dianno Posted March 21, 2007 Report Share Posted March 21, 2007 Hi all, don't really know how I ended up here but if nothing else I can release some pressure from the finanical debt which is around my neck.I'll try not to write an essay.....I currently have a bank loan for £12,500 at 3% APR at £155 a month2 Credit cards with a combined balance of £2,400These are quite manageble. The killer is that I was married and had a joint mortgage. We took out a unsecured loan with Northern Rock who provided the loan of £25,000 which was at the same mortgage rate of 5.99% with a monthly payment of £149My wife and I have now split up and worse still...she does not speak to me. The mortgage is now finished bu the unsecured loan has gone up to almost 16% payable over 34.3 years at £329 which works out to be £135,000. My first thought is to get an Indivisual Voluntary Agreement and thus clear my debts in 5 years but have a 0 credit rating for 6 years which at almost 37 years old is not really what I wanted. It would also give the whole liability of the loan to my x-wife which would force her to get an IVA too I called Northern Rock and they were really unhelpful, would not lower the APR, would not give me a loan etc. In the end, I contacted a agency for people finding it hard to get credit (becuase of my other loan) and have managed to get a loan accepted for £13,000 over 8 years at £205 a month. This is is still high but it would mean not losing my credit rating and my intention was to pay half the £25,000 loan off and then remove my liabilty of the loan. The problem being, she won't speak to me, I emailed this proposal to her and she has ignored it totally. My question to anyone who is willing to advise me is;Is there a way of removing my liabilty from the Loan without her agreement if I offer to pay half or......is getting an IVA a better option anyway.Please help!!! Im getting really desperate Link to comment Share on other sites More sharing options...
willingtocope Posted March 21, 2007 Report Share Posted March 21, 2007 I wish we could help, but this forum is about United States credit. I don't think anyone here can offer you good advice.... Link to comment Share on other sites More sharing options...
SecretAgentWoman Posted March 21, 2007 Report Share Posted March 21, 2007 As willing says, we are unfortunately completely ignorant of UK laws. These sites may be helpful:http://www.insolvencyhelpline.co.uk/credit-repair/index.htmhttp://www.debtquestions.co.uk/debt_forum/ Link to comment Share on other sites More sharing options...
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