joint and several loan problem

[jessicar-car]

we have a joint and several loan with 3 others, and it should have ended -been fully paid up- in January. 2 of the people have stopped paying, at least 18 months ago, and the bank only let us know in December. They are now pursuing us to pay their part of the loan and dont seem to have made a serious attempt to track down these 2 in spite of us giving them as much info we have as to their whereabouts. We have been threatened with solicitors and debt collectors, even tho' we have paid our bit, and it seems unjust -(I know its joint and several) those 2 have just walked away and are not replying to mail. Has anyone any idea how to give the bank a kick up the proverbial so they will put more effort into tracking down these others? Why can't they threaten them with solicitors? It's surely not that difficult to track down someone in this day and age. Many thanks

[rebel11]

Hi jess

 

Welcome to CAG

 

The guys will be happy to advise as soon as they are available.

 

Thread moved.

 

Have a read of 6 and 7 in my signature.

[BRIGADIER2JCS]

Hi, was this a business loan, and was it secured or not?

If you are looking at a large amount of shortfall it may be worth

using a tracing agency, or solicitors agent to track them down.

I have seen a number of joint and several loans go pear

shaped over the years.

As for the bank I think they are failing in the common

duty of care,I'll wage if this was an individual loan

the person would soon be found,wiyh this they a patsy

to take the blow.

 

rig.

[jessicar-car]

Hi Rig, many thanks for your reply - very helpful. It was a business loan, and thankfully not secured. We will contact the bank and quote your advice and see what they come up with!

[BRIGADIER2JCS]

I am staggered by the banks response, unbelievable.