Joint debts

EssexHebridean

I think there is a bit of a comprehension issue over the question of "joint liability" here. In this sense - rather as when you own a property and are registered as "joint tenants" - it essentially means I believe that you BOTH have liability for the whole debt. So if for example a loan of £10,000 is taken out jointly - this doesn't mean that party A owes 5k of it, and party B owes 5k - it means that jointly parties A&B owe 10k. If party A pays £5k off the debt in a lump sum, while party B sticks their head in the sand and ignores it, then I'm afraid that the situation remains that "jojntly. parties A&B owe a 5k balance" - not that Party A can walk away feeling they've "paid their share".

So in answer to your question - as I understand it you have liability for the whole of the debt - the only person who is likely to have an interest in chasing your ex for payment, while you continue paying the bills, is you.

Silly question, but are you in contact with your ex? have you approached them about their intentions on the debts?

somuchindebt

Oh dear, this is sad, really really frustrating! I hate him and every time I think about it I am boiling inside. Would it be possible if we both offered lump sum as full and final settlement of the debt?
I do speak to him when necessary as we have children together but he says he does not have the money.
How would it change if I did lump sum IVA? Would I still have this business debt lingering?