What can I do?

MsJake

I'm not sure if I'm posting this in the right place so apologies if it isn't.

I'm facing the prospect of being financially tied to my ex (who I have no other ties with), because of one joint loan, for the next 16 years!

When we split he agreed to pay it off but has since changed his mind & decided (for now at least) to just keep paying the monthly instalments.

Is bankruptcy an option? If I were to declare myself bankrupt would that mean he would have to as well?

Or would it be best to just let him keep paying the monthly premiums? But what future financial implications would that have for me though?

The thought of being stuck with him in my life & him possibly still being able to have an impact on what I do (credit wise) is unbearable but I don’t know where to turn or what to do.

Do I have any other options?

If anyone can answer either of my questions I’d be really grateful.

woodformoretrees

Understand you not wanting to be tied financially - but you can't claim bankruptcy to end a fnancial tie - bankruptcy is when you are unable to pay your debts, not when you're a bit !!!!ed off with them.

macbabypam

Ring one of the debt charities (Stepchange, National Debtline, CAB etc) and talk it through with them.
if you went BR you need to have taken comprehensive advice anyway, so you may as we'll talk to them now.

BR has far reaching consequences that is meant for people who are left with no other choice to pay their debts. It can make a fundamental difference to your life both in a negative and positive way, so you have to be sure it's the right thing to do.

National_Debtline

Hello there, how much is outstanding in total? Do you have other debts too?

It's important to bear in mind that insolvency options such as bankruptcy are there for people that generally have no alternative option. The judge will only make a bankruptcy order if you are genuinely insolvent. That said, such an order would write-off the debt and end your joint financial connection.

There are various different insolvency-related options. Bankruptcy is just one of them. Depending on your precise circumstances it may be that there is an alternative route which will suit you better - Such as a Debt Relief Order for example.

You can read more about each of these options via the insolvency page on our website: https://www.nationaldebtline.org/EW/information/insolvency/Pages/default.aspx

If you have any further questions please feel free to ask.

Best wishes,

David @ NDL.