| T O P I C R E V I E W |
| vacs |
Posted - 05 August 2008 : 20:50:05
Hi and sorry for all the questions let me tell you a little about my debts.I relocated 18months ago and opened a shop selling exactly what I did before I relocated, to which i was very successful the only difference it was a market stall.
I entered into a 15year shop lease (must of had a bad solicitor to allow me to do it) and cannot get out of it. The Landlord is not realeasing me at no cost Ihave tried to sub-let but only getting people for 6 months and the Landlord says no, so I stopped paying. My debt on that is at present is only £1500 (BUT IT IS WHAT IT COULD MOUNT UP TO)The shop miserably failed after 12 months and I have been using credit cards to pay for the shop rent, household bills and stock bills. I have now accumulated £30000 of debt some of wich I put on my husbands credit card without him knowing( will this be squashed) because of this my husband has told me to go BR to save our marriage as he no longer trust me with money.Please help as I am really stressed out and want to desperatly save my marriage I have a 13yr old son.
I tried to put the house on the market but to my horror it is now only worth what the mortgage value is.His car is in my name and because we payed for it on the mortgage it looks like we will have to sell it and as you can imagine he is not best pleased as he had no idea of what was going on. I did it all in good faith as I initially thought the shop would start to eventually come good. even though my husband said it was a waist of time. As you can see I have made a really bad job of all this is BR the right way out and can I clear all this debt. |
| 13 L A T E S T R E P L I E S (Newest First) |
| vacs |
Posted - 10 August 2008 : 13:27:32
I know then That I will ger a BRO/BRU as I have already transfered another credit card debt that is in my husbands name. Originally it was in mine but because the 0% interest came off I transfered it to my husbands new card ( yes he did know about this one) but because as we working out our debts and a lot of them are because I have so many cards and that is where I am going wrong I decided to consolidate some of my debts to 3 cards so before I even discovered this web site or even thought of going BR I transfered it back to one of my cards that I had more or less paid off by a loan. So I am sure I will be penalised for that. |
| John |
Posted - 07 August 2008 : 18:03:10
Hi R/C
not really as tendering the details with the owner's name on it suggests you are proporting to be the cardholder. Although you may have the cardholder's permission the lender would object on the grounds of unauthorised borrowing.Safer to get a 2nd cardholder authorisation issued.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
| vacs |
Posted - 07 August 2008 : 17:37:19
Well thanks for all your help and both names were on the cheque its just I signed it but the written receipt for the cheque was in my husbands name. We are going to persue with selling car and clearing our debts for the next 2 months and see if all goes well if not sure enough one of my creditors ie; council rates for the shop or Landlord will eventually make me BR.and I wont have to do anything.ie:landlord or council for the shop rates. but thanks for all your help and advice its all up to me know. |
| rollercoaster |
Posted - 07 August 2008 : 16:38:08
can you use someone else's card with their authorization and it not be an offense?? |
| John |
Posted - 07 August 2008 : 13:23:52
Re the car
that certainly helps re the ownership of the car.
It would be better if it could be confirmed that his name was on the cheque too, as this would then only leave a question mark regarding ownership due to the fact that the funds came from a joint account.
That arguement, if it came to it, would depend on the balance of the account at the time.
Re the card: Certainly a BRU/BRO is possible and I can't say for sure how far this point would be pushed, you could, as I said before, be charged with a criminal offence unless husband states it was done with his authorisation which means the debt is his.
Back to square one I'm afraid.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
| vacs |
Posted - 07 August 2008 : 12:46:36
What are the legal implications is that what a bro or a bru is. Also good news about car found the original bill of sale and it is my husbands name, so I take it that he is the official owner. |
| John |
Posted - 07 August 2008 : 12:21:11
Hi
very risky, inability to service repayments and, as the other card is in your husband's name, redirection of funds. You'd have to delay your BR by a considerable time to stand a chance of getting away with that one. At least a year for that amount and frankly not worth risking the legal implications.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
| vacs |
Posted - 07 August 2008 : 11:58:29
What if I took out another credit card or loan to the value of my husbands vredit card to py him back before I go BR what would the consiquenses be???? |
| John |
Posted - 07 August 2008 : 11:08:12
Hi
I think it would be in your best interest not to make any attempt to include the £11K on your husband's card in your own BR.
I'm no lawyer but it would seem to me that these transactions were, at best, fraudulent if not theft. This particular debt would be better resolved, somehow, between you and your husband in my view. Perhaps, as you suggested before, by him selling the car, paying it off, and buying a cheaper car.
I don't know how your husband view's that scenario and as I said he may have to take quite a hit on the sale price of the car.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
| vacs |
Posted - 07 August 2008 : 07:59:11
The card is £11000 but because he didn't know as it was all internet base and I changed the address to my moms so he saw no corrispondance. Also all payments to this card was paid from my personnal account at Abbey also address until recently when he found out was at my moms address will I qualify for it to be my debt. |
| John |
Posted - 06 August 2008 : 22:18:17
Hi vacs
it's not a good time to be selling cars right now, particularly SUV's. If you're under pressure to sell within a short time frame you and your husband need to prepare for disappointment in respect of sale price.Only yesterday I was offered a 2 year old SUV (BMW) which was £37K new, and the owner hasn't had a single enquiry, at an asking price of £18K.
The details you have given suggest that ownership of the vehicle is a debateable point. If you need to sell due to the debt levels then ownership doesn't really matter. If you wanted to keep it then you would need to demonstrate the car belongs to your husband.
So at the moment it looks that you could go BR and lose your debt, plus lose the liability of the lease on the shop and your husband could keep the car.
That would leave the debt your husband is in from your use of his card.
Is that a large sum?
www.Bankruptcyhelp.org.uk
0800 078 9367 |
| vacs |
Posted - 06 August 2008 : 17:31:26
I guess the car is valued at aprox. £30000 its a range rover sport but has my husbands personel reg on it and we payed for it by cheque from the mortgage account so wont this be 50/50. What if he sold it and paid off his credit card and purchased a new car with the remainder. p.s we have had this car up for sale for 3 months now for £30000 intending to pay off some of the credit cards and not go bankrupt, and no enquiries as they drink the fuel.Also my husband uses it everyday to go to work what will he do???????? |
| Helpful Advice |
Posted - 06 August 2008 : 09:35:23
Hi Vacs,
It certainly sounds like Bankruptcy is your best option.
If you are liable for up to fifteen years on the shop lease then this would be written off in the Bankruptcy.
With your house being equal to the mortgage then it is likely this will be dealt with as if it were in negative equity and your husband would have the opportunity to purchase your interest in the property for a nominal sum.
What is the value of the vehicle?
This would be my only concern for you in Bankruptcy, however depending on the value there are arguments that can be put forward in order that you perhaps keep the car.
Unfortunately the bad news is those debts that have been incurred on your husbands cards would still remain his liability.
Just remember what’s done is done, everybody makes mistakes and now you have to deal with these mistakes and put the whole thing down to experience.
Kind Regards,
Brett England
Bankruptcy Specialist
England,Jackman & Spacey
WebSite www.ejands.co.uk
View my personal story & blogs at:
http://brettengland.blogs.bankruptcyhelp.org.uk/ |
