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riverman
Junior Member
164 Posts |
 Posted - 05 September 2008 : 11:57:16
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hello to the forum, this is my first post :)
I have a collection agency threatening to make me bankrupt.
I have split from my partner who is living in the family home. I am in council rented accommodation. This has been the case since July 2007.
I have been working with CAB to resolve my debts and have come to agreements to pay reduced sums (nominal £1.00 a month until I start working - I am suffering from depression after a breakdown). However this one "company" Marlin Financial Services have passed on my case to their solicitors Mortimer Clarke who have served me with a Statutory Notice (on 1st Sept - giving my 18-21 days to pay).
theres no way I can pay.
My question is:
Will my old house which my ex partner shares with my two children, (aged 10 and 15)be part of any insolvency action? IE Can my ex partner lose the house?? I am terrified of this happening as my debts are mine not hers. I have read about a house being "no order of sale" if there are under 18's living in it.
Thank you for any advice you can give me |
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zoe
Junior Member
329 Posts |
Posted - 05 September 2008 : 12:49:59
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Hi there and welcome,
Who owns the home??? |
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riverman
Junior Member
164 Posts |
Posted - 05 September 2008 : 13:06:42
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Hi thanks for the welcome
The home was in joint names. My name is now off the mortgage and is in the process of being taken off the deeds also. |
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zoe
Junior Member
329 Posts |
Posted - 05 September 2008 : 13:15:00
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You need to be very careful.
Any property dealings will be closely scrutinsed by the OR. If they believe that you have got rid of an asset then they have the power to overturn the transaction so that monies can be realised for your creditors.
Is there any equity in the house as you are entitled to half |
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riverman
Junior Member
164 Posts |
Posted - 05 September 2008 : 13:24:08
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Hi zoe
I see where you're coming from about the OR. The reason my name is coming off the deeds is because I wanted to "do the right thing" as it were - these are my debts - indeed my partner didnt know anything about them and when I told her we split - I had a nervous breakdown and am still ill. I feel terrible and I do not want my ex partner and children to suffer for my stupidity.
I understand what you are saying - that the OR may think I am trying to "wriggle" out of paying off my debts......a good point that. All I can say is that it it comes to that I can only tell the truth, I did it for my ex partner - i owed her that. I have since discovered that it dosnt make any difference as I am still "tied" to the property for so many years - I think 3.
My concern is for my kids, as they are under 18 can a court really take away the house??? It would cause untold upset and stress for them surely? And they are totally innocent
EDIT TO ADD
Oh and theres about 50-60k equity |
Edited by - riverman on 05 September 2008 13:25:44 |
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zoe
Junior Member
329 Posts |
Posted - 05 September 2008 : 13:35:56
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hi there
I really understand your intentions and that this is your debt.
It is really unlikely you will get away with it the OR will overturn the transfer which will result in more costs and more of the equity being taken away.
What do the other experts think?? |
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riverman
Junior Member
164 Posts |
Posted - 06 September 2008 : 13:45:24
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If the house is still tied to me then sobeit.
Am I right in thinking though, that they cannot take the house or force a sale while my children are still under 18?
That is my main worry here. I acknowledge my debt and they can come after me but I dont want my kids to suffer.
I have no assets to speak of myself so I don't even know how they expect to get money out of me when I have none, no car, etc.
The only thing I can see happening is that a charging order is placed on the house.
Am I right in thinking this? |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 06 September 2008 : 14:05:47
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Hi Riverman and welcome to the forum.
Unless the property was awarded to your ex in adivorce settlement, the OR will have a claim on your beneficial interest. Given there are minors living there, forced sale can be suspended for 12 months to give time to arrange alternative living arrangements.
How much is being claimed on the Statutory Demand?
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
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riverman
Junior Member
164 Posts |
Posted - 07 September 2008 : 12:51:40
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hi julien, thx
the debt is for £5000.The house isnt part of a divorce settlement. We werent married and the split was amicable.
When you say quote:
forced sale can be suspended for 12 months to give time to arrange alternative living arrangements.
I was led to understand from what I learnt online that no judge would force the sale of a house where children are living and so no Order of sale can be made on the house until the children are over 18....what you say worries me as my children's education will be disrupted if they have to move.... |
Edited by - riverman on 07 September 2008 12:53:56 |
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zoe
Junior Member
329 Posts |
Posted - 07 September 2008 : 12:57:54
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I'm sorry to say that Julian is correct and what you have read is not.
The OR will give you 12 months to either find someone to buy your beneficial interest or will force sale no matter how old your children are. This they say is ample time to find alternative living arrangements. |
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riverman
Junior Member
164 Posts |
Posted - 07 September 2008 : 13:23:56
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OMG :(
thx zoe :( |
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riverman
Junior Member
164 Posts |
Posted - 07 September 2008 : 13:39:38
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Well I'll fight that.
As will my ex partner.
They cant do that surely.....none of this is my family's fault....its all my fault |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 07 September 2008 : 14:00:57
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Hi Riverman
We know that our home will be gone within the 3 years, we wont be buying the BI in it and so when they say we have to go :( we too will lose the family home.
I know im not in the same situation as you and i dont pretend to be i just wanted to say that your not alone and that we are all here for you.
Good luck with it all and keep posting.:)
And Remember To Keep Smiling
Jo :)
"There is light at the end of the tunnel, if you cant find it get a brighter torch"
You can read my updated Needafriend's New Life- A Debt Free One! blog here:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
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zoe
Junior Member
329 Posts |
Posted - 08 September 2008 : 09:46:43
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Hi there
I understand - noone wants to loose their home!
you need to be very careful here i would recommend that you speak to someone further. |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 08 September 2008 : 10:06:21
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Hi Zoe
Have you been away as you have only just started posting again, we have a newbie that is replying, have a look at Joint overdrafts i think it is and see what you think.
Oh and great advice, i could not offer any on this i just wanted them to know they are not alone. :)
And Remember To Keep Smiling
Jo :)
"There is light at the end of the tunnel, if you cant find it get a brighter torch"
You can read my updated Needafriend's New Life- A Debt Free One! blog here:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
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zoe
Junior Member
329 Posts |
Posted - 08 September 2008 : 11:13:58
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Hi Jo
Not been away, been very very busy. I have a baby due in October!!!
Hope you are well |
Edited by - zoe on 08 September 2008 12:05:21 |
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Topic |
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"No order of Sales" question
