The bank are slow at giveing me advice and I just want legal/financial advice on where I stand.
2006-12-04 07:39:48 · 9 answers · asked by mezza 1 in Politics & Government ➔ Law & Ethics
You cannot get your name of it until the debt is paid off.
You did sign a contract.
2006-12-04 07:43:38 · answer #1 · answered by MikeGolf 7 · 1⤊ 3⤋
The potential option answers are numerous and complicated so this is just a brief pointer to the things you need to consider and then, having given some thought to where your own answers are go to a citizens advice/ family law centre for specialist details. In what circumstances did you 'sign up' to the joint loan, was the loan something that at the time clearly benefited the pair of you or was the benefit only to your partner, in other words what was the loan for ? Were the circumstances such that the lender knew or could reasonably have been expected to know that the loan was of no benefit to you and therefore they should have not just advised you, but have insisted, that you took independent advice away from your partner before letting you sign up to the loan. Historically there are a lot of cases usually where wives have been persuaded to sign up, have joint mortgages, remortgage the family home etc. at the insistence of a partner/ husband where it was clearly not in the wives interests to do so and the lenders have not been able to enforce the debt / repossession against the wife . Having said all that, the law is there to enforce legal contracts, not allow people to avoid responsibilities that with hindsight they wish they had not made or to renegotiate a better deal after the ink of their signature has dried on the page.
2006-12-06 12:50:29 · answer #2 · answered by on thin ice 5 · 2⤊ 2⤋
If it is a joint loan, it's your loan as well. If you're talking about a mortgage, the mortgage company may let you get out of it. Usually you have to pay an application fee and there is a % or points that you'll be charged. If it's something other than that, see if your loan has that you can let someone else assume it. You could sell your interest in the item and let them assume the loan. If not, you may need to simply get another loan in your name and pay out your share and get the other person to sign a release. If it is a type of loan that you must payout after a certain amount of time in installments you may be "stuck" and just consider it a lesson learned. Hopefully one of the first options is workable for you.
2006-12-04 08:17:12 · answer #3 · answered by whadda-dingo-gal 6 · 0⤊ 2⤋
If you find a way to do it let me know!! I am in the same position - split from my ............. ex (had to word that carefully there - don't want to get reported for using bad language) and am unfortunately stuck with his debt too - £12,000 of it. Can I just say - I would have got a loan for double that just to get rid of him. Anyway because you both signed the loan agreement you are both liable for payments until the loan is payed off in full.
Or if you have insurance on the payments that will pay some/rest of the debt off in the case of serious illness/unemployment/death.
2006-12-04 07:52:52 · answer #4 · answered by Lost and found 4 · 0⤊ 2⤋
If they lender agrees to release her, from liability, they can do so. Legally, they have ALWAYS had the right to collect the FULL amount from you without attempting to collect ANYTHING from her. In the case you describe, they simply agreed that in exchange for her paying 50% of the balance due, they would agree that if the remainder was not paid, they would collect from you without attempting to collect from her. Side note: you NEVER have the option of taking 31 years to pay off $24K. You MAY have 3 years to pay off the remaining $12K. If you don't make payments sufficient to do that, expect to LOSE a lawsuit by the end of THIS year.
2016-03-13 03:21:38 · answer #5 · answered by Anonymous · 0⤊ 0⤋
If he is not paying off the loan, bring him to small claims court with evidence that the loan was for his personal gain and not yours...
the bank will not let you take your name off the loan,, why should they ( you basically acted as a guarantor if he defaulted on repayments..)
so your only course of action is small claims court to recover the money...
or you could refuse to pay any of it, and have a bad credit history for many years to come...
2006-12-04 09:54:21 · answer #6 · answered by rup 2 · 0⤊ 2⤋
No as it's a joint loan in the eyes of the law it's both your debt
2006-12-04 07:44:30 · answer #7 · answered by cliffhanger 4 · 1⤊ 3⤋
The only way this can be done is with the agreement of the lender. Sometimes a lender will allow the party who is to remain on the loan to apply for it in his/her own name. If approved, your name would be removed. This is solely at the discretion of the lender, but it doesn't hurt to ask.
2006-12-04 07:58:32 · answer #8 · answered by ? 1 · 0⤊ 2⤋
Regrettably, no. The law does not allow a debtor to simply remove her name from a debt as if she never contracted for it.
EDIT: OK, if you want to give me a thumbs down just for THAT, then you can suffer on your own. Your failure to accept reality is what got you in this mess in the first place, baby cakes.
2006-12-04 07:48:06 · answer #9 · answered by rustyshackleford001 5 · 1⤊ 3⤋