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Joint secured loan - we are divorced Im paying it all - help please?

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Hi I need some advise please. My husband and I took out a joint secured loan against the house to clear debts and do some work on the house. We paid this jointly whilst we were together however we separated in 2012 and I continued to pay the bill. He has not paid anything since and Im struggling to afford paying the bills includong joint bills he left me with. I changed jobs and lost money due to redundancy and redeployed into a lower paid job. What are my rights as he says hes not paying and the company are chasing me. I can only afford a minimum payment now. Thank you.

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  • TBagpuss
    TBagpuss Posts: 11,205 Forumite
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    The company can pursue either or both of you. Does your husband understand that his credit, as well as yours, will be damaged if the loan goes into arrears?
    Have you spoken to the lender. Sometimes they are prepared to agreed reduced payments or a temporary payment holiday, particularly if they can see you are taking steps to resolve things (for instance, if the house is being marketed)

    It wouldn't normally be unreasonable to expect you to pay if you are living in the house it is secured on.

    Have you started divorce proceedings. If you have, look at making an application for a financial order so you can sort out a final financial settlement, which will mean you both have to provide information about your finances and try to agree, or have imposed, a settlement. It may be that that would involve the house being sold so that the debt can be cleared, and the balance of any equity split in a way that's fair when looking at the big financial picture (e.g. your respective needs, incomes etc)
    A court has no power to force him to pay a third party like a loan company, but they could give you a bigger share of capital so you could use some of it to clear debt, or even order him to pay you maintenace, so you could make the monthly payments, if the judge considered that that would be fair.
    All posts are my personal opinion, not formal advice Always get proper, professional advice (particularly about anything legal!)
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