Legal Question in Credit and Debt Law in United Kingdom
I need advice on a joint loan
Four years ago my partner took out a loan from Nationwide for �20,000, to buy a house in his name, in Spain. We used my property as security. We have since separated and my ex has made no monthly payments for seven months. Nationwide have already taken �1529 from my account and now need �850 to bring the account up to date. As no payment was made before the deadline of 20/10/06, Nationwide are going to start proceedings for possession of my property. Should I make the payment to stop any proceedings or start legal proceedings myself against my ex?
1 Answer from Attorneys
Re: I need advice on a joint loan
I am afraid that in all probability you have no alternative other than to pay the amount required by nationwide to avoid repossession of your property. Liability for the loan will be joint and several and if your former partner does not pay then you must. The nationwide will have little interestin your difficult with your partner and unfortunately it is for you to sort these out.
Before advising further on possible steps I would need to know much more about your former partners circumstances and the arrangement you had with him. If it is not possible to persuade him to accept his responsibility then court action against him could be the only remedy available.
We will be happy to help you further with this if required.
Andrew Dutton
www.legal-zone.co.uk
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