Counter signing a loan

DCFC79

Sunshine94 wrote: »

Yep, in my name only It's looking like its a small claims issue now.

Thanks for all of your advice, it's been useful

That might be hard but no harm in trying it.

Id try a LBA first and see what happens.

Sunshine94

What's an LBA?

I'm not holding out much hope of getting him to pay anything. I've just learnt a very expensive lesson and my DMP will have to go on a lot longer that I planned!

Gaz83

Sunshine94 wrote: »

What's an LBA?

I'm not holding out much hope of getting him to pay anything. I've just learnt a very expensive lesson and my DMP will have to go on a lot longer that I planned!

A Letter Before Action.

You send a letter to him informing him that you intend to proceed through the Small Claims Court unless he honours the agreement between you, in the hope that that will prod him into sorting something out between you.

Angry_Bear

Sunshine94 wrote: »

What's an LBA?

Letter Before Action. You can either write one yourself ( you'll find plenty of examples if you google) or have one created by a solicitor. If you're lucky, it might jolt him into paying.

nomoneytoday

If your ex was also in arrears and consolidating etc, then does he actually have any money to chase, even if you were to win the case?

Sunshine94

Yes, he's doing just fine for himself. All his debts were paid off with the loan which I've been paying for the past few years. I've accepted that I'm just going to have to pay everything now at least I'll be able to say I paid what I owed...and I'll never have to speak to him again, every cloud and all that!

jonesMUFCforever

IMO you don't ''counter'' sign a loan certainly with a high street bank.
You sign as a joint applicant or you sign as a guarantor.

OP who was the loan with?

Sunshine94

It was with Northern Rock. I called them as advised above and asked about his liability given that he'd signed the application and they said he had none. I asked if they would have given me the amount they did if he hadn't signed to say his wages could be taken into account for the loan and its repayments and they couldn't answer me one way or the other!

jonesMUFCforever

If you don't have it already get a copy of the loan application - to me this does not stack up at all.

bris

Sunshine94 wrote: »

It was with Northern Rock. I called them as advised above and asked about his liability given that he'd signed the application and they said he had none. I asked if they would have given me the amount they did if he hadn't signed to say his wages could be taken into account for the loan and its repayments and they couldn't answer me one way or the other!

Whilst he has no liability to the bank he does have liability to you.


The small claims court would look at the fact including his signature to say his wages could also be used. This would go a long way to prove their was joint liability.


Other thing they would take into consideration were payments from his account and the joint account which on the very balance of probability proves a liability.


The small claims court is not an exact proof needed just what's likely to have been agreed at the time. Paying off his debt with the loan is however the smoking gun and would make "the reasonable person" who will over see the case lean to your side of the argument.


It's cheap to file the claim, you would be mad not too, you shouldn't be stuck with the burden of a joint debt when he can pay share.