Borrowing against a partners income

katyjane67

Hi

Some years ago my husband applied for a loan, soon after he had already been given one, the bank refused but said that I could take out the loan instead, I was very suprised at this as I wasn't working and had no income to call my own, the bank said that I could borrow against my husbands name. Since we were in a sticky situation I agreed to go ahead, although I felt uncomfortable doing so. The assisant at the bank was very nice, but also very pushy, she advised instead of a 3 yr payback to go for a 5 yr, after some toing and throwing I agreed to 5 yr. My husbands name was never linked to the account and I was never advised of any safety measures to put in place anyway, soon after the money was spent repaying certain things, my husband left and settled down with a new partner, then he refused to pay. I went back to my bank and they advised I had to pay as this was in my name etc. after 5yrs I paid back the total of 15,000 + for a 10,000 loan. I wrote to the bank as I thought I had been mis-sold this loan but they were having none of it. My question is, was this missold and is there anything I could do about it. Warning to all other guible spouse, don't take a loan out for your partner and if you do make sure its in joint names. I accept I made the decision to borrow the money but I do feel, since the bank advised to borrow against my husbands wage and they new our circumstances they should have refused the loan or advised it to be joint. Thanks for taking the time to read this

DevCoder

No the loan wasn't mis-sold.

Also putting it in joint names wouldn't help. if the partner refused to pay they would come after you. The term is joint and several liability. Either party is jointly liable for the debt so it can be recovered from both or either party.

dealer_wins

The bank offered you a loan, and you accepted that offer and signed the contract. So no, it was not mis-sold.

Make sure you never borrow on behalf of, or lend money to anyone ever again, even your other half!

superbigal36

Cant wait for the banks new raft of required questions in a loan application.

55e Do you have a dodgy spouse who is porking the local Bimbo ?
55f Is he likely to require your loan to pay of his gambling debts ?
55g Will you still be happily married in A : 1 Week B : 3 Months C: Till death do us part

StaceL1983

Really sorry to hear this, reading the title of the thread alone my heart sunk.

Not helpful but I hope you get it resolved soon

Pixie5740

I don't think the loan has been mis-sold but I do think your husband sounds like a bit of a !!!!.

Are you divorced yet? I think you can sort the debt out as part of the financial settlement.

ViolaLass

Unless you were told the wrong interest rate or something like that, then complaining about the amount you've paid is a non-starter. Did you investigate overpaying to bring the term down?

andyfromotley

What pixie said,

you can include this in the divorce negotiations. Sadly there seems to be one or two threads per week of people that this has happened to. When will people learn not to do this and realise that love doesn't last forever, but credit agreements do! (well until they're paid off anyway!)

If its any consolation you are better of without him!