Just wondering if anyone can give me advice on this.
I cant afford to take my ex to court to sort finances.I have a joint loan with him which he at first refused to give his new address to the company so i forwarded that on and after months of chasing him and 6 months of non payment they finally tracked him and he started payng 50 pounds a month.
I have recieved a statement from the company and it shows hes already missed junes and augusts payments and because of his lack of communicaton has already affected our credit history.
Christmas 2011 i had a letter from his solictor asking for a cheque for half of the settlement but i said to my solictor i smelt a rat and we requested a cheque from him but turns out he didnt have that available cash.
He is the first name on the loan and when i asked him yesterday whats happening he said he was going to sort his half out but as its a joint loan weare both liable for it.
I do have a solictors letter which said that he is going to pay it and im not sure if i should forward this to the company as im not sure if it will help.
He has made things very akward from the start and at 50 pounds a month will take 6 years to clear finanial ties with him.
It not worth taking to court as the total settlement is only 3k but i simply cant afford to pay this alone especially as he doesnt do the school pick up hes supposed to which means i can only work 20 hrs.
You cannot pay what you do not have and that''s a fact.
My recommendation to you is pretty clear. I used to do this sort of thing when I was a CAB volunteer and manager.
You need to draw up a financial statement and there are the following steps to it :
Review your income and see if there is any way you can increase it :
Review your expenditure and identify the items which are property, eg Council tax, food, rent/mortgage, utilities and see if there are sensible ways in which you can reduce these. I''ve just saved £6 a month by switching electricity suppliers. Every little helps, as they say in Tesco.
Work out how much you can afford to pay after essential expenses have been met ( and always leave yourself an allowance for contingencies and occasional treats ) and make a formal offer.
A CAB will have software which will do all the number crunching for you and will produce a professional looking statement, as indeed it should be professional. In my experience creditors will listen to CAB''x because it shows you are treating your debts seriously.
There''s no reason why any reasonably intelligent person can''t do this without help, but again a CAB may have free booklets showing you how to do it ( they used to when I last did CAB ).
Thank you Mike but it there any way i get my ex to pay his amount,as you will be aware we are both responsible for this loan but what worries me is hes being so unresponible with his repayments.
I have spoken to the compny a while ago and now they contact just him because hes the first name on there.
Should i send in the solicitors letters to them as well?.
I do feel like ive been taken for a ride with my ex re finances as he never attended mediation or would produce a form E but i just cant afford thousands to take him to court to sort finances.
I just cant believe hes messing around with this loan as its affects us both and as you will know its not advisable to pay a bulk amount as you could still be liable for the rest should he not pay up!
He has said by text hes paying 50 a month and like i said ive got a sols letter which said hes paying it off but all i get is this.
I have already written to equifax asking for a correction to be put on my credit file as well.
I used to work in a bank and did all the nasty loan arrears etc. How it works is that while you are both named on a loan you are both equally responsible for the debt - jointly and severally liable - it means that whether together or apart you are both responsible for the whole debt . They don;t actually care who is first named or who can pay etc - if this goes to court it will be against both of you, and any bad credit rating will be against both of you regardless. Yes you can forward details of what is happening to them, but ultimately its not their business or reponsilibity. Keep in contact with them, provide financial details as LMM suggested and whatever you do don''t ignore letters, phonecalls and this will all count in your favour but ultimately it will come down to if he''s paying it, then fine, if he isn''t they will come after both of you. That''s how it works.
I would suggest that as part of your settlement you insist that he takes out another loan in his sole name to pay this one off as soon as possible . If you can do that - you might be also able to get a note put on your credit file by Experian saying that the debt is in dispute after a relationship breakdown - you can email them and ask re that they are usually quite helpful.
I have already done that with Equifax explained that fact to them.
The loan company themselves have been very helpful and after several months they have managed to track him at the new adress ive provided them with and i think a company paid him a visit.
He seems to think that we split the settlement figure and that works thats how it works but it doesnt.
In november he took out a mortgage of 130k and you would of thought he would of sorted this at christmas when his solictior said he would send a cheque for half but he just doesnt bother
With regards to settlement he wont provide form E etc so its difficult to know what hes got but hes telling a load of lies thats for sure.I would love to go to court but i just dont have the money as it can run into thousands but thanks for your advice xxx