Loan - Please help

Hollyrosier

4 years ago my ex partner needed a loan to pay of current debts. The only way he could get the loan was for my name to be on it as my credit rating was good even though he earned more than me. From day 1 the loan had nothing to do with me, he pays it from his account.
We broke up over 2 years ago, he has continued to pay it. I have been trying to get my name removed from the loan since we broke up but the bank are saying they cannot do this unless he applies for a new loan for the amount of the current loan and pays it of. (This won't happen due to his credit rating).
Can I be removed from it? The loan is through natwest. I have seen a form called 'remove a party from a personal account'. If we both sign it can I be removed?
Please help me - I am desperate to be removed from it.

[Deleted User]

The bank are correct.

He will need to get a loan in his own name and pay off the joint loan.

Gaz83

Yep, you're stuck with it I'm afraid. You're wrong in saying from Day 1 it has had nothing to do with you. As far as the bank are concerned, it's your loan.

foxy-stoat

Hollyrosier wrote: »

Can I be removed from it? The loan is through natwest. I have seen a form called 'remove a party from a personal account'. If we both sign it can I be removed?

As the other poster said, from day one this loan had EVERYTHING do to with you and nothing to do with your Ex.

That form you saw is for Joint Personal Accounts, not personal loans.

You are very lucky that he is still paying the loan as he can stop paying it at any time and you would still have to pay it or risk your credit history.

There are some posters on here have done exactly this and the Ex stops paying as in Law this is nothing to do with him, unless you had an agreement that you both signed.

Good luck and just hope that he keeps on paying it.

Moneycoach

Legally it is your loan.


You need to hope he continues to make the payments for the duration of the loan.
If he doesn't you need to be prepared to pay it!


I think you have learnt a lesson NEVER consign on a loan, especially partners you are not married to.


Unfortunately there is nothing that can be done.


To end on a positive he has paid for the past 2 years since you broke up, so seems responsible enough to continue to do so.


How long is left on the loan considering you took it out 4 years ago?

andyfromotley

If i was you I would make a plan to enable that you can pay the loan if he stops. Fingers crossed that wont happen.

I'd check the loan has been paid each month as if he stops paying it may be several months before you fond out and you will end up with a load of missed payment markers on your credit history.

Its easy to be wise in hindsight but of course putting your name on this loan was a terrible idea, hopefully your act of kindness wont come back to bite you.

HappyMJ

Hollyrosier wrote: »

4 years ago my ex partner needed a loan to pay of current debts. The only way he could get the loan was for my name to be on it as my credit rating was good even though he earned more than me. From day 1 the loan had nothing to do with me, he pays it from his account.
We broke up over 2 years ago, he has continued to pay it. I have been trying to get my name removed from the loan since we broke up but the bank are saying they cannot do this unless he applies for a new loan for the amount of the current loan and pays it of. (This won't happen due to his credit rating).
Can I be removed from it? The loan is through natwest. I have seen a form called 'remove a party from a personal account'. If we both sign it can I be removed?
Please help me - I am desperate to be removed from it.

He's paid for 2 years after you've split which is good. I hope there isn't much time left on the loan and he does continue to make the payments.

If he does fail to pay you can take him to court to force him to pay you but in the meantime you've got to make the payments so your credit rating isn't affected. You might only have a verbal loan agreement but the fact he's been making the payments for 4 years goes in your favour.