Joint secured loan on single mortgage property

Gemjar · 10 June 2018 at 10:55PM

looking for some advice!
I have a joint secured loan on a property in my name only. I separated from my partner in early 2017 and until now he has been paying his share of the debt.

However, things have recently become acrimonious and he is now refusing to pay (even though his 2 very young children live here!). I can’t afford the payments on my own but by my reckoning he has nothing to lose by not paying. He already has a poor credit history and is currently renting a property.

Can anyone advise of the legalities of this?

Many thanks

[Deleted User] · 10 June 2018 at 11:09PM

They have you over a barrel i'm afraid to say as they know where you are etc.

Pixie5740 · 11 June 2018 at 7:12AM

How can you have a joint secured loan in your name only? If it's only in your name then legally you're the one responsible for paying it...just you. It won't be reported to your ex's credit reports because it's not his debt.

Is your ex and ex-or-soon-to-be ex spouse? If so the secured loan could be taken into account during the financial settlement even if it is only in your name.

[Deleted User] · 11 June 2018 at 7:14AM

I think the OP meant that the property is in her name only, rather than the loan, which is joint.

foxy-stoat · 11 June 2018 at 8:51AM

Another reason why secured borrowing is a bad idea.

You have more to lose than your Ex. What are the numbers and interest rates?

Any chance of remortgaging/releasing equity?

If joint loan then work out the balance/how much he has paid and start a small claims case or appeal to his better nature as your home (with his children) will be at risk if the repayments are not met.

System · 11 June 2018 at 12:55PM

You are jointly liable for the entirety of the loan as clearly stated in all the documentation you'll have had for it. If one doesn't pay they'll go after the other and if neither pay they can force the sale of the house.

Gemjar · 11 June 2018 at 9:30PM

Thank you! I never thought about the small claims court... I don’t think he has a better nature unfortunately! He says he is not paying a loan which covered the contents of a house he no longer has the benefit of. Although in actual fact the majority of the debt we paid off with it was due to his poor financial decisions and me being on maternity leave twice in a short space of time.

jonesMUFCforever · 11 June 2018 at 9:42PM

Personally any court action would be futile if he does not have any money to pay or won't pay.
Get legal action about the split and the way forward - what was the money for the loan used for?
Does he own anything you can claim (eg car) from a potential legal divorce/separation settlement?

Other than that go over to the debt free wanabe board there is little extra I can offer.
Ultimately if you cannot afford to live where you are is it better to sell now when you are in control or wait until a lender tries to repossess you?

Gemjar · 12 June 2018 at 12:11AM

Thank you Tarambor... I’m unfortunately all too well aware this is the situation. I was really looking for a legal solution that could force him to pay what he owes...

System · 12 June 2018 at 3:49AM

None to be honest. Say you take him to court. You get a CCJ. He's got no money and no assets so how are you going to get your money? Meanwhile you'll have spent time and money getting a judgement that you can't do anything with. At best you'd get some of it back when the house was sold out of his share of any equity left over.

Joint secured loan on single mortgage property

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