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Ex Gone Bankrupt, Joint Loan Issue,

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  • 09-09-2010, 10:41 AM
    hayleygirl1
    Ex Gone Bankrupt, Joint Loan Issue,
    About 2 years my ex and i divorced and in the divorce we had a consent order written up, as we couldn't have a clean break due to a huge joint loan we had. In the consent order it says "UPON the husband and wife undertaking to pay equal parts of £xxx per month in to the joint bank account of the husband and wife, namely (loan company) to enable bank loan number xxxxxxxxxxxx to be repaid, this agreement is to continue until the end of term, or settlement of the same" this agreement we both signed and so did a judge.

    he basically paid his half for a few months and then didn't pay it, whereas i was paying my half of this loan, but due to his not paying it defaulted on the loan!!
    Well december last year he decided to go bankrupt which left me with the whole amount of this debt over my head which i couldn't afford to pay, so it had to go to a collections agency which agreed to a monthly sum that i have to pay for the next 33 years!! now because of this loan i cannot get any credit and have a bad credit rating.

    I spoke to the loan company and explained what had happened and that a consent order was in place, and even sent them a copy but all they said to me was that because it was a joint loan and the other party hasn't gone bankrupt (i.e me!) they will seek all funds from me.

    I know the easy route for me would have been to go bankrupt probably, but i own my own business and going bankrupt would mean that I would lose this.

    I am wondering if anyone could give me any advice on whether i could take him to court and make him pay for his half of the loan? if so when can i do this? he comes out of bankrupcy at the end of december this year, other wise it makes me wonder whether this consent order we both sign is worth the paper it's written on.

    Please help.
  • 09-10-2010, 06:45 AM
    acip4u
    Re: Ex Gone Bankrupt, Joint Loan Issue,
    I am not a lawyer but you might want to consider chapter 13 you can keep your business and pay off debt for pennys on the dollar please speak to a lawyer.


    God Bless
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