What happens if i don't pay a loan?

Question

I had a loan with my partner and he has gone now so do i have to pay it back. He is in prison and I can't afford it now on my own. We had paid it for over 2 years and the interest is very high. It was for £1500 and when we counted up it will be over £3500 when it is finished. Also they were taking out payment protection plan which we said we didn't want. The box was ticked but we think this was done after we had signed

Answer 1

What? You have payment protection, in other words, your inability to pay is insured... Have you tried claiming his incarceration on your protection plan?

"In cases of a joint loan application, a joint Payment Protection Plan can be offered then you and your partner will both have the reassurance that if either of you should be faced with redundancy, illness or have an accident, your repayments will be made for you."

^^^

http://www.moneymatters101.com/loans/pay...

Answer 2

Go to the bank and try to get it refinanced\restructured.  Also tell them you refused the protection plan.  Since you have been paying on it for 2 yrs it is doubtful they will remove it, that should have been pointed out to them by the 2nd payment.

You do need to keep paying it if you signed the loan paperwork (co-signer) as it is your loan as much as your partner's.