help, trying to repay loan

charlie2120

hi, I'm hoping this is the right place to post this and someone can offer me some advice.

A while ago myself and my partner borrowed just over 5000 from his parents to help us move into a better home, (rented, not owned) I would have been able to pay this money myself if it hadn't been for the fact my partner had run up his overdraft and i had to bail him out to the tune of 4000.

My partner and I have recently split and money is becoming a major issue, particularly what we borrowed from his parents. I have offered and am prepared to pay my half of the money we borrowed but my ex wants me to pay back at least 2/3 of it and his parents say they dont see why he should pay any (as hes their son!!) and it should all come from me.

To make matters worse, my ex has again run up his overdraft and is now saying that the money i gave him has been used to the benefit of the family and I should again contribute towards clearing his original debt off which he is blaming on me despite the fact that all the household bill I pay.

The loan from his parents was payed by cheque into my bank account but there is no formal or legal agreement as to who borrowed it, what it was for or who was responsible for paying it back, and the money I gave to my ex for his overdraft was payed by direct transfer from my account into his.

Can anyone suggest where I stand with this situation?

Many thanks in advance

jonesMUFCforever

If the overdrawn account is in his name it is his debt.

I would seek urgent legal advice.

As far as I can see if there is no agreement as to how the loan from your inlaws was to be paid back then it is up to their son to sort out.

Proper legal advice is the way forward here.

Clive_Woody

I would suggest you make a final offer to pay back half of the £5000 loan, if this is unacceptable then you will consider the money was a gift and unless they can produce a formal signed loan agreement that states otherwise this will be the end of the matter. Another alternative is to suggest a repayment plan, maybe £5/month for the next 500 months with an interest rate of 0% and that any other terms are unacceptable to you.

As for your ex's overdraft I would advise he learns to manage his finances better, perhaps send him the link to this website and point out that it is his debt and he alone is reponsible for dealing with it.

Make a clean break ASAP and leave him to run himself into debt.

charlie2120

Thanks for the replies.

I have numerous times offered to pay my half of what we, as a couple, borrowed, but dont see why i should pay a penny more than that.

Things have deteriorated over the last 24 hours. I have said I would welcome the involvement of a solicitor and suggested they speak to one. I would now prefer that the repayment of my share of the loan is done under a legal agreement that clearly states how much and by when. I do think that they are still set on trying to obtain the full amount from myself rather than accepting the share I am offering so dont know how much luck they will get from a solicitor taking into account there is no signed agreement.

Although im prepared to pay back what I borrowed, I'm going to leave the ball in their court as to how they want to recover the money, either by mutual agreement (with a signed agreement) or with the involvement of a solicitor, I think on this matter i am just going to have to wait and see if a letter arrives, I cant force someone to accept payment and dont trust the situation enough to begin paying without the above mentioned legal agreement.

As for my Ex's overdraft, hes just going to have to figure that one out for himself. Im outta that one!!!