Loans and seperation

[Worriednewmum]

Hi,

 

Sing as though the advice on here has halped me out greatly I wondered if anyone can help my sister-in-law?

She stupidly got a loan with her now ex-husband over 25 years olong with their mortgage. This loan paid off primarily his debts from his previous marriage along with new furniture etc. He then left her after a year to be with yet another mug leaving her in a terrible situation. He has defaulted with the loan and now the mortgage. We believe he is heading for bankruptcy and taking her down with her. She has asked the loan provider if she can pay off half of the loan but unfortunately she is also then liable for the other half.

Any advice out there? All the advice she has recieved all point to her being the biggest loser!

[Happyhippy1959]

I know this is the new's you are not wanting to hear. I am on the other side of this case, my ex-wife of 20 years plus left me and went into rented accommodation. I have a mortgage and SL on the house costing £928.00 a month. On a take home salary of £1360 it does not take a mathematical genius to work out I am struggling. Also have £40k of unsecured debt. Have never missed a payment on mortgage or SL but I believe the time is coming for me to get the hell out. I have warned ex to help towards these costs but as you would expect I got a Foxtrot Oscar. She has taken a promotion at work and new company car and also still claiming child tax credits she is rolling in it. She always turned down promotion when we were married. So its now going to be a stop paying and let them reposes me. Then its BR with the mortgage payments I have saved and new life to start. At 52 time is running out.

 

She will be liable for all the debt, especially if her former partner has gone bankrupt. Whether she pays half or 10% of it she is still liable for 100% as in law they cannot chase him once he is Bankrupt. The only light at the end of the tunnel is that she gets in there first and do unto others as they would do to you. i.e. she stops paying and gives the company his address. messy I know. but !!!!!!!!!!!!!!!!!!!!!!!!!!! when you sign the dotted line that's it. Had the same when I was in a business partnership had to pay my partners tax.... !!! unfair but that's the law.