My Debt affect my spouse?

M

Moodyboat

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Hi hopefully someone can give me a bit of advice, I got a personal business loan (unsecured) 2 years ago but the business has since gone bust and I’m not able to pay the loan at the moment, it has gone to the bank solicitor which iv provided my income and paperwork which they had asked for and made a proposal to pay it off ( doubling the loan term) I got a letter back today saying there not accepting the proposal and have demanded to see my wife’s income do I have to show them?? As the business loan is in just my name nothing to do with my wife? Also all our accounts are separate what’s hers is hers and mine mine we have no financial ties whatsoever and never did Please advise
 
I would argue (having successfully made such arguments in the past on behalf of clients)

  • The bank would be breaching the Discrimination Acts by discriminating against you just because you are married.
  • Your wife is entitled to GDPR protection.
What they are allowed to ask you is whether or not your wife is able to meet 50% of the household's Reasonable Living Expenses.

The banks have, over the years become much more forensic on their assessment of RLE's.

If their assessment of RLEs shows that you need a doubling of the loan term to pay it off, they are likely to accept the proposal.

Jim Stafford
 
Thank you Jim for the information it’s very helpful, do you know if I can ask the bank to freeze the interest on the loan as I asked the solicitor in my last letter but there’s been no mention of it back , thanks again for your input
 
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