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  • FIRST POST
    • vixitigz
    • By vixitigz 13th Jun 19, 2:42 PM
    • 3Posts
    • 0Thanks
    vixitigz
    Old debt
    • #1
    • 13th Jun 19, 2:42 PM
    Old debt 13th Jun 19 at 2:42 PM
    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.
Page 1
    • foxy-stoat
    • By foxy-stoat 13th Jun 19, 2:49 PM
    • 5,071 Posts
    • 3,035 Thanks
    foxy-stoat
    • #2
    • 13th Jun 19, 2:49 PM
    • #2
    • 13th Jun 19, 2:49 PM
    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
    • By Carrot007 13th Jun 19, 2:56 PM
    • 2,665 Posts
    • 2,300 Thanks
    Carrot007
    • #3
    • 13th Jun 19, 2:56 PM
    • #3
    • 13th Jun 19, 2:56 PM
    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
    • By vixitigz 13th Jun 19, 3:18 PM
    • 3 Posts
    • 0 Thanks
    vixitigz
    • #4
    • 13th Jun 19, 3:18 PM
    • #4
    • 13th Jun 19, 3:18 PM
    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
    • By jonesMUFCforever 13th Jun 19, 5:07 PM
    • 26,106 Posts
    • 13,274 Thanks
    jonesMUFCforever
    • #5
    • 13th Jun 19, 5:07 PM
    • #5
    • 13th Jun 19, 5:07 PM
    Just make sure you also only pay £3 per month.
    What goes around - comes around
    give lots and you will always receive lots
    • MEM62
    • By MEM62 14th Jun 19, 8:44 AM
    • 2,898 Posts
    • 2,570 Thanks
    MEM62
    • #6
    • 14th Jun 19, 8:44 AM
    • #6
    • 14th Jun 19, 8:44 AM
    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.
    Originally posted by vixitigz
    Was this arrangement part of your divorce settlement?
    • Candyapple
    • By Candyapple 14th Jun 19, 9:11 AM
    • 3,332 Posts
    • 2,806 Thanks
    Candyapple
    • #7
    • 14th Jun 19, 9:11 AM
    • #7
    • 14th Jun 19, 9:11 AM
    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.
    Originally posted by vixitigz

    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.
    I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com
    • glennstar
    • By glennstar 14th Jun 19, 9:30 AM
    • 232 Posts
    • 143 Thanks
    glennstar
    • #8
    • 14th Jun 19, 9:30 AM
    • #8
    • 14th Jun 19, 9:30 AM
    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
    • By vixitigz 14th Jun 19, 7:36 PM
    • 3 Posts
    • 0 Thanks
    vixitigz
    • #9
    • 14th Jun 19, 7:36 PM
    • #9
    • 14th Jun 19, 7:36 PM
    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
    • By glennstar 16th Jun 19, 9:53 AM
    • 232 Posts
    • 143 Thanks
    glennstar
    What type of financing was used to buy the car? Does he/you still have the car?
    • D_M_E
    • By D_M_E 16th Jun 19, 3:13 PM
    • 2,703 Posts
    • 72,605 Thanks
    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.
    • sourcrates
    • By sourcrates 16th Jun 19, 4:24 PM
    • 18,428 Posts
    • 17,320 Thanks
    sourcrates
    Hi,


    Do you have other debts ?


    Or just this 4k joint loan ?


    Companies can demand what they like, you don`t dance to anyone elses tune, if this debt is still with the original creditor, and it gets defaulted, it will just be passed around various debt collectors for anything up to a few years, or it could be sold on quite quickly, there is no way of knowing.

    One thing i do know, is the debt collection process can take a very long time, and i`m talking years here, you can also delay the process by denying knowledge of the account, asking for further proof, there are various ways to slow the process down further.

    During this time you should try to save up some money, so that when, in a few years time, this gets bought up by Lowell, or Cabot, or some other debt purchasor, you can offer them a few hundred quid in full and final settlement.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".

    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views expressed are mine and not the official line of MoneySavingExpert.com.

    Helping you deal with problem debt.

    For free debt advice, contact either : Stepchange, National Debtline, CitizensAdviceBureaux.
    • Kittykat7
    • By Kittykat7 6th Sep 19, 3:57 PM
    • 1 Posts
    • 0 Thanks
    Kittykat7
    New to this thread. Cabot/halifax question
    Hi

    I'm not sure if I'm posting correctly, but I just have few questions.

    I received a letter from cabot saying they've taken over my halifax loan which I've been paying £1 a month since 2006 & had interest frozen & an agreement settled with the help of CAB. (My ex wasn't the best back then & I was stupid & ended up with a debt of 11k)

    Anyway I received a bank statement from halifax like I normally do showing my payments being made but I also received another letter from cabot (2nd day running) this time giving a small summary of my debt.
    Saying opening balance 1st may 2018
    Closing balance 30th April 2019.

    Halifax haven't sent me anything & I still make payments direct to halifax via cash over the counter.

    It says.........

    Acc ref....
    Owner.... Cabot xxx xxx
    Original acc number.....
    Date agreement became an executed agreement..... March 06
    Acc type.... loan
    Duration... 62 months
    Amount if credit.... £0
    Contractual payment.... £0

    I'm not sure what to do? I've read about CCA, Prove it letters etc.
    But I have an agreement with halifax which are still sending me my statements & nothing on selling the loan on?

    Any advice? Thank you on advance. Right now I'm not in a financial situation to pay more, plus my interest is frozen.

    I don't want to start paying cabot ,& be worse off

    Thank you for your help
    • sourcrates
    • By sourcrates 6th Sep 19, 4:06 PM
    • 18,428 Posts
    • 17,320 Thanks
    sourcrates
    Cabot has bought your debt, you should make payments to them from now on.
    The Halifax are required to send you a “notice of assignment” normally before this happens, I would suggest you write to them and confirm what I have said is true.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".

    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views expressed are mine and not the official line of MoneySavingExpert.com.

    Helping you deal with problem debt.

    For free debt advice, contact either : Stepchange, National Debtline, CitizensAdviceBureaux.
    • macman
    • By macman 7th Sep 19, 9:11 AM
    • 43,570 Posts
    • 18,699 Thanks
    macman
    CAB are not going to be able to help you any more than we are: the debt remains in joint names and so you are jointly and severally liable. All you can do is persuade the creditor that he has more realisable assets than you do.
    BTW, even if he had continued to payt £3pm, it would have taken 111 years to clear the debt at that rate, even if no further interest was accrued.
    How old is this debt now, and how long ago did you divorce?
    No free lunch, and no free laptop
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