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Getting out of guarantor situation

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  • 09-06-2010 1:22pm
    #1
    hairyprincess
    Registered Users Posts: 2,294 ✭✭✭


    My ex husband and myself took out a mortgage, the mortgage was in his sole name, as I had a loan out at the time and that was going against us. However down the line we opted to take out a top up loan which I went guarantor for. Now we are split up, the house is in negative equity, I have managed to remove my name from the deeds but I am still responsible for this extra loan, which, in three years has not had any payments made towards it.

    Where do I stand? Is this something that is always going to haunt me? I am trying to make a life for myself and my kids away from my ex and I just feel like this is a noose around my neck. Is there anyway I can get out of it? Ex is living in the house. The top up loan was actually paid out after we split up, he lodged it into his own personal account, rather than the joint account which every draw down from the mortgage and been paid into. But maybe that doesn't matter.


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    #2
    unclebill98
    Registered Users Posts: 3,816 ✭✭✭unclebill98


    You'll only be called up as a gaurantor if the bank decides too.

    Your best bet is to contact the bank to see what their current stance is on the loan. Unfortunatly it does not matter where the funds were lodged or what they where used for. As long as you signed up as the gaurantor it does not matter.

    The only positive thing I can see is that if the loan has not been paid for 3 years its strange that the you've not been contacted about it.


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    #3
    hairyprincess
    Registered Users Posts: 2,294 ✭✭✭hairyprincess


    The bank are aware of the situation, I have spoken to the manager and he has assured me while I am not working the bank will not chase me for the loan. Thats all well good, for now, but this is going to have a huge impact on my credit rating for the future.

    Am I destined to be stuck with this? There is no hope of ever recovering any of it from my ex.


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    #4
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    hairyprincess wrote: »
    The bank are aware of the situation, I have spoken to the manager and he has assured me while I am not working the bank will not chase me for the loan. Thats all well good, for now, but this is going to have a huge impact on my credit rating for the future.

    Am I destined to be stuck with this? There is no hope of ever recovering any of it from my ex.

    Even without knowing your suitation, you will be stuck with this unless they can recover the debt from your ex. They would need to get a judgement against him first before they persue you.


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