joint bank loan with ex-partner

[mummywinter]

I have a joint bank loan with my ex-partner and he is refusing to contribute towards paying off the £2000 left out of £7500 borrowed from the bank. How do I go about making him pay his share? I am being threatened by legal action. I feel it is unfair as I have been paying £100 a month since Jan 2005 and he has paid nothing.
Please can anyone offer me some advice? Thanks.

[Hymie]

The bank is free to chase whichever of you it likes, or both for repayment of the loan.

Normally the bank will go after the easiest source, to get the loan repaid – they are not interested in any agreement the two of you may have had – and which of you might be in arrears, as per that agreement.

My advice is do not enter into a joint loan agreement with anyone unless you are willing to pay for the loan yourself.

[vindi48]

Hymie is correct. You are both liable to the bank but if he won't pay it's all yours even though you may see it as unfair.

Did/does the bank have security over something (car, stereo, whatever) and if so where is that item. If you have it, you have no complaint. If he has it, get it back pronto and sell to get money to pay.

[themas]

If the bank is chasing you, you have no alternative but to pay them.

If you have any evidence that the loan was to benefit your ex as well as you (e.g. what was the money used for?) then you could start a County Court claim against your ex for his share. This will cost you a Court fee & whether you will get your money from him depends on the Court decision & on his ability to pay.

Go to HMCS website & look for info. on making such claims online.

[Andyvon]

I was in this position years ago M and I've known people who are recently. If your name is on the account then you are both liable for the debt. The bank could chase your ex-boyfriend just as readily as you. However, if they are chasing you and you are paying then they are content to continue. Joint accounts are one thing for couples who are married but if you are not then you should keep your finances entirely separate.