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Removing names from unsecured loans under Debt Management


jonw81
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Hello all,

 

I am hoping that someone can offer some advice to my situation. I took out an unsecured loan with my wife in 2004 when we bought a house together. We separated in 2007 and as part of an agreed settlement between ourselves out of court, I took on the loan as she is a full time mother of our children. We sold the house and I thought that I had completed paperwork to have her name taken off the loan agreement, setting her free from the financial ties with me. With this agreement we then finalised the divorce in July 2008.

 

Unfortunately after I took on this agreement I started to struggle financially missing payments and then subsequently have gone into Debt Management.

 

My now ex wife has since tried to take out a business loan to aid her to start afresh but she has had it rejected because her name is on a loan that has missed payments. Because of the really good relationship that we have she has spoken to me about it having been told that while her name is on the loan, because she isn't the one paying it, she can't get any details about the missed payments.

 

I spoke to the company that I have the unsecured loan with and the responce that I got was that because it is an unsecured loan, the only way to remove her from the loan is for me to take out another loan and effectively pay off the balance, which I am unable to do. I am now at a loss as to what to do.

 

Any advice or guidence?

 

Many thanks

 

Jon

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Sorry, just realised that I have posted it twice so I will look at getting the other one deleted. I don't have any paperwork as I sent anything that I had with the debt management agreement.

 

I know that I am really not helping myself by not retaining copies. If nothing else, my financial naivity is certainly going to have to improve.

 

Jon

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