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Chris.96
Starting Member
2 Posts |
 Posted - 12 March 2010 : 12:49:10
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| Hi there, please help me. I've just come out of bad divorced and have been left debts of around 110000. Two loans were in joint names worth 48000 and 28000(secured). I have been making some payments towards them but have a family to support so at times I have not been able to make them. I also have personal debt of approx 34000 (1 loan, 2 credit cards and 2 store cards). If I decieded what to do would I be paying half or full for the joint loans. I had to voluntary give up my house at the end of Jan as I had been paying half of the mortgage, my ex had payed nothing since last May as she was the one who left, this leaving me option to rent. The mortgage was in joint names and there is approx 11000 arrears. |
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Daniel Griffiths
Junior Member
United Kingdom
268 Posts |
Posted - 12 March 2010 : 13:14:43
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Hi Chris
First with the joint debts you are responsible for the whole ammount then also so is your partner. What to do depends on whether you are considering personal bankruptcy to put your financial affairs in order. I see you are when able making payments to some of your creditors however if you are thinking of bankruptcy then you should stop paying them otherwise its like painting a ship before its sent to the bottom of the sea. |
Edited by - Daniel Griffiths on 12 March 2010 13:20:36 |
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Bridgewood
Junior Member
United Kingdom
222 Posts |
Posted - 12 March 2010 : 13:58:10
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Hi Chris
In the circumstances you have outlined I would suggest you seek formal advice.
As Daniel Griffiths has said, you are liable for the whole amount of the joint debts, although the creditors also have to claim against your former partner.
It may be possible to reach a settlement with your creditors but that would depend on your individual financial circumstances.
Best wishes |
Edited by - Bridgewood on 12 March 2010 13:58:46 |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 12 March 2010 : 18:10:00
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Hi,
I do agree that you need professional advice.
If you visit www.iva.com you will find a list of companies and reviews. Give one or two a ring and you will free and impartial advice about all the option open to you.
Buckle your seat belt Dorothy, 'cos Kansas is going bye bye.
Jan
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Chris.96
Starting Member
2 Posts |
Posted - 12 March 2010 : 19:32:17
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Many thanks for the sound advice, i was paying what i could so that if i did decide BR then the OR would see that i was making a bit of an effort but i can definately see your point now about painting a ship. I suppose i'm putting off the inevitable coz to be honest i'm scared about what might happen with supporting two of my daughters etc. But like so many i cant go on wakin up every day worried sick of what i have no longer control over. Chris
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 12 March 2010 : 19:48:41
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Hi Chris.96
just reading through the forum from teh infromation that you have provided BR may be the only realistic option available to you
I actually found that after taking control of my future and deciding that BR was the correct option for me i felt a lot better about the whole process.
Like you I was scared about all the what if's and horror stories that you hear. I found that by speaking to one of the experts on this forum. I started to understand the process and I now feel in a better position around my family.
The experts to the left hand side will all be able to help you with the process and planning ahead for your future.
I used Paul and his team at RevivaUK and would strongly recomend them but speak to a couple of the experts find the one that you feel mat be able to help you
regards Richard |
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Daniel Griffiths
Junior Member
United Kingdom
268 Posts |
Posted - 12 March 2010 : 20:23:47
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Hi Chris
What are the worries you have in relation to your daughters, perhaps I can help you with misconceptions about bankruptcy. From what you have said I think you can give yourself a well earned pat on the back from what you have done in paying your creditors struggling along bringing up your daughters on your own. However they must feel the stress upon you perhaps its time to get financial affairs in order for them as well as yourself. |
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Hi there, please help me.
