Old debt

vixitigz

Hi
My ex husband and I decided to split our debt when we separated. I work part Time he works full time. I’ve worked really hard to pay off £4000 worth of debt he had £5500. He has being paying £3 a month and now told the company he can no longer pay and the loan has defaulted to me. I know he has at least £25,000 in savings in an isa. I feel naturally quite angry can the company demand he pays if they know he has this money in savings as he has told them he has no savings.
The loan is in both our names but he took it on but as he has defaulted and he has told them I will take over payments I feel trapped into paying it. I haven’t a penny of savings do I just have to suck it up and pay it? It grates as I know he has all this money?
Any advice greatly appreciated.

foxy-stoat

If the loan is in joint names then you are jointly liable - if he defaults, which by the sounds of it he has, then they will naturally come after you.

If the debts where part of the divorce settlement then go back to your solicitor.

Carrot007

Sorry, you were stupid.

The joint debt should have either been paid off first or made into non joint debt. Anything else is asking for trouble. The companies do not care about hwat agreements you have made. it is non of their concern.


The comapny will go after whoever is the easier target. Sounds like you. (See above).

vixitigz

I know unfortunately I am liable was just wondering if the debt company can demand payment if they know he has over £25,000 tucked away? He has told me on many occasions he has lied and told them he has no savings? If I have to pay it I have to pay it, fair or unfair it just seems extremely unfair as he has so much money and I have very little? It sounds like I’m bleating I’m just not sure on the savings side of things.

jonesMUFCforever

Just make sure you also only pay £3 per month.

MEM62

vixitigz wrote: »

I know unfortunately I am liable was just wondering if the debt company can demand payment if they know he has over £25,000 tucked away? He has told me on many occasions he has lied and told them he has no savings? If I have to pay it I have to pay it, fair or unfair it just seems extremely unfair as he has so much money and I have very little? It sounds like I’m bleating I’m just not sure on the savings side of things.

Was this arrangement part of your divorce settlement?

Candyapple

vixitigz wrote: »

I know unfortunately I am liable was just wondering if the debt company can demand payment if they know he has over £25,000 tucked away? He has told me on many occasions he has lied and told them he has no savings? If I have to pay it I have to pay it, fair or unfair it just seems extremely unfair as he has so much money and I have very little? It sounds like I’m bleating I’m just not sure on the savings side of things.

At the end of the day it comes down to whether the company actually want to chase the debt or not i.e. get a CCJ instead of just a default. Most companies would only do this when there is a substantial amount of money involved and even then, they would need to pay more fees for instructing high court bailiffs to chase the debtor.

My guess is even if they believed your ex had £25k in savings (and why would they believe the words from a third party with no proof?), they have made a business decision to write off the debt / chase you for the remainder and are not prepared to go through the proper channels to chase him for it.

glennstar

Vix,
I would be interested to hear;
1. a response to MEM62's good question about the settlement,
2. the technical reason for the divorce (obviously no details),
3. how he has 25k in savings that weren't subject to equal division of assets?

The answer to these questions might help a little - but I'm not hopeful.

Alternatively, you might (and I know I do) consider what he is doing is cruel and unreasonable... or put more succinctly, domestic abuse.

‘Domestic abuse’ covers a range of types of abuse, including, but not limited to, psychological, physical, sexual, financial or emotional abuse. ‘Domestic abuse’ can be prosecuted under a range of offences and the term is used to describe a range of controlling and coercive behaviours, used by one person to maintain control over another with whom they have, or have had, an intimate or family relationship.

Maybe a call to Citizens Advice on the subject will help you understand what avenues are open to you and allow you to talk more authoritatively to your ex about the possibly implications of his actions. If any of this behaviour was the cause of the divorce then it obviously puts him in a weaker position too.

vixitigz

Unfortunately not part of any divorce settlement just an agreement between ourselves which I stupidly trusted!
Reason - differences/separation
The 25k he inherited after we divorced from his mother although I suspect but have no way of proving he had a fair amount tucked away when we were together that I had no knowledge of.
I think CAB is good avenue to go down. I don’t want to end up with a huge amount of debt round my neck for goodness knows how many years!
Wouldn’t grate as much if the original debt I had spent!! But it was a car for him!!

glennstar

What type of financing was used to buy the car? Does he/you still have the car?

D_M_E

Tell the collectors he has hidden assets.

Also have a read of

https://www.iflg.uk.com/guidance/final-decree-divorce-timing-absolutely-everything

posted in another thread which I cannot find on the phone.