Bankruptcy and The Missus.

ScouseLaffin

I'm heading towards bankruptcy or possibly DRO but one of my many debts is a joint one with wife. She does not want to go bankrupt. This debt is some 12 years old and I have been paying £10 a month towards it and four others for the past 8 years or so after advice from Stepchange
Any advice please.
Cheers.

fatbelly

In the case of joint debts the Limitation Act differentiates between the two forms of acknowledgement.

A payment restarts the clock for both of you

Acknowledgement in writing only restarts the clock for the one who wrote.

So in this case she remains legally liable but you should do what you need to do and she should see what happens in practice.

Was it a joint loan? Or something different?

ScouseLaffin

Hi fatbelly,  This was a joint loan. I assume in calculating my overall debt, i can half this owed amount.
So if i am reading correctly, could i stop paying the tenner a month wait for the letters and let her communicate with them and sort her own plan out.
Cheers.

ManyWays

I assume in calculating my overall debt, i can half this owed amount.
No, you owe the full amount. This matters if it may take you over the £50,000 limit for a DRO. 

A sensible option for her may be to ask the current creditor for the CCA agreement for the loan, see  https://nationaldebtline.org/get-information/guides/credit-agreements-getting-information-ew/