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T O P I C R E V I E W
John.cn
Posted - 03 December 2010 : 02:54:11 Our house is due to be repossessed and there will be a shortfall of about £25K on a scured loan. This was used by me for my business and I will accept responsibility for the secured loan even though it is in joint names. What now happens to the secured loan and can I take on all the payments without the company chasing my ex wife?
3 L A T E S T R E P L I E S (Newest First)
Viki.W
Posted - 03 December 2010 : 10:10:13 Yes it does, can you afford to pay it and your other debts?
I think you should both take advice, if you can't afford your debts then there are various options depending on your circumstances.
Posted - 03 December 2010 : 09:56:20 No neither of us are BR although it is something I am considering. Does the loan become unsecured?
Viki.W
Posted - 03 December 2010 : 09:03:36 Hi John and welcome to the forum.
Are you or your ex bankrupt?
If not, as long as the creditor is receiving payment, then there is no reason they would chase your ex, but she is liable for the full amount of the debt if you can't pay.
