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deeplytroubled
Junior Member
United Kingdom
171 Posts |
 Posted - 24 June 2008 : 10:47:44
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im have over £140 thousand pounds of dept the house and most of depts are just in my name but my husband's name is on the secured loan that we have against the house, if i only go bankrupt what happens to that loan.
also my husband is currently going for permanent residency will it effect him if i go bankrupt or any plans of going for british citizen for either of us
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Ian Richards
Junior Member
United Kingdom
296 Posts |
Posted - 24 June 2008 : 10:56:38
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Hi and Welcome
Sorry to be a pain but can you be a little more specific? What is the hose value and how much do you currently owe on it? Can you also tell us how much do you owe on the secured loan?
When you talk about permanent residency, where are you from and how long have you been here?
I'm sorry to seem nosey but i'm just trying to build up a picture. |
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Suzanne
Average Member
United Kingdom
869 Posts |
Posted - 24 June 2008 : 13:22:36
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Hi deeplytroubled
I understand from this that you have £140K of debt in your name only. The house is in your sole name, but the secured loan is in joint names, but no mention is made of a mortgage.
Your husband would have the oportunity to buy your beneficial interest in the property. As it is in your sole name he would have to either apply for a matrimonial interest in the property, thereby only paying 50% of the equity, or pay all the equity to the OR.
I don't beleive it would affect an application for permanent residency as long as it is not a proviso that you are able to support him.
The loan itself will remain secured on the property, and if the property were sold it would be paid off. However, as it is joint, if there were insufficient money from a sale of the property to pay it in full, they could transfer the debt to him.
Suzanne Stocker
Bankruptcy Manager
Jones Giles Ltd
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deeplytroubled
Junior Member
United Kingdom
171 Posts |
Posted - 25 June 2008 : 00:45:29
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the house is valued at £110,000 last september, we owe £83,000 and the pay out fiqure for secured loan is £38,000
Ive from australia and have been in the england for 8 1/2 yrs and my husband is serbia and in country for 6 yrs
is quote:
Originally posted by loads
Hi and Welcome
Sorry to be a pain but can you be a little more specific? What is the hose value and how much do you currently owe on it? Can you also tell us how much do you owe on the secured loan?
When you talk about permanent residency, where are you from and how long have you been here?
I'm sorry to seem nosey but i'm just trying to build up a picture.
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Suzanne
Average Member
United Kingdom
869 Posts |
Posted - 25 June 2008 : 09:38:18
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deeplytroubled
Unless the property has increased in value since then it looks as if you are in negative equity of around £11K.
In this case the balance on the secured loan when the property was sold would be converted into an unsecured loan and as you were bankrupt would revert to your husband.
Suzanne Stocker
Bankruptcy Manager
Jones Giles Ltd
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if i only go bankrupt what happens to secured loan
