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Help Again Please - Do I Have to Pay Back Ex Boyfriend's Loan

Last post Thu, Aug 27 2009, 6:32 PM by hayleyda. 4 replies.
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  •  Thu, Aug 27 2009, 6:32 PM

    Re: Help Again Please - Do I Have to Pay Back Ex Boyfriend's Loan

    now there's a thought ;-)
    • Post Points: 5
  •  Thu, Aug 27 2009, 6:25 PM

    Re: Help Again Please - Do I Have to Pay Back Ex Boyfriend's Loan

    Never ever be a guarantor, not for anyone...unless you are fully prepared and happy to stand the amount yourself. !

    Do you have anything you can blackmail your X- BF with.? (heaven forbid) : -- )

    • Post Points: 20
  •  Thu, Aug 27 2009, 6:22 PM

    Re: Help Again Please - Do I Have to Pay Back Ex Boyfriend's Loan

    Thanks Conmankiller

    Oh and I've just remembered we're not allowed to curse on here otherwise I would be. He bled me dry when we were together and I doubt he'll do the right thing by me now.

    Well it's worth a try.

    Please if there is anyone out there just about to help a friend/relative/partner out by taking out a loan or standing as a guarantor for them, just think long and hard about the implications it could have on your life. I now owe £13,000 for a debt I didn't even benefit from.

    • Post Points: 20
  •  Thu, Aug 27 2009, 6:09 PM

    Re: Help Again Please - Do I Have to Pay Back Ex Boyfriend's Loan

    If the original agreement was in your BF's name with you acting & signing as the guarantor, then he would have to make the CCA request to the creditor to release a copy of the old agreement, they are not allowed under the data protection act to supply any other individuals agreement to anyone except to the person named on it, albeit that you have acted as the guarantor... it is not your agreement for this purpose in law. !

    You would need your X -BF to make a request for his CCA for furher examination as to the validity of this agreement, I suggest he does make a request for this straight away, or you prompt him hard.!

    Bad news - Meantime; because you have co-signed as the guarantor, you gave your personal undertaking and legal consent to repay this amount, if for any reason or in the event your BF at the time ever defaulted...which unfortunately for you, he has.

    This still leaves you both liable to repay the outstanding amount, but if for any reason they consider you as their easier and chosen preferred method of legal recovery, they can target you instead if they so desire. When you co-signed in this respect you gave the creditor the right to hold either one of you severally, jointly or equally liable to repay the amount outstanding.

     

    • Post Points: 20
  •  Thu, Aug 27 2009, 5:44 PM

    Help Again Please - Do I Have to Pay Back Ex Boyfriend's Loan

    Hi

    Thanks for your help so far with my first post I now have another enquiry, I do have one more as well but I’ll keep them separate to make it easier to manage.

    Back in 2004 my boyfriend at the time took out a personal loan for a car. As he had not been in employment long enough for the bank to approve the loan I was asked to sign as a guarantor.

    We have since split, he subsequently defaulted on the loan and I was contacted a couple of years ago by a company called Westcott threatening me with court action if I did not make repayments on this as my name was against the loan. I told Westcott that I knew where he lived and that they should pursue him at that address, they advised this was no longer an option as they had managed to make contact with me. Yes they scared me – my credit history is terrible because of stupid decisions I’ve made in the past such as this and not being completely aware of the content of my agreements, I have been trying to get my life on track financially and so to avoid anymore blemishes on my record I am now making repayments on this debt (the debt is now £5,000 more than he initially borrowed as well)

    I recently asked Westcott about obtaining a copy of the original agreement as this is something I have not seen since signing and was given the number for the solicitors who handled the debt before Westcott. When I spoke with a very sympathetic lady I was promised this would be sent out to me within 10 days and 20 days later I still have nothing.

    I really don’t want to be paying a debt for an ex boyfriend for the rest of my life and would love some guidance as to what I should do next.

    Again thanks for any help you can give me on this subject.

    • Post Points: 20