Joint debt with ex - how to split it equally

AircraftHandler

Hi there,

I voluntary surrender my property and it has finally sold for considerably less than expected leaving £44000 worth of negative equity.

With my ex and me no longer speaking and with everything being contentious is there anyway that I can get this debt split down the middle so we can no longer be tied in to eachother?

Having spoken to the mortgage company they have said that it will remain joint until the debt is paid off which I'm not willing to do in case she doesn't pay her half and me having to pay more than my share.

Regards

Pixie5740

You're both jointly and severally liable for the debt so there's no your share and his share. I can understand the bank not wanting to split the debt as currently they can pursue either or both of you for it.

Have you spoken with one of the debt charities to find out what your options are? Is this your only debt?

National_Debtline

Hi AircraftHandler

If the mortgage is in joint names you and your ex-partner have a joint and several liability. This means that you both technically owe the full amount of the mortgage shortfall debt and either one of you can be pursued for it.

It’s not a case of legally owing half each so I don’t see any way you can split the debt down the middle unless you can re-finance the debt in some way.


James
@natdebtline

AircraftHandler

Hi and thank you for your replies.

We have a secured loan taken out with the property so we both owe £70,000 so £35,000 each with the shortfall of the mortgage.

I don't want to start paying this debt off and my ex to not pay leaving me severely out of pocket whilst she gets off Scott free.

What's the worst that could happen if I do not pay anything?

Vikipollard

Debt collectors, bankruptcy, inability to get any kind of credit for years to come, no chance of a mortgage, maybe even difficulty renting or getting a mobile phone on contract and so on...


And then there's whether it would put you at odds with your employment contract or prevent career changes as many employers seem to do credit checks on people.


Sadly as others have said, it is a joint debt so you both owe it all. Whether or not your ex partner pays anything, whilst morally there is an argument, the harsh reality is it is all your debt.


Someone with far better knowledge than me will no doubt be on soon enough to give further details.

FireWyrm

Vikipollard wrote: »

Debt collectors, bankruptcy, inability to get any kind of credit for years to come, no chance of a mortgage, maybe even difficulty renting or getting a mobile phone on contract and so on...


Someone with far better knowledge than me will no doubt be on soon enough to give further details.

No, that pretty much covers it. The debt is jointly and severally owed by both parties and until it is paid off...there is no disassociating yourself from each other or the debt.