Joint Account Balance

[nbauman]

I live in Oklahoma. My ex-boyfriend and I obtained a joint credit account two years ago to purchase an engagement ring. We separated over a year ago and he kept the ring. He has only made interest payments since the purchase two years ago. He has recently approached me and declared he is not making any further payments and he is giving me the ring back. He is trying to force me to pay for the entire balance, which still remains at/above the original amount. The amount is over $4000.00. What recourse do I have in this matter? He has bad credit already and is not concerned with the credit consequences. I on the other hand have very good credit and am concerned about the affects. How can I compel him to pay for at least half of this gift? Should I take the ring back from him?

 

[JETX]

Couple of issues here:

1) Most creditors will not open a 'joint' credit account for two separate individuals (that are not married). Usually, one party is the primary debtor, and the other a co-signer. Which are you??

2) If you are on the credit app as either the primary or co, you are equally responsible for the debt (if the primary breaches, then you are fully responsible). So, it looks like either way you are going to have to pay... might as well get the ring so that you can sell it and at lease recover something....

3) Naturally, the 'agreement' that he keep the ring and make the payments is not documented in writing, is it?? Ah, another lesson learned the hard way.

4) Finally, before taking the ring back, draw up a simple agreement... "I, _(his name)____, willing and without recourse deliver the following (describe ring) to ___(your name)______________. And I, __(your name)_____________, in return for taking possession of the above described item, agree to be responsible for all payments effective this date including interest, until paid in full."
Have both parties sign and date, and keep a copy.

This is to keep him from coming back later and trying to regain the ring, and you from trying to recover money from him later.