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joint loan and he wont pay

  • 09-09-2011 2:41pm
    #1
    pop023
    Closed Accounts Posts: 1 ✭


    please help,i owe the credit union about 10k with 2k savings i and my friend took a joint loan with his mother as gaurantor,he moved abroad and has not being making any effort to pay back the loan,i have kept up payments weekly as much as i can but cant cope anymore,i even got an agreement with the credit union that each of us would pay 25 each and ive being paying his share but cant afford it ,a few months ago i emailed him and he agreed to pay 100 pm to my accouant so i could pay in his share and have a record of it as he lied about previous payments,he made 1 payment and now nothing.ive been conned and is there anything legally i can do,ive been unemployed for the past year but was given a place on a back to education degree course as there are no jobs and i cant afford to emigrate.i have offered to the credit union if the debt could be split and i could maintain my own payments.


Comments

  • #2
    dermot_sheehan
    Closed Accounts Posts: 2,062 ✭✭✭dermot_sheehan


    Op, you should be careful in seeking advice from random strangers on the internet and nothing that is said on this board can be relied on as legal advice.

    You seem to be in an unfortunate situation, you can of course negotiate with the credit union to have you only pay half the loan, credit unions are more accommodating then most financial institutions.

    Since its a joint loan, the credit union can seek to sue you for the whole loan, you can of course seek judgement for a contribution from the other person who you took out the loan with, but if they are abroad, it might be difficult to enforce such a judgement against them.


  • #3
    Jo King
    Banned (with Prison Access) Posts: 2,139 ✭✭✭Jo King


    If his mother is guarantor she should be contacted. She might ultimately have to pay up.


  • #4
    source
    Registered Users, Registered Users 2 Posts: 5,303 ✭✭✭source


    Jo King wrote: »
    If his mother is guarantor she should be contacted. She might ultimately have to pay up.

    Agreed, because she's guarantor she is ultimately responsible for the loan.

    When she signed the loan agreement as guarantor she agreed to pay the debt if the two of you defaulted on the loan. I would think that you should speak with her about this and remind her that she will incur the financial penalty for her son if he doesn't start paying his share.


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