Joint loan - getting divorced - help!

[redderthanred]

Ex husband and i had a large joint loan which he has been payiing for since we seperated.

He has now decided i should pay something towards it, he wants it spilt 50/50.

The amoutn is totally out of my budget. Totally out of my budget. As in impossible.

I dont know what do to. He says its my problem to find the momey 'shit or bust' and that we cannot deault and cant pay a lower amount over a longer time.

He says the bank wont freeze the interest, or split the loan in two.

I have no idea what to do. I literally do not have the amount of money to pay it off.

HELP!

He says you can't pay a lower amount over a longer time. He says the bank won't freeze the interest, or split the loan in two.

Don't just take his word for it.

Have you spoken to the bank yourself? If you explain the situation, they could suggest a way forward.

Who is advising you about the divorce? Do you have a solicitor? The loan should be taken into account in the financial settlement.

There is no legal aid avaliable at the momment, so nothing is happening.

He said that, i will call the bank next week.

I said to him we will just have to default then, i do not have, and will not have the money to pay such a large amount per month.

I understand it is out joint responsibility, but it was taken out and agreeded when we were in very different circumstances. I am now a lone parent, working part time, on a wage so low i also claim HB and Council tax benefit. I just dont have the money.

Say everything you have written here to the bank. Some are more helpful than others, but it's worth a try.

You are working part time on a low wage and looking after the children. Presumably he is working full time on a decent wage and could continue paying. He is just saying all this crap to get at you.

yep. Im on a low wage working part time to look after our child.

Though he puts no weight in this and said he cannot understand why i cant be out at 7am working till 7pm. When asked what childcare he though was open at 6:30 am and if that was a life he wanted for his child he just told me it was not his problem and paying the loan was my issue shit or bust

i earn £8500pa he earns in the region of £32000. Plus he is in a two person household.

In my defence i did try working full time. not only was i not much better off ( had to pay for help, as no family support as they all work) i also pretty much had a nervous breakdown.

He can't make you pay...the bank will hold you jointly responsible so if you fail to pay your half he won?t be able to just put the blame onto you, the bank will still chase him.

Odd as it sounds I wouldn't worry massively, if you can't pay, you can't pay. You have bigger things to worry about at the moment, like making a new life for yourself. Have you been to see the CAB? Perhaps it might be worth booking an appointment to see them. If the bank do chase you (or if you call them because you are worried) once they know your circumstances they will know that there is not much point in chasing you.

I have a loan with my ex husband, very long and complicated, but he pays it to protect his credit rating etc...