Overview of I Took Out $60,000 In Loans For My Ex
Ramsey Network listeners hear from a woman (Jocelyn) who co-signed / took out roughly $50–60K in debt for her then-partner (business credit card, a personal loan used to buy vehicles for his business, and a golf-cart loan). After they split, he stopped paying; she has paid down about $30K and now owes roughly $20K. The hosts walk through the legal realities, practical options, emotional framing, and lessons to avoid repeating the mistake.
Key facts & timeline
- ~4.5 years ago: Jocelyn took out three debts for her partner — a business credit card, a personal loan (for business vehicles), and a golf cart loan. All loans ended up in her name.
- While together he made mostly minimum payments (which barely reduced principal).
- ~2 years ago they split; he promised monthly payments and then stopped.
- Original balance was about $50–60K; she has paid off ~$30K and has roughly $20K left.
- Vehicles and golf cart purchased were titled in his name and remain with him.
- No formal written agreement to repay; only text-message promises exist.
- This occurred in Florida; the hosts note title ownership matters for vehicle seizure.
Legal & financial analysis (concise)
- If the loan is in your name, lenders can pursue you regardless of who benefits from the purchase. Co-signing or taking loans for someone else generally makes you legally responsible.
- Titles in his name complicate recovery: owning the title often protects the vehicle from being seized based on another person’s loan if that person isn't the titled owner.
- Text messages can be evidence but without a formal contract it’s a weaker position; suing may be possible but costly, time-consuming, and recovery uncertain if the ex has limited assets or refuses to pay.
- Bankruptcy remains an option but was dismissed by Jocelyn; hosts encouraged finishing repayment instead of litigation given how close she is to being debt-free.
Hosts’ practical advice & emotional framing
- Consider the cost/benefit of legal action: even if you win, collecting may be difficult if the debtor lacks assets or refuses to pay.
- Focus on the progress made: the hosts praised her for paying down $30K and encouraged finishing the remaining balance to "wash your hands" of it.
- Reframe the experience positively: don’t let it define you — write the story as “he tried to break me, but I paid every dime and moved on.”
- Use the situation as a learning experience rather than a source of ongoing regret ("stupid tax" concept — everyone pays one in some form).
Actionable next steps
- Keep paying down the $20K if feasible — finishing may be the simplest route to closure.
- Get a legal consultation (many offer free or low-cost first visits) to evaluate whether pursuing him is realistic and cost-effective — bring text messages and any documentation.
- Preserve evidence: save texts, bank records, any communications proving promises or transfers.
- If considering litigation, ask an attorney about likelihood of recovery and enforcement options (wage garnishment, liens) and whether the cost of suing outweighs likely recovery.
- Tighten financial protections going forward: never co-sign or put loans in your name for another person; if you must help, insist on legal documentation and make the loan/asset arrangement crystal clear.
- Use a budgeting tool (hosts promoted EveryDollar) and maintain emergency savings to avoid future vulnerability.
Lessons learned / Prevention tips
- Don’t co-sign or put debt in your name to help someone else unless you’re prepared to be fully responsible.
- Verify vehicle titles and ownership before assuming you can use or repossess items bought with money you provided.
- Get any repayment agreement in writing and consider formal loan documents.
- Check someone’s financial reliability (credit, track record) before enabling large transactions.
- When possible, arrange alternatives (loan directly from bank to the person, secured by their assets) rather than carrying the liability yourself.
Notable quotes & framing
- “Stupid tax” — everyone makes mistakes; the point is to learn and move forward.
- Hosts: “Write the right story about it — he tried to break me, but I paid off every dime because I’m awesome.”
- Practical summary from hosts: if his name is on the title, title ownership matters more than who holds the loan.
Summary: Legally she’s largely on the hook because loans are in her name; suing may be technically possible but practically difficult. Given she’s close to paying the debt off, the hosts recommend finishing repayment, getting a legal consult only if she wants to explore realistic collection options, and using the experience to set stronger financial boundaries going forward.