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| valetta30 |
Posted - 29 January 2010 : 08:45:06
I dont live in my marital home, am renting with child as had to leave the property as husband refused to leave as he wanted to take the house on. Informal arrangement that he would pay for the house as he has sole use. We have no contact.
After 8 months of him ignoring my divorce letters, we have got the Nisi and I applied for the Absolute. He agreed to put the house on the market as he was struggling to afford it.
BOMBSHELL...just found out he is in the process of declaring bankruptcy, and being non-cooperative re a house sale. He has missed 3 mortgage payments, but secured loan is up to date.
House value £120,000
Mortgage £136,000 (£118,000 secured, rest unsecured)
Secured Loan £40,000
My credit cards £10,000.
I am renting and cannot move back into the house, and dont want to as I cant assure that he will vacate the property.
What are my options? My heart says I should fight to repay what Iowe but my head says am I flogging a dead horse and should I go BR?
Im confused about timescales and process and I dont want baliffs knocking at my door. I am in regular contact with the mortgage company. He is not.
Im so worried... |
| 3 L A T E S T R E P L I E S (Newest First) |
| Richard P |
Posted - 29 January 2010 : 12:16:39
Hi valetta
well done for seeking guidance of insolvency solicitor, i would still suggest giving one or two of the experts to the left a call.
They may have an option B that as you have the time on your side they may be able to put a plan into action.
regards Richard |
| valetta30 |
Posted - 29 January 2010 : 11:56:07
Thanks Richard for your swift reply.
I have just returned from a meeting with an insolvency solicitor who indeed confirmed that time is on my side and I dont have to make any rushed decisions right now.
Oh the relief!!
Its a waiting game with the mortgage company now - and as I can manage my day to day debts right now (obv excluding the mortgage), there is no reason for me to rush into anything.
Once the house has been sold - only then will I make a move to sort out the shortfall (which of course is unknown as present!).
Just knowing there isnt going to be a barrage of baliffs at my door, and being able to carry on my life in somewhat of a normality for a few more months, makes it all so much more bearable.
And oh yes, I dont plan on wasting this time!
Thank you |
| Richard P |
Posted - 29 January 2010 : 11:14:28
Hi Valetta
Welcome to the forum
what alot for you to deal with all at the same time. my thoughts are with you
The debts that are joint will be transfered to you, when / if he declares BR.
If you have moved out of the marital home, it may buy you some more time, hubby declaring bankrupt will also buy you time, so the important thing is that you then have time to plan your reaction / next move.
BR may or may not be the right option, I would encourage you to speak to one of the experts to the left, I used Paul and Ken @ reviva and found them very helpful.
I can relate to your heart V head discussions I went through that for many months before deciding that BR was the most sensible option for me and my family.
from a very quick overview that you have provided, i would suggest that you have a good couple of months (or even longer) before the mortgage and loan companies start turning up the heat towards you, use these months to plan and work a strategy to attack the finances head on, please do not just allow time to roll on and avoid the issue becuase it wont go away.
good luck and regards Richard |
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