Joint Loan

MEM62

Wildie wrote: »

I didn't mean that the CCJ would mean I don't have to pay the loan, I am happy to pay half - but thought that something would be set up enforcing my ex to also pay towards the loan which she doesn't do at the moment.

Take some legal advice. (You may be able to get an initial consultation free of charge.) You need to maintain payments as your credit rating will be trashed otherwise. However, as a joint loan it may be possible for you to take her to court to cover her half of the payments.

somethingcorporate

MEM62 wrote: »

Take some legal advice. (You may be able to get an initial consultation free of charge.) You need to maintain payments as your credit rating will be trashed otherwise. However, as a joint loan it may be possible for you to take her to court to cover her half of the payments.

Any evidence to back that up? There is no half of loans, there is a loan owed jointly - this is known as joint and several liability (stick this into google if you want some more info).

Di_B

Can the loan company split the loan between you as you are split up? Would your ex agree to this if possible?

19lottie82

Di_B wrote: »

Can the loan company split the loan between you as you are split up? Would your ex agree to this if possible?

That won't happen. Why would the loan company want to chase two people rather than one. Even if it was it seems pretty clear by the OP that his ex wouldn't agree to this.

StuC75

Never going to happen, why would bank pass on half the money from someone who is currently paying..

Joint and several just means 'who blinks first'..

CCJ on that debt would impact new partners credit file for years since there would be a financial connection.

Also the CCJ would affect you when you needed to remortgage the new house - so are you going for a 10+ year fixed?

The difference in rates offered on a clean credit file compared to a ccj would easily be more than what you might pay for the current loan..

Di_B wrote: »

Can the loan company split the loan between you as you are split up? Would your ex agree to this if possible?

somethingcorporate

Never going to happen - the only way this would work is if each of the parties took out £7.5k each to refinance the loan.

MEM62

somethingcorporate wrote: »

Any evidence to back that up? There is no half of loans, there is a loan owed jointly - this is known as joint and several liability (stick this into google if you want some more info).

Frankly, No. However, the matter of the loan being jointly owned, and therefore each party being jointly and individually liable, refers to the situation between the lender and the two individuals. My comment does not suggest that this is not the case. What I do suggest is that it may be worth clarifying the situation in terms of the relationship between the OP and their ex. I do not see why, if it was agreed that this was a joint expense at the outset and one party then decides not to pay their share the partner lumbered with settling the loan cannot seek to recover the costs that their ex originally agreed to. Of course this may not be straightforward and there is also the burden of proof to be considered which is why I suggested the OP seek advice to see where they stand.