I need some advice.My ex husband and I had a joint loan
It was brought up many times by my solicitor to his solicitor because he was refusing to pay it...then offered to pay half no money ever came to my solicitor to repay the loan.
His solicitor then said he would pay it which he has arranged through a collection agency..@ 50 pounds a month.
Where he has messed around with these payments...my credit rating has been wrecked.
I''ve contacted this company and sent them a copy of his solicitors letter and had a credit file report sent out.
How do I go about repairing my own credit rating here...I''m going to ask equifax to put an amment on my file but not sure of what else I can do.
The remaining loan was only 3k so don''t know why he''s affected both our credit ratings for this amount.
I would guess that as it was a joint loan, you were both liable for the amount to be repaid - its not really a case of you pay half and so does he - the credit company just want the terms of the loan adhered to and the money repaid on time.
Unfortunately you are both jointly responsible for the debt. So even if you paid your half off and expected him to make payments it doesn''t count. The account has gone to a collections agency. Has it been paid off? Is it in arrears?
No he''s paying 50 a month...but that will take 6 years to clear.
I''ve written to the collection agency and sent a copy of the solicitors letter and have written to equifax.
I did think it had all been sorted as I don''t receive a copy of the statement to show he''s paying but I went to transfer a balance to a 0 per cent card at weekend and was rejected so appears to still be a problem....grrrr x
Was the account taken to a collection agency via the lender? or has he negotiated an IVA with an outside company?
If the debt is still in joint names then you should be able to approach the lender and ask for information. ie outstanding balance, statement, which collection agency, if any, took over the payments.
As the debt is in joint names then it will affect your rating until it is paid off. And then at least 6 months after.
The other thing is just because you are declined for an application that does not mean that your credit rating is up the creak. Different lenders have different criteria. Have you asked your bank what kind of credit rating they hold for you? Another thing is when you make an application you are credit scored and if you make too many applications it can have a negative affect as each application leaves a foot print. I could go on all day about this and how to build your rating. I haven''t looked at Ruby''s link (that''s my next job)
If it''s in joint names are you in a position to pay it off? (I''m shaking my head in disgust at myself for even asking, but if so would you? to just get rid? and be free)
Technically joint debt is just that - as you had a solicitor he should have advised you of this, they wont care who pays what they just want it paid, but £50 per month over 6 years adds up to £3600 so did you not cover your "half"?