Joint loan and only one paying

[techie123]

Hi. Can you help. My ex and I took out a joint loan of €15,000 for to get married and have a good honeymoon. That was 5 years ago. Turns out he was a crack head and we separated 3 yrs ago. I am working and paying back the repayments on the loan. Things are getting tight now and its getting difficult to keep up the full cost. He has payed nothing back for the last year. Can I get the bank just to accept my paying off my half of the loan. Can they pursue him if I stop paying. Any advice would be welcome.

 

[mf1]

"Can I get the bank just to accept my paying off my half of the loan. "

You can ask but it is unlikely.

"Can they pursue him if I stop paying."

Yes. But they will also pursue you.

You are both responsible for the debt in its entirety. It is called Joint and Several Liability - i.e. you are each not just responsible for just half of the debt.

He does not seem to care. You do seem to care. Does he have any money? You could sue him for his share.

It may be that this is just a very expensive lesson for you. Don't borrow money with someone else unless you understand that you may ultimately be responsible for the entire debt.

mf

 

[techie123]

Thanks for your advice. He is into drugs etc. so no reliable at all.Thats why we splitup.
Just haveto suffer the loss and keep my credit rating up.