI Lloyds offered would have covered you in a case like this.

As well as the other advice you have already been given you need to seek legal advice about the financial aspect of your split.