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lisa128
Starting Member
1 Posts |
 Posted - 22 February 2010 : 19:30:54
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| husband and i are going through a divorce,and we have a lot off debt but we own our house i pay the mortgage on i cant afford the payments on this as its almost my m onthly wage, ive spoken to the mortgage company at very helpful .also i was fool i want on a dating site ,and was the vitim off a dating scam . i thought it was the answer to our preys.do i go bankrupt and give house back |
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 23 February 2010 : 06:46:01
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We will need more information about your situation i.e. do you have any other debts, do you have any assets (car, etc.), if you give the house up do you already have a place to rent, etc.
I would recommend contacting the CCCS, CAB or National Debtline to discuss your initial options. Let us know what they say and more information about your overall situation and then we can advise whether declaring BR is the best option. |
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karen.1
Starting Member
10 Posts |
Posted - 23 February 2010 : 09:15:29
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hi. i am already under the cab. i have total debts off £26,000. if entered a dmp it would take me 21yrs to pay off. the house is worth 135k ,with the mortgage 110k.
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 23 February 2010 : 10:05:09
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Did you post earlier as lisa128 or is this an issue for a different person?
If it is the same person the is the mortgage joint? There is equity in the property so the OR will want to release this. If the mortgage is joint then 50% will be yours and 50% your partner's. If only your name is on the mortgage then the OR will want 100% of the equity.
Can you sell the property and use the money towards your debts? You are going to lose the house if you declare BR so it is going to be better to sell the property and then pay any excess after the mortgage to the creditors.
An IVA 'may' be another option but if you can't afford the mortgage you would still lose the property. Speak to the following companies who will be able to advise your best course of action:
Jones Giles - http://www.jonesgiles.co.uk/
Reviva UK: http://www.revivauk.com/
They both post on this board and will give free initial advice. They will be able to advise whether an IVA is a possibility and if not the best way to plan for your BR. |
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husband and i are going through a divorce
