Question

This question is a bit tricky, so unsure if you can help.

My husband took out a loan against our home which is registered in both our names. The loan was for £20,000 as our home is worth £150,000, and we own it outright.

The problem is my husband took out the loan in both our names without my knowledge or consent.

I know I am now liable for the debt, but unsure what to do? It has affected our marriage of 10 years, and we may split up.

Marianne

Answer

Marianne,

I am sorry to hear your marriage may be ending, especially due to your husband’s actions.

There are a few things you can do about this, and mostly it is to seek marriage counselling regarding what has occurred.

From a loan and debt perspective, yes, you are liable for the loan, just as your husband is, but as the loan was taken out without your knowledge or consent, you get into a grey and legal area. You would need to seek legal advice on this, which we do not provide.

In addition, seeking legal advice may not help your marriage.

Is the loan being paid as agreed?

Can you afford to pay the loan?

What was the loan for?

I can look more at this with you if you wish.

Regards,

Jon

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