Secured loan

angelstar11970

Just a quick question....
myself and my partner took out a secured loan against my house.
in joint names, although I am the only name on the mortgage and the loan was took out in his name firstly and me as secondary.
We have now split up (well years ago) and I am left to pay the secured loan. Although I am managing and I mean only just is this classed as fraud on his half....
or do loan companies take the view of "we don't care your circumstances just pay" as at the end of the day if its not paid its my house that gets taken off me..
any advice please
thanks in advance

[Deleted User]

It's not fraud.

A joint loan means both parties are fully responsible for making payments, in whatever proportion.

angelstar11970

but he is not paying his half as he has left...
its me who is having to pay as its my house that will get taken from me..
thanks

[Deleted User]

He doesn't have a half. You are both responsible for paying it. If he decides not to, and you do, then the lender is fine with that and vice versa.

nidO

Your misunderstanding is there is no "his half" and "your half".

You are each equally responsible for the entire debt, any apportioning of the loan/repayments between you is basically between you and him and is nothing to do with the bank. It sucks for you that you're left in a position where its you that effectively has to pay for the whole thing but that is what you agreed to do when you took out the loan.

amersall

Agree with zx81, and nid0.
Was there PPI on the loan and when was it taken out?.

angelstar11970

when he left I fell into arrears and claimed the ppi back to clear them.
I know what you mean by my half/ his half...
but I am left paying it, he just walked away...as I said before its my house that will be taken not his.
but thanks for comments

dealer_wins

angelstar11970 wrote: »

when he left I fell into arrears and claimed the ppi back to clear them.
I know what you mean by my half/ his half...
but I am left paying it, he just walked away...as I said before its my house that will be taken not his.
but thanks for comments

This should have been thought about before you took out the loan, its too late now unfortunately.

All you can do is keep communicating with the lender and make meaningful realistic payments, and hope they dont call in the loan.