I am in debt again I filed bankruptcy just over 5 years ago now question is I have a loan with our bank why I say that its in my wifes name then I was added to the account but the loan is under my name can I file the loan in the bankruptcy order without it effecting my wife or how do I get her of the bank account. I dont want my wife involved in it as she has good credit what we dont want to ruin I owe the bank around £18000 but when pay the payments it leaves us with next to nothing for spending would a order from court make me pay something to them am only one working on salary around £28000 a year with two children any help be so greatfull indeed Ian
Apologies but I didn't quite understand your question so if my undestanding is wrong please correct the details so I can help.
As I understand it you have an 18,000 loan with a bank which your wife took out and you have a joint bank account.
Did you sign the loan agreement as well as your wife? If you haven't got a copy ask the bank to send you a copy. This will identify if the loan is hers alone or in joint names.
I think it unlikely that the loan is directly attached to the bank account but obviously you need to check.
There are other solutions to debt other than Br and as you can't transfer the debt into someone elses name just to clear it in Br, these other solutions are worth exploring.
Do you own a property? If so how much equity is there in it. What do you and your wife do for a living?
hopefully you can help with more info so we can give you the right advice.
Paul Johns Assisted Bankruptcy Specialists Reviva UK www.revivauk.com
sorry let me make it make more sense I have no property is council owned and i was added to her bank account but the loan was signed in my name only hope this helps
As Paul says further information with regard to the loan is required, Have a look at the origanal loan agreement and see who's name it is in.
You need to concider the option of Bankruptcy very carefully as you have been down this road fairly recently you would more than likley end up with a Bankruptcy Restriction Order (BRO) which would not give you automatic discharge after one year.
My word that was a very quick response thank you the loan agreement is only in my name what does a restriction order entail then do I have to make payments or anything am not wanting to go down this road no point in a IVA as am struggling paying anything and have written to my bank and they will not even respond to letters or phone calls to help me or advise me on this at all
Well the current loan we have is in my name only...I'm 100% certain on that but the ORIGINAL loan if that's what they're talking about was in both our names...I mean the very FIRST loan we ever got from the bank was in both our names so if that's what they're on about then I'm not sure what to do as we can't keep paying £308/month
Need urgent info
Posted - 11 March 2008 : 08:14:52
