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confused lady
Junior Member
United Kingdom
172 Posts |
 Posted - 07 January 2008 : 13:21:58
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My partner went bankrupty on 1st October 2007. These are all his own debts from his previous relationship and business.
We purchased a house in February for £250K (at which time we had no idea he would have to file for bankruptcy). We had to raise £43K (including £3K stamp duty) deposit before the sale and I agreed with the solicitor that I would pay £28K as I had my divorce settlement and my partner would pay the remainder £15K when his divorce settlement came on day of completion. My partner then agreed to pay me back £5k so that we had both paid £20K.
The bankruptcy people are now claiming that I am a preferential creditor and looking into why I was given this money. I am having to try and prove what it is for, even though he did not know he was going to have to go bankrupty until September due to an unexpected £13k tax bill a few years old. Therefore I am not a creditor as he had no creditors back in February as all his bills were settled monthly up until the end of September when he could not pay any due to it them being seen as preferential creditors.
1. Is it likely that they will now go after me for the 5K as that then means that I would have paid his share in the house and paid an additional 5K. But also on paper they are stating that he owns 20/20K share.
2. Also we have a fixed mortgage until Feb 2010 and to release from this mortgage there is an approx fee of £13K. We have been told at the end of the year of bankruptcy they will give us 3 options, a 3rd party buy his share, make us sell, or mortgage company reposses if dont keep up payments (which we are) Do they take this £13K from his share, or as they told me they have to split it between the two of us, even though the bankruptcy has nothing to do with me.
3. When do they come up with a settlement figure on the house and how long do we get to raise it? Is this made up of any legal fees, or estate agents fees from his half of the share?
4. Since June last year I also lent my partner approx £2k from my savings for his business to help him pay some wages, tax, mortgage etc. I did not get this back. I did not put myself as a creditor as I didnt want him to feel bad, but as they are now being ackward about the house should I write to them informing them of this and showing them the bank transfers which were made.
5. Also if we have to raise money for his share, after a year can he apply for a secured loan to pay them? Can you recommend any company that may be able to help?
They have already taken his car and he has 3 children from his previous relationship and I have two, I want to do everything we can to save our house, as we are both working and keeping up our mortgage payments. Can you give me any more advice on this matter.
Sorry about all the questions but my brain is doing overtime, and this is taking over our life. When we just want to try and move on the best we can.
Thanks.
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Johnny Debt
Junior Member
United Kingdom
265 Posts |
Posted - 08 January 2008 : 07:17:04
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| Rather complex - I would suggest that maybe you give Debbie a call on this number 07790 533884 and have a chat? |
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