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Flamingo201
Posts: 6 Forumite
in Loans
Hi, i have very recently seperated from my husband. My husband has a mortage on the house, which he had prior to our marriage. i am not on the title deads, but we have 2 large Secured Loan against the house, which we are not in the position to clear. my husband does not want ti see the house, but wants me to take half the loan. i have not worked for 5 years as we part time lived abroad and i have bot worked for these years. in scotland I am classed as a non entitled spouse so i have the right to still live in the property, at least until our financial situation is cleared...something that is taking its time. can anyone advise where i stand to the legality of these loans. There is very little equity in the house and i will not be in the position to clear this loan share. many thanks in advance
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Comments
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Legally if its not in your name then there is no need for you to take on the debt0
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It will depend whose names the loans are in.
If they are just in his name, then they are all his responsibility.
Alternatively, if in joint names, you will both be equally liable for the full amounts.
This is called joint and several liability.
That would be the legal position, the moral ground is up to you.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
sourcrates wrote: »It will depend whose names the loans are in.
If they are just in his name, then they are all his responsibility.
Alternatively, if in joint names, you will both be equally liable for the full amounts.
This is called joint and several liability.
That would be the legal position, the moral ground is up to you.
On one loan i have signed as a "consenter" for living at the address and the other "second borrower".0 -
On one loan i have signed as a "consenter" for living at the address and the other "second borrower".0
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The consenter is just a legal technicality to stop you making a claim in front of the secured loan so don't worry about that one.
If you are indeed the 'second borrower' then you could be held responsible joint and severally for that loan. It means even if you agreed to pay half and your ex defaulted they would come after you for the lot - so take legal advice on that one.0 -
so you think i have no liability for the first one as i am a consenter? ow would i go about seeking the legaility behind this? many thanks0
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Flamingo201 wrote: »so you think i have no liability for the first one as i am a consenter? ow would i go about seeking the legaility behind this? many thanks
You ask to see the signed loan documents and take them to your solicitor.0
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