Everyday loans

dipsy

questions to anyone that knows anything about EDL's

I have never had any dealings with them, but my husband has, his ex wife took out and extended a loan whilst he was in hospital without his knowledge.

Anyway, we have managed to get the interest stopped on this loan, but we struggle to get statements, last time I looked at this my husband will be paying this till the day he dies and can't get rid of it as they won't allow the loan to be split in two so that he is responsible for one half in his own name - and we could pay it off, but if he remains on a joint loan, he could pay 50% and then she could default and they will just come after him :-(

They won't accept a Full and final settlement in the hope of getting rid of it and in turn severing all remaining ties from his ex wife, (who has now it seems been claiming WFTC whilst together aswell but that's another story lol)

Any ideas welcomed as just want this gone!!!

He isn't on my mortgage and does not pay any bills from his account, so I assume that if it all went wrong they couldn't come after the house or anything it has been my home for the last 17 years.


thanks in advance

[Deleted User]

Can you pay it off, even if that means refinancing?

They won't split it, as he doesn't have half a loan - they both have a whole loan between them.

If your credit file is good enough, you may want to look at some options, but that will mean taking on the debt yourself.

Pixie5740

That's how joint loans work, each borrower has joint and several liability for the whole debt not just a share of it. How long has your husband been paying this loan? I'm guessing long enough to make it difficult to prove that his ex-wife took out the loan in joint names fraudulently?

If you are not financially linked to one another then your husband defaulting on this loan will not impact you. It might be worth him contacting on the debt charities to discuss his options or he could fill in the debt remedy tool on Step Change's website.

Gaz83

dipsy wrote: »

questions to anyone that knows anything about EDL's

I have never had any dealings with them, but my husband has, his ex wife took out and extended a loan whilst he was in hospital without his knowledge.

Anyway, we have managed to get the interest stopped on this loan, but we struggle to get statements, last time I looked at this my husband will be paying this till the day he dies and can't get rid of it as they won't allow the loan to be split in two so that he is responsible for one half in his own name - and we could pay it off, but if he remains on a joint loan, he could pay 50% and then she could default and they will just come after him :-(

They won't accept a Full and final settlement in the hope of getting rid of it and in turn severing all remaining ties from his ex wife, (who has now it seems been claiming WFTC whilst together aswell but that's another story lol)

Any ideas welcomed as just want this gone!!!

He isn't on my mortgage and does not pay any bills from his account, so I assume that if it all went wrong they couldn't come after the house or anything it has been my home for the last 17 years.


thanks in advance

Loans have joint and several liability which means that either or both parties can be pursued for the full amount.

It sounds like this was a fraudulent loan application in your husband's name, which is a criminal matter and should have been reported to the police at the time. However the fact that he's attempted to pay this for however long, rather than challenge it at the time, means the loan company could well think he's 'chancing his arm' by reporting it as fraud after so long.

Might have to chalk this up to experience, and either keep paying or default.

Arleen

In whose name is the loan? I assume it's in both of them, and they are jointly and separately liable, in which case what would be the lender reason to "split it", and potentially lose the one person who keeps paying? Also how much is the loan?

I don't understand why they wouldn't accept full and final settlement, in the end they want to get the money paid. Did you offer less than is owed?

Mobeer

Arleen wrote: »

...I don't understand why they wouldn't accept full and final settlement, in the end they want to get the money paid. Did you offer less than is owed?

I think the OP meant a "full and final settlement" of 50% of what her husband actually owes, thinking that was "his share".

Making a real full and final settlement would at least allow the severing of this tie to his ex-wife.

dipsy

Mobeer wrote: »

I think the OP meant a "full and final settlement" of 50% of what her husband actually owes, thinking that was "his share".

Making a real full and final settlement would at least allow the severing of this tie to his ex-wife.

I meant f&FS of the whole amount, so say offering 30% of the whole debt to close the matter

I have asked him to get an updated statement from them but I think we will both be retired by the time it is paid off at the current rate

I just thought if he could do a F&FS for less or equal to 50% it is a win /win, he gets to severe the tie with his ex wife who seems to have done a lot of underhand financial things ,(and he is as much to blame for being to weak to call her to book on it all), and he has paid his share and the debt is closed...

Arleen

50% or less is a win for you, hardly for the person who shelled out 100% of the money for the loan (as explained above there is no "share" here, they are both responsible for the whole thing). The only time you get settlement offers like that is when the debt is defaulted and deemed as hopeless (usually after at least selling down 1 or 2 times), because very few people would do that amount of damage to their credit file if able to repay the money instead.

Pixie5740

dipsy wrote: »

I meant f&FS of the whole amount, so say offering 30% of the whole debt to close the matter

I have asked him to get an updated statement from them but I think we will both be retired by the time it is paid off at the current rate

I just thought if he could do a F&FS for less or equal to 50% it is a win /win, he gets to severe the tie with his ex wife who seems to have done a lot of underhand financial things ,(and he is as much to blame for being to weak to call her to book on it all), and he has paid his share and the debt is closed...

Is the loan in arrears at the moment? As long as the repayments are being made in full and on time I doubt the lender will accept a F&F.

dipsy

50% or less is a win for you, hardly for the person who shelled out 100% of the money for the loan (as explained above there is no "share" here, they are both responsible for the whole thing). The only time you get settlement offers like that is when the debt is defaulted and deemed as hopeless (usually after at least selling down 1 or 2 times), because very few people would do that amount of damage to their credit file if able to repay the money instead.

its not my loan, I am aware of the ethics I was just asking the question as obviously 50% of the debt paid to EDL whilst paying minimum payments and never likely to all be paid back

Pixie5740 wrote: »

Is the loan in arrears at the moment? As long as the repayments are being made in full and on time I doubt the lender will accept a F&F.

there is a token payment being made currently with 0% interest

therefore the debt will take longer than he, (my husband) /she (his ex wife), will live to pay it off

so I guess they will have to remain attached by this loan

Pixie5740

If only token payments are being made then there's nothing to lose in offering a F&F. They can only say no. It might be worth a cheeky punt at 30% of the outstanding balance.