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please help urgent advice on joint loan problem needed!

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my boyfriend decided to take a joint unsecure loan for 20000 with a another friend to start a business, after a few months they decided to go their own way my boyfriends frind decided to keep up woth the payments and took full responsibility as he spent all the money, now he has stopped making payments and the bank is on my boyfriends back, they have taken his card away and his friend said he will sort the payments out and it has been 2 months and he is still not doing anyting, my boyfriend is very worried as he does not know what to do and how to get out of this situation as it is a joint loan they took, any advice on how to get him out of this situation we would be grateful

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Hi Stranger2009_09


was this a business loan, personal loan or a loan to a separate entity ie a LTD company your boyfriend and his friend formed? Was payment protection taken out?


If it was personal or business loan the following applies:


The loan that was taking out between your boyfriend and his friend means that both are jointly liable and the bank can pursue either applicants for the remaining debt owed.


The fact that your boyfriends friend has spent all the money means nothing to the bank they will not care.


The banks probable course of action is to contact both applicants and start to peruse the debt if your boyfriends so called friend is out of work or something they will come after your boyfriend with both barrels as to them it would appear that your boyfriend has the ability to service the debt.


If i was in your possession i would contact the bank and explain the dispute and offer all or a token payment until the matter can be resolved, if it where to go to court this would act in your favor no matter how little the payment.


The problem with this loan is that your boyfriend could end up repaying the hole loan by himself.


Please post back the information i have asked for and i will try and help and advise as best as i can.

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