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Q:
Ex husband is late on payments and lender is after me. What do I do?

It has been two years since my divorce from my husband. My ex-husband was to pay all bills as the courts stated in the divorce agreement. It also stated that I will remain harmless of all debts. I have now been receiving letters from companies asking for payment of debts. I just don't know what to do. The car we once owned is in his possession. It also stated in the divorce agreement that he is sole owner of the car. He was to remove my name from the car note, but hasn't. He is now late on that and the lender is now after me. What do I do? -Cheri

Cheri,

Unfortunately, letters like yours are all too common. Divorce is such a difficult issue and it is a surprise to many to find out just how greatly it can impact your financial life.

I am sorry to tell you that your creditors are well within their rights in trying to collect the debts from you. A divorce decree does not cancel the original agreement you made when taking out the loans. Your best bet might be to cooperate with your ex-husband and try to get the debts repaid. That way, you can both begin your new lives.

Good Luck,

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