Hi I.Ms
So long story short. My partner went secondary on a personal bank loan for $20,000 with his Ex 8yrs ago (they spilt about 5yrs ago) the loan stopped getting paid 4.5yrs ago and the amount still owing was $10,000, Now a debt collector has been calling my partner trying to get him to pay the amout owing as they can't contact his Ex, since then there has been an extra $4000 in intrest put ontop of the original debt.
The debt also hasnt been sent to his credit file yet as they have it under dispute.
My question is, Is my partner able to get out of paying it or is he completly liable to pay the whole amount owing because his Ex wont??
Im really wanting to get his debt out of the way so we are able to buy a house withing the next couple of years.
4 Replies
Check the loan contract, but as I understand it, any loan signed for jointly would be the responsibility of either co-signer. So if the ex is uncontactable (or had died or something) then he would be fully responsible. An option for getting rid of it might be to pay it then sue for her half. Or come to some agreement with the creditor like he pays half and they forgive the rest.
I dont think he has the contract, im pretty sure she does. And he has asked about paying just half but she also needs to agree to it aswell.
Could he perhaps get a copy from the bank it was granted through?
He will be able to get a copy from who ever she borrowed the money from. Yes he is liable and is better off paying it and then chasing her down as if he can't find her or she doesn't agree to pay (which is highly likely) the debt will keep increasing and it will be a huge black mark on his credit history.