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Ex-partner debt

(5 Posts)
greeneyedmermaid Mon 23-Jan-17 22:34:42

Hi, my sister is in need of some help. I've just found out that her ex-partner coerced her into taking out a bank loan of £10k 12 months ago, which he immediately withdrew and spent.

He has since ended the relationship and although he is continuing to make the minimum monthly repayments in to her current account, this will take the next 3 years to pay off and she is stuck in high cost rented accommodation on a low wage as a HCP.
She is petrified that he will stop making the payments and she will have to find £380 a month to keep up the repayments. He has a terrible credit score so can't take on the loan himself (so he says).

She knows she's been a fool and is really kicking herself but the way i see it she has a couple of options:
1. Take out several 0% interest cards and transfer the balance across these so that at least the monthly payments he's making will pay off the balance rather than balance plus 18% interest and hope and pray that he doesn't stop making the payments before the balance is cleared.

2. Somehow try and force him to pay off the balance (she knows the debt is in her name and she's liable but wondering if she should appeal to his family?)

What would you do in this situation?

SillySongsWithLarry Tue 24-Jan-17 07:20:58

Don't take out several credit cards (she will be unlikely to be approved for several for a start). They are only interest free for a short time then go up to 30% for regular credit cards.

As he is paying, let him keep paying. Only worry when he stops.

I had similar situation in I had a lot of debt that I wasn't aware of on divorce and it reduced marital assets. I ended up taking on all the debt in exchange for keeping the house and it was bloomin hard to pay off and left a bitter taste as it wasn't my debt.

greeneyedmermaid Tue 24-Jan-17 10:56:40

Thanks for your reply and sorry to hear you've been through it with debt- what a horrible experience.

She's losing sleep over this because she's terrified he's going to stop making the payments to her. You're right about the credit cards though probably not a good idea.

Chippednailvarnishing Tue 24-Jan-17 11:10:22

Did he withdraw it with her consent?
If he took it from her without her permission, surely he's stolen it?

greeneyedmermaid Tue 24-Jan-17 13:59:47

No, was all with her consent although he was controlling and manipulative during the relationship and she acted naively. She's so annoyed with herself now she can view the situation more objectively.

Because there's no proof that she took the loan out for him (it was for some bullshit business thing he was involved with) she is entirely liable.

Looks like she will just have to continue to hope that he makes the payments each month and chalk it up as a foolish mistake never to be repeated!

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