exWife increased a loan/Moneyline amount that I'm still on

E

eMusicGuy

New Member
Jurisdiction
Connecticut
State CT
My exwife (divorced 4 years ago) asked if I could stay on her moneyline (it's a loan line of credit) until she pays it off because my credit is good and she gets a good rate. I agreed. A month ago I got a credit alert that amount of a loan I was on went up. I took a look at the balance went from $157 to over $2,700. I contacted the credit union and I guess a divorce decree is not enough to take me off the loan. My exwife would have to refinance and basically get a new moneyline. I contacted her and she said she would do it but never did. Now she is giving me a hard time about it basically saying it's no big deal for me and it's not affecting my credit etc. She said she would look into but not sure if she will actually do the refinance. She is remarried. I don't want to be on this new loan increase that has nothing to do with me. The agreement (not on the divorce decree but verbal) was that I would only be on until she paid it off. If she doesn't follow through with the refinance and getting my name off, what is the legal action I can take?
 
eMusicGuy said:
State CT
My exwife (divorced 4 years ago) asked if I could stay on her moneyline (it's a loan line of credit) until she pays it off because my credit is good and she gets a good rate. I agreed. A month ago I got a credit alert that amount of a loan I was on went up. I took a look at the balance went from $157 to over $2,700. I contacted the credit union and I guess a divorce decree is not enough to take me off the loan. My exwife would have to refinance and basically get a new moneyline. I contacted her and she said she would do it but never did. Now she is giving me a hard time about it basically saying it's no big deal for me and it's not affecting my credit etc. She said she would look into but not sure if she will actually do the refinance. She is remarried. I don't want to be on this new loan increase that has nothing to do with me. The agreement (not on the divorce decree but verbal) was that I would only be on until she paid it off. If she doesn't follow through with the refinance and getting my name off, what is the legal action I can take?
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Was it addressed in the divorce decree?
 
It states in the divorce decree "The parties report no martial debt and shall remain responsible for their respective debts as listed on the financial affidavits.". This moneyline is listed in her affidavit and not mine so she is responsible.
 
eMusicGuy said:
She is remarried. I don't want to be on this new loan increase that has nothing to do with me.
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Big mistake, NEVER co-sign ANYTHING with ANYONE but your LAWFULLY, wedded spouse.

Even with your spouse, she/he MUST be someone you'd TRUST with your LIFE!!!

eMusicGuy said:
If she doesn't follow through with the refinance and getting my name off, what is the legal action I can take?
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You should immediately contact the creditor about the possibility of removing YOU from liability for the account.

In the future, NEVER co-sign for anything, with anyone.

You're very exposed, unless you can have your name removed.

eMusicGuy said:
It states in the divorce decree "The parties report no martial debt and shall remain responsible for their respective debts as listed on the financial affidavits.". This moneyline is listed in her affidavit and not mine so she is responsible.
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You may be guilty of perjury.

A positive note, SHE'S as guilty as you appear to be, too.

There's that!

Your attestation, as appended above, is contradicted by the arrangement you and your former spouse illicitly concocted.

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She was my wife at the time of consigning. I shouldn't have stayed on...i'm too nice - anyway, like I mentioned in my orig post I contacted the creditor and they won't take me off based on decree they said. She would have to pay off or refinance.
 
eMusicGuy said:
I guess a divorce decree is not enough to take me off the loan.
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A divorce is between you and your spouse. It has nothing to do with obligations you owe to third-parties. That said, subject to the terms of the written loan agreement, you probably can give written notice to prevent any future increases (especially if you're only a co-signer and not a joint borrower).


eMusicGuy said:
The agreement (not on the divorce decree but verbal) was that I would only be on until she paid it off. If she doesn't follow through with the refinance and getting my name off, what is the legal action I can take?
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There isn't any. What's done is done. Just be glad that the numbers are small.
 
eMusicGuy said:
what is the legal action I can take?
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Legal action?

Hire a lawyer for a few thousand dollars, take her to court and see if a judge will compel her to pay off the loan and close the account.

Otherwise, no, you are stuck with your mistake.

Unless you want to pay it off for her with her standing next to you at the bank and closing the account.
 
eMusicGuy said:
She was my wife at the time of consigning. I shouldn't have stayed on...i'm too nice - anyway, like I mentioned in my orig post I contacted the creditor and they won't take me off based on decree they said. She would have to pay off or refinance.
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Intellectually you are thinking of this as separate debt, but legally it is joint debt. You can't have it both ways - she can only get the lower rate because you cosigned.

You should have required that she refinance it as part of the divorce.

If she was financially responsible, she wouldn't have needed you to cosign in the first place.
 

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