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I have a joint debt with my ex-husband. He's just been made redundant. |
Submitted on: 6th Nov 2009 by Non-Member | Total Answers: 1
My ex husband and I took out a joint loan to consolidate a couple of previous debts we'd incurred when buying the houseboat we used to live on together. My ex still lives on the boat now, and has been repaying the loan by himself since I left him. He's recently been made redundant and has entered into an agreement with the bank that he'll repay the loan at a reduced rate for the next six months. However, I'm worried that he'll run out of money before he finds another job, and that the bank will come knocking on my door for the repayments on the loan. I am currently lodging in the spare room of a friend's house with my boyfriend who is also unemployed at the moment. Money is very tight for us and we wouldn't be able to afford to repay the loan. Neither is the boat currently a real asset to sell to raise cash, as my ex has not been looking after it at all.
Help! What should I do if my ex defaults on the loan? How can I get my name off it while he's unemployed?
Re: I have a joint debt with my ex-husband. He's just been ...
I doubt very much you'll be able to get your name off the loan. The only way this would happen is if he refinanced it in his name,
Joint and several liability means you both owe the money and if either party defaults on the loan the other will be liable.
There are options you can use to protect yourself and stay in control of the situation. It depends on your situation and your future plans. If you want further advice you can always contact your local Citizens Advice Bureau or click on my name and speak to us at Debt Advice Foundation
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