How to Recover $35,000 Owed by an Ex-Partner

The Debt Consolidation Dilemma

• 💡 A caller took out a $35,000 debt consolidation loan for her ex-boyfriend, securing a 11.49% interest rate due to her good credit.
• 📌 The loan was taken out in October, and after their recent breakup, approximately $30,000 remains.
• 💔 This is the second time she has taken out a loan for him, initially believing they would marry.

Ex-Partner's Repayment Plan

• 💰 The ex-boyfriend currently makes about $4,000 after tax weekly and has minimal expenses as he moved back home.
• 🗣️ He has agreed to sign a contract and pay back around $2,000 per month.
• ⚠️ The caller wants the debt repaid within a year, but the proposed repayment plan would take longer than the remaining balance.

Legal and Ethical Recourse

• ⚖️ Legally, the caller has little recourse as the debt is in her name, making it her responsibility.
• 🤝 While text messages exist acknowledging the debt and willingness to pay, they may not hold up in court without a formal contract signed before the loan was taken.
• 👨‍👩‍👧‍👦 Suggestions to involve his family are discouraged, as they are unlikely to intervene or be held accountable.

Strategies for Debt Resolution

• 🛑 The primary recommendation is for the caller to pause investing and focus on paying off the debt herself.
• 🏠 To manage expenses, getting a roommate is advised, especially since her rent has doubled.
• 📈 With a take-home pay of around $10,000-$12,000 per month and estimated bare-bones expenses of $4,500 (including increased rent), the debt could theoretically be paid off in approximately five to six months by dedicating remaining funds.

Lessons Learned

• 🎓 The situation highlights the importance of not taking out loans for partners, regardless of the relationship status.
• 💔 The caller acknowledges this as a "stupid tax" and a hard lesson learned about being blinded by emotions.