Loan Liability

[GottaGo]

What is the name of your state? NJ
My stb ex-husband and I borrowed money from my step-father and have not yet paid it back. We, all 3, signed a promisory note. My step-father wants to go after my stb ex for the loan and says he will not accept the money from me. He says he has a right to choose either one of us to pay it back.
Do I also have a right to assume the debt solely?
How can I go about liberating my stb ex fromthe debt and assume the responsibility all for myself?
Thanks!

 

[moburkes]

What are the words on the promissory note?

 

[GottaGo]

"Between [my name] and [my stb ex's name] (Loan co-recipients) and [my step-father's name ] & [my mother's name] (co-loaners).

[My name] and [stb ex's] will borrow [dollar amount], and agree to repay this amount plus interest. Repayments shall not be less than $100 per month and shall begin no later than June 16, 2006.

Interest wil be charged at a rate of one percent (0.01) per month on the outstanding balance and shall be recorded on the sixteenth of each month beginning July 16, 2004.

It is further agreed that any sum above $1000.00 repaid in the first six months of this loan will cause a recalculation of interest charges and be reduced by the repaid amount.

This loan agreement is signed and dated

[and then the four of us go on to sign]"

I have made 2 payment so I guess technically we are 7 months in default.

 

[You Are Guilty]

Odds are, even if step dad manages to get all the money out of the ex, the ex will turn around and sue you for your 1/2 share of whatever he paid based on that note. On the other hand, maybe he won't. You feelin' lucky?

 

[GottaGo]

well the point of it is that i don;t want him to even go after my ex for it in the first place.
is there something i can do to assume full liability and release my stb ex from it so that my parents are obligated to take the money from me and cannot pursue him?

 

[moburkes]

You can't "undo" the contract, but you can start making payments. Get a money order, enter your husband's info. Mail it as if its coming from your husband. Your parents will never know - until you ask for another loan again.

 

[tranquility]

I agree with YAG. Also, if dad tries to collect through court you will be included as a party by stb-ex.