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Responsibility for loan after split
Hi all,
Around 4 years ago I took out a large loan as my wife required a new car and also needed to pay off some old debts. The loan was taken out in my name but the log book, insurance etc is in hers. We have now separating and I'd like to know if i'm still responsible for the repayments as the car it 'technically' hers. The loan has around 15 more repayments on it. I don't want the car as I have my own, she does need the car but neither of us are in a position to afford the repayments now we have split. Please help and thanks in advance for your advice.
Around 4 years ago I took out a large loan as my wife required a new car and also needed to pay off some old debts. The loan was taken out in my name but the log book, insurance etc is in hers. We have now separating and I'd like to know if i'm still responsible for the repayments as the car it 'technically' hers. The loan has around 15 more repayments on it. I don't want the car as I have my own, she does need the car but neither of us are in a position to afford the repayments now we have split. Please help and thanks in advance for your advice.
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Comments
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Your name on the paperwork so legally your responsibility to pay. Any consequences of not paying, whoever actually currently pays the instalments, will fall on you. How you organise the financial arrangements between yourselves if of no concern to the lender.0
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You're still stuck with the loan, if the ex refuses to help pay the loan then you need to take her to court to continue the Status Quo.
The court wouldn't necessarily make her pay the full amount, just to continue what you agreed in the first place. So if you went 50/50 then that's what you should ask for.
Splitting up doesn't change the arrangements already in place.0 -
As far as I can see from the OP’s post, there was no agreement that she would pay anything. The person who signed the loan agreement is fully liable.You're still stuck with the loan, if the ex refuses to help pay the loan then you need to take her to court to continue the Status Quo.
The court wouldn't necessarily make her pay the full amount, just to continue what you agreed in the first place. So if you went 50/50 then that's what you should ask for.
Splitting up doesn't change the arrangements already in place.
The ‘log book’ V5C, merely means that wifey is the registered keeper, not the owner. If you want to take the car back, and you can prove ownership with the purchase paperwork, then you can. Insurance is neither here nor there.
Perhaps if you threaten to take it and sell it, she may want to contribute.I came into this world with nothing and I've got most of it left.0
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