Ex business partner stopped repaying joint bank debt

[Jamesstanford]

I am new to the forum so appologise if this is in the wrong section.

 

Several years ago I was in Ltd company. We managed to secure bank funding but when the company failed we stopped and both the other director and I have been repaying the bank our debts in installments. We both signed a persobal guarantee.

 

I have since discovered that for about a year he has stopped his repayments and because of the PG the bank is happy just to chase me.

 

Is there something I can do to get make him continue paying and bringing his share level with mine?

 

Is there also a way to pursuade the bank to split the debt equally?

 

Thank you for any thoughts or advice,

 

Jay

[citizenB]

I doubt you will be able to persuade the creditor to concern themselves with who pays.. just as long as someone does.

 

Do you have any idea, why your ex business partner has ceased payments ?

[Jamesstanford]

Thanks for replying. That is true, I was told by a debt specialist that the bank is pursuing me as they feel that they have the best chance to get their money back, regardless of timescale - they do not need to chase my ex partner at this time.

 

I cannot see a reason why he does not pay. He has several employers (state employment) and also has his own business, which as far as I can tell doesn't support him financially yet, however the two jobs do. The company was a British company with financing from a UK bank, but now we are both living outside the UK, perhaps he feels he can stay under the radar and get away with non paying. From what I can tell he is probably financial better off than I am!

[citizenB]

I will try and find someone who might be able to give you some ideas on how to get him to contribute his fair share.

[citizenB]

It has been suggested that you also cease payments, then they will pursue both of you !

[Jamesstanford]

Thanks for your help. I am not sure I could payments as then it might get worse for me. Perhaps I could reduce payments.

[citizenB]

There is no harm in asking if you could reduce your payments to them - you should think carefully about asking to do this.

 

Do you own your property ?

If the debt is quite a lot then they could issue a claim where you could end up with a charge on your home.

 

Although I think the lender would have to issue a claim against the both of you.