Loan with ex partner

BigRightHand

Hello.
My and my ex partner have been separated for 5 years. We have a joint loan that we are paying off and still as 21 years left on it. We got it too run along side a mortgage.
We approximately have 10000 left to pay on it. Recently I've come into some money and would like to get rid of this debt but my ex doesn't have the means to pay her half of the debt. Do I have any options. The lender have said I can't just pay half off and walkway. It's frustrating that I'm going to have to pay interest for the next 21 years. Any advice is welcome

[Deleted User]

Can you increase your payments? 21 years is a ludicrously long time for a 10k debt.

BigRightHand

My ex wouldn't be able to increase her half of the payments

[Deleted User]

Can you pay more? The loan is not split between you. It is joint and several - there are no halves.

andyfromotley

your choices are pay more than half of it off if you can get your ex to scrape something up.

pay all of it.

stick the money in a high interest account to make the best of a bad situation.

JReacher1

Can your ex get a £5k loan to pay her half off?

warby68

You might be able to save money by paying more of it off as 21y is very long for £10k ie what you save in interest might be more than her share of the principal, or at least enough to make you think if she scrapes a bit of a contribution together

AnotherJoe

As suggested, could she take out another loan to pay this one off ? odds are interest rate would be far lower than one taken out years ago so it could be over a shorter period as well.

19lottie82

I'm guessing the "loan" is an extension of the joint mortgage, so it's the same as the remaining mortgage .

I can see where you're coming from OP, but if I was in your ex's shoes, unless I was well off I wouldn't be keen on taking out another loan and increasing my monthly outgoings, just because your financial situation has improved. Your ex is in fact, sticking to the original agreement you made together?

It's reasons like this why having joint finances with an ex is a recipe for disaster. Would it not be easier to sell the property, clear the mortgage and loan (is there equity in the property), and you can both walk away?

redpete

Do you have enough to pay off the full amount? If so then an option is to get your ex to pay you the monthly payment instead of the lender. Full of risks though that she would give up on paying you.

burlington6

redpete wrote: »

Do you have enough to pay off the full amount? If so then an option is to get your ex to pay you the monthly payment instead of the lender. Full of risks though that she would give up on paying you.

Do not do this.

If you pay it off she might pay you for a bit, but, as an ex, she will soon stop paying.

At the moment she knows if she stops paying the company involved have the ability to wreck her credit rating and chase her for the debt.

You have the ability to do nothing to her.