trying to find a way to deal with joint debt

My divorce was finalised a year and half ago, it was no big loss I accepted that the marriage was over about a year or so before we agreed to divorce. we have both moved on and started new lives. He has a baby on the way and I have found a new partner. My problem is that we had a joint bank account and joint loan I only work term time so am not on a very good wage and i am unable to pay the debt. I moved out of our rented accommodation and let him keep everything so I have had to start again. I had nothing to move into my new home with and no money to do it and on top of that he is just ignoring the joint debt and i am trying too keep in touch with the bank etc, they say he hasnt contacted them. They are trying to persuade me to take on the debt as my own and they say other than going to court thats all i can do. My problem is that i can not afford to pay it but they dont seem to understand. Is there anything i can do to get this debt split? hope someone can gimme some advice i dunno what else to do x:(

Hi Babycakes

I am no expert,but from what I understand if i is a joint loan,then all parties are jointly and serverally liable for the loan,meaning essentially tht if the bnk cannot get in touch with your ex, they will seek the full outstanding amount of the loan from you. That probably wasn't what you wanted to hear, but I'm not totally full of bad news! First things first, stop worrying. I know this sounds trite and easy from a stranger, but really, ultimately all you *may* owe these people is money, and if you are unable to give them what they are demanding, as I understand it there is yet to be a law passed that allows someone to get blood out of a stone! So, with that in mind, here's what I think you should do. Visit this site:

boards.fool.co.uk/Messages.asp?bid=50079

This is a discusion board dedicated to Dealing With Debt, with many dedicated volunteers who I suspect may be able to give you better advice on this matter than you would get here (no offence to other Wikivorcers!). One of the regulars is a debt specialist with the CAB (Citizen's Advice Bureau, her name is Manzanilla), and another is n ex-bailiff who will educate you on what baillifs can and cannot do (his name is Sonic, and you'll be very surprised at how little bailiffs can actually do). You'll get some legal advice from them, but the financial advice from them I promise you is priceless.

To get prepared, read this post first:
boards.fool.co.uk/Message.asp?mid=11023572

I asks you to prepare a Statement of Affiars, a rather idiotic way of saying detail the money you have coming in, detail the money going out, and seing what you have left to throw at potential debts. THe debts on the SOA are split into 2 sections: priority debts, such as mortgage, rent,secured loans and council tax arrears, and non priority debts such as unsecured loans, credit card payments, Hp payments etc.

What I would urge you to do at the moment is refrain from making *any* kind or arrangement with potential creditorsuntil you get some advice from the website - the worst thing you can do is make a commitment to payment schedules you can't keep to.

Good luck babycakes,keep me posted on how you get on.
zxz

NB, on re-reading you post,one thing you absolutely must not do under ANY circumstances is take this loan on as your own.

You write:
They are trying to persuade me to take on the debt as my own and they say other than going to court thats all i can do

WEll,it's not all you can do. What they are suggesting would suit the bank right down to the ground, because that way they only need to chase one person around, not two. In no uncertain terms, tell them that you ABSOLUTELY refuse to do what they suggest, and even try scaring them. Tell them you are seeking indpendent financial advice,and that this advice has opened up other possibilities.

To me, these possibilities seem to be one of three things, and I'm not aware of your financial circumstances, so I'm shooting from the hip here:

1)A DMP (Debt Management Plan): You can try to undertake one of these, you can create your own which will entail leg work to get the potential creditors to freeze interest and cancel charges while you pay the outstanding amount off over a number of years. You can also get a 3rd party to manage this for you BUT DO NOT PAY ANYONE FOR THIS TYPE OF SERVICE. Organisations such as Payplan and CSSS will do it free of charge and negotiate with your creditors on your behalf. The downside is you may be pushed for cash for a long time (think what you can realistically manage to pay back each month, then divide the ful amount by your monthly payment,this is how long that will take you. More than 4 or 5 years, and yo need to look at the other two options I think).
2) An IVA (Individual Voluntary Agreement) - again do not reply to some advert in the paper - go to the discussion board I mentioned before hand and seekout SONIC - he's a registered IVA whi will put you in touch with a low fee service in your area. I'm not a financial expert, I'll leave someone like SONIC to guide you through this particlar process, again, it works for some, doesn't work for others.
3) THe one that strangel seems to scare people, if the orst comes to pass, yo migh have to declare bankrupcy. This is nothing to be ashamed of at all, you are in a very unfortunte situation, have no assets and perhaps need a Clean Break from previous inancil pressures. Again, the Motley Foolscan help you with this, and if your worried about the 'stigma' people think bancrupcy confers on you,don't be - Alan Sugar,he of the Apprentice fme has been bankrupted twice, I suspect he really didn't then and doesn't now, give a shit, and nethier should you!

Again Bbycakes, good luck with sorting this out. Promise me you'll visit the Fool!