Monodare1 Posted February 27, 2015 Share Posted February 27, 2015 Hi guys A year before the stbxw and I separated, we took out a joint loan which was due to be paid in full 2018. When we separated we agreed that we would continue paying until the half way mark (2015) whereby we would then take out separate loans to pay off each half of the remaining joint debt. As far as I wAs concerned that was the end of the matter. A few days ago I received a letter telling my that my loan repayment holiday had been accepted and a further amount of interest would be added to the term. I didn't ask for a loan repayment holiday, the stbxw did. On a monthly basis I pay money for maintenance for our child and pay money to her for half the joint debt. I only found punt I didn't need to pay my half of the joint debt down to the bank copying me in on their decision. So I would have paid the ex half my joint debt payment under false pretences. I went ballistic, she told me she did it as her and her boyfriend were struggling financially as she had left her job for a new one and there was 7 weeks between salaries. I told her that wasn't my problem and that she should have asked me first before applying for the loan holiday as I'm the co payer. I reminded her that we agreed to get separate loans to clear the joint debt, but now she is saying that it doesn't suit her and she wants the status quo, effectively financially tying me to her for a further 3 years. Is there anything I can do to protect myself here? Link to post Share on other sites
LoveMyCat Posted February 27, 2015 Share Posted February 27, 2015 It depends on where you live,community property,etc Only a lawyer can tell you for sure. Link to post Share on other sites
PegNosePete Posted February 27, 2015 Share Posted February 27, 2015 Is there anything I can do to protect myself here? People change their minds and their attitude - especially when new partners come onto the scene. You should finalize your divorce ASAP and get a formal agreement signed and sealed by a court, settling all financial matters between you and your wife. Rather than a verbal agreement that isn't worth the paper it's written on. How you go about doing that would depend on your jurisdiction. You may or may not need a lawyer to help you, although it is always good to have a legal professional at least check over the document before you sign on the dotted line. Link to post Share on other sites
Author Monodare1 Posted February 27, 2015 Author Share Posted February 27, 2015 I live in the uk and have no property, we sold the house and she took the profit from the sale, what little there was, I'm currently living with my father. Link to post Share on other sites
PegNosePete Posted February 27, 2015 Share Posted February 27, 2015 Right, in that case you need to get a consent order. Which part of the UK? Scottish divorce law is very different. How far has your divorce progressed? Have you got decree nisi yet? Link to post Share on other sites
Author Monodare1 Posted February 27, 2015 Author Share Posted February 27, 2015 We agreed we would split the joint debt in a seperation agreement put together by her lawyer and approved by mine. Link to post Share on other sites
Author Monodare1 Posted February 27, 2015 Author Share Posted February 27, 2015 My lawyer advised me to let her to the divorce work as it would cost me more than it would cost her Link to post Share on other sites
PegNosePete Posted February 27, 2015 Share Posted February 27, 2015 Right, then I think you need to read through your separation agreement (with the help of your solicitor) to find out what are the consequences of breaking the SA, and whether it can be enforced. 1 Link to post Share on other sites
Author Monodare1 Posted February 27, 2015 Author Share Posted February 27, 2015 I live in Scotland Link to post Share on other sites
PegNosePete Posted February 27, 2015 Share Posted February 27, 2015 When we separated we agreed that we would continue paying until the half way mark (2015) whereby we would then take out separate loans to pay off each half of the remaining joint debt. If she is having financial troubles then this will become an issue. Will she be able to take out a loan to pay off her half? Does she have a good enough credit rating? What will happen to the debt if she can't take out a loan to cover her half? It sounds like a very strange thing to agree to, and a very strange thing for your solicitor to accept. The splitting of the loan should have been done when the SA was agreed, not at some future date in 2015. I think you need to have a good chat with your solicitor about this, and about the "payment holiday" that she has initiated. You should also contact the loan company, inform them if your marital issues (if you haven't already), and tell them that any future changes require approval from both parties. 1 Link to post Share on other sites
No Limit Posted February 27, 2015 Share Posted February 27, 2015 Oh, is her dream falling to pieces already? Get legal advice immediately. Your solicitor sounds like he doesn't know what he's doing. 2 Link to post Share on other sites
Arieswoman Posted February 27, 2015 Share Posted February 27, 2015 monodare1, You'll need to go back to your solicitor about this and look at the original arrangement. IMO if it is a joint loan then any change of the arrangements should require the signatures of both parties. I smell a rat here, so please get legal advice quickly. The fact that your estranged wife now has financial problems isn't your concern. If she reneges on the deal the finance company should be coming after her not you. Good luck. 1 Link to post Share on other sites
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