I'm going to make an appointment with the bank tomorrow anyway but wondered if anyone else had experience with this. Split with my ex 4 years ago and before split we took out a joint loan because of the enormous debt his drinking left us (me) in. Recently his payments have been late going into the joint account but always made it on time for the loan coming off. Today it didn't and I had to put £130 extra from my account to cover it. If he continues being late with payments what will happen? I can't keep covering for his share as well as my own.
2007-02-01 10:39:35 · 9 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
I don't have any idea where my ex lives now and I don't have any contact details for him either.
2007-02-01 10:44:48 · update #1
My heart goes out to you but im afraid your in a no win situation.As usual the law doesnt cover the fact that marriages/
relationships do end.You have limited choices on this:
1,pay yourself
2,take him to small claims,if he doesnt show then it may give your case more credability
3,let it go to court,cant say you'll win but court may split debt
As with all joint accounts/loans there are 2 signatures,this makes chasing any owed monies very easy for the companies
concerned & its so easy to chase the responsible party.
Your paying so its you they hound!Dig your heels & fight,you are entitled under law to a fair hearing.
A final word of advice,if you find yourself subject to charges
because of late payments go to the CAB.It may be possible for them to freeze the loan so as no further penalties are incurred.However the loan will have to be repaid by one or both of you.
2007-02-01 18:01:59 · answer #1 · answered by gary k 2 · 1⤊ 0⤋
This is a common problem I am afraid and the reason that your loan is joint is that the bank has joint and several liability to pay it back ... hence your ex's absence means the whole deal falls on you, unfair though it is. To actually make your ex pay is very hard indeed so you would be best tracing him and keeping what rapport you can with him ... if you don't, he can simply disappear and leave you with the problem. The bank will have no interest in tracing him as they have you to pick up the tab. Try your local CAB or search the internet for ways to trace your ex ..... credit search checks may well pick his current address up, particularly if he has applied for more credit or cards. I know this is not good news but he can simply walk away from this ........ you must find him and maintain what commitment you can. He may be out of work or have new debts ... from what you say, he will always be unreliable and the drink problem may well persist. Check with your local CAB and get their advice too. Good luck.
2007-02-01 10:58:30 · answer #2 · answered by Anonymous · 1⤊ 0⤋
I have done several courses in Personal financial planning and am kinda struggling as to what the actual agreements were when you both signed up. My advice in this case is to go and speak to your lawyer. Highlight the issue to the lawyer and theyll be able to give you proper advice. Dont be afraid to go cos if you dont go today, think about it. You will be paying his cover for a long while meaning youll lose out. Get it sorted today cos tomrow you might realise you have nothing left
2007-02-01 10:44:56 · answer #3 · answered by Anonymous · 0⤊ 0⤋
You will not like my answer. If you are involved in a joint account you will be forced into covering your ex's portion. That is of course should he be willing to absolve you of this agreement. Then it becomes the discretion of the financial institution to which this agreements was entered. from a corporate stand point they will more than likely keep you on account so that they get paid.
2007-02-01 10:45:42 · answer #4 · answered by GoodWillHunt 3 · 0⤊ 0⤋
You need to get it sorted with your ex partner.
If it's a joint loan you are still liable for it, the bank won't accept the excuse he hasn't payed his share.
2007-02-01 10:43:05 · answer #5 · answered by Anchor Cranker 4 · 0⤊ 0⤋
I would have a word with thim and threaten him with the small claims court if he doesn't keep up payments. If you keep covering for him he might not pay in the future. If it comes to that, take him to the small claims court and get it back that way, at least you will have piece of mind.
2007-02-01 10:43:05 · answer #6 · answered by deelightuk2004 3 · 0⤊ 0⤋
If your ex continues to be late with payments it will destroy your credit history along with his. You should contcat the loan company with your concerns, and in the future try not to co sign loan for anyone.
2007-02-01 10:44:38 · answer #7 · answered by Sharisse F 4 · 0⤊ 0⤋
Sorry, you're caught. on no account loan money or bypass into company with relatives, friends or kinfolk. evaluate your self fortunate, you may desire to of bought a house together. if your ex isn't paying and nevertheless has the vehicle, take him to court docket.
2016-12-16 18:58:03 · answer #8 · answered by howsare 4 · 0⤊ 0⤋
difficult as your both liable and i dont think the banks care as long as they get thier money
2007-02-01 10:44:11 · answer #9 · answered by cazmo 4 · 0⤊ 0⤋