She has constantly tried to sort things out amicably with her husband but he has been totally untrustworthy and unreliable. He has now defaulted on one months mortgage payment and making threats via her fathers address.
She has been extremely worried about the house being repossessed, being made bankrupt and having her previously excellent credit history ruined, but now she feels she can’t cope with waiting and wondering what her husband is or isn’t going to do.
Should she take the bull by the horns and file for bankruptcy herself? Is there another option?
I have advised her to contact her mortgage lenders and tell them exactly what has happened which is what she did at the time her husband left. They still think that she is living in the property and he is not.
She is only 25.
Any helpful experiences/ advice would be very very gratefully received.
welcome to the forum and thank you for being a concerned mum
lots of comments to make but from what you have typed your daughter is probably best away from him.
their are other solutions to the debts, some of which may only be appropriate when your daughter is back working.
Individual voluntary agreement (IVA)basically you come to an agreement via the court you and your creditors and agree an amount to pay each month.
DMP Debt Management Plan, basically you dictate the amount you are going to pay each month (no formal court structure)
full and final settlement, a good friend or close relative pays a settlement fee on all of the debts
Bankruptcy, it is not as bad as the stigma or public misconception. IN the right circumstances it is the best way to deal with situation.
all of the solutions have positive and negative
with all of the complex issues surrounding your posting I would make contact with one of the experts and let them help you clarify the whole situation then you can take the correct action.
Re my daughter (part 2)
Posted - 16 January 2011 : 21:16:48
