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wildthing46
Starting Member
4 Posts |
 Posted - 08 February 2009 : 20:02:21
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I am stuck...totally confused:
own 2 houses-in joint 50/50 names with my ex
he lives in one on his own and pays 3/4's of the mortgage
his niece rented the other one out for the last 12 mths and underpaid me and I went into arrears with that one and even thouhg I a renting out he is now ordering me to pay the mortgage on this and I cannot as I have to pay the rent on the property me and my sons are living in
i live in rented accomodation with my 2 sons
he tried to stop the benefits agency paying me rent for the property his niece was in(even though it was always £100-!150 short). Then as a last resort to make me get in the poo thinking I would be liable to pay the mortgage on this rental property he made his niece move out and I have no keys, he had keys and so did she but i have none. I cannot rent it out again and he is doing nothing and I am doing nothing as he is an ar""hole, and I cannot pay as I am sick now also
I want to stay where I am as if I move into that property he will break in and do what he used to do be violent, steal everything and leave me with nothing and the police will let him as his name is on thr mortgage I feel safer in rented accomodation as he won't come near it belive it or not he is a teacher. This is my sanctuary
I have about £14000 worht of credit card debt, my car is paid for and worth bottom book £4200 and I wonder if it is worth tellign them to take the propeerties back and I go bankrupt????
The house that is empty is nearly 3 mths in arrears, I am not moving from where I am I feel safe, he broke my arm and I dropped charges and he got worse after I did this
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 08 February 2009 : 21:58:16
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Hi Wildthing46 and welcome to the forum
( Like the name!)
I am sorry to hear about the tough time you are having - it must be really difficult if your ex is simply not helping at all.
What is the level of equity in each of the houses, and is there any possibility of releasing this?
If you went down the Br route then your unsecured debts would be written off PLUS any interest you have in either house would pass to the Official Receiver.
The Official Receiver is interested in your assets and would certainly be interested in the properties.
IF the rented house was reposessed / handed back ( bear in mind that you have already missed payments so the process is about to start)then any shortfall that you would be responsible for would be included in the Br. Your ex however would be pursued by the mortgage company for the shortfall.
In the house he is living in the Official Receiver would have an interest in. If there was equity then they would decide the best way to release the equity.
If there was no equity then your ex would be able to negotiate to buy your "beneficial interest".
You should also review the income / expenditure and disposable income, plus any assets you have that would be at risk in Br.
The car would certainly be an issue with a value of 4200.
I would really recommend you speak with an expert with experience of complicated solutions.
It may be that the ex needs a conversation with a third party to understand what he has to lose if you declared Br. Perhaps this in itself would help him focus.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
08454 751 851
Real People ..... Real Debt Solutions
www.revivauk.com |
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wildthing46
Starting Member
4 Posts |
Posted - 08 February 2009 : 23:48:35
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Hi and thanks for replying
There is very little equity in the houses as the one was re-mortgaged to get a buy to let mortgage so it came out of the financial equation to enable us to get a maximum loan on the new property. He was trying to run before he could walk and wouldn;t listen to me. And what equity there was has been swallowed up in the economic conditions. I would have let him have a transfer of equity but the mortgage company wouldn't grant it as there wasn't enough equity and too much risk for them to release it to him. The solicitors wanted me to agree to indemnify us from each mortgage and for us to use our best endeavours to get each other off the mortgages and I did'nt believe he would ever do this as long as he has a mortgage he would not ever get me off it and I did not fancy being tied to a mortgage for 15 more yrs with him. But now they may have no option as i am off sick and have been for a month and will be for several months ahead after an accident and only earning £75 stat sickpay a week.
To be honest I have been nearly at breaking point even before the accident with having a nervous breakdown and have been back and fore the docs for medication for a whole year. The guy is so stubborn he can't see the wood for the trees and he won't give in because I left him and he has never been left before and he thought I would never leave. But you can only put up with so much. Now I want my sanity back and just want to get on with my life, I have no interest in the properties I am happy renting now and really I don't think even when I recover from my accident I don't want to return to my previous job. The doctor has been trying to get me signed off for my sanity for at least 9 mths whilst this has been going on. I can't face going back.
they will probably make me redundant that's what they normally do to people who are on the sick for a while. They are crafty so I will be out of a job without a doubt.
I don't have any assets and I have looked at expenditure and income and have no disposable income at present, I 'm in a mess at the moment. The only asset is my car which I paid cash for 2 yrs ago. When I was in my own house without him!
I just don't trust my solicitor at all she was trying to get me to agree to anything just to agree and because I am the more reasonable one I was being made the scape goat. Now they are applying for funding to go to court to sell properties but I feel it is too late, this nonsense has been going on for 8 mths and I told her 8 mths ago what would end up happening. Should I tell her that I am considering bankruptcy???? And perhaps she could relay this to his solicitor and maybe he may be able to face reality for once in his life?
Thanks |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 09 February 2009 : 00:01:42
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Hi
Please bear in mind that whilst Br may well work for you in that it will eliminate your debt ( difficult to repay while ill) and also help draw a line under the relationship you definatley have an asset in the car and this would be claimed by the OR.
They will - provided that you need one - allow you a car up to the value of £2000 which will be exempted from Br. However the balance will be lost.
Have you had a discussion with anyone regarding the situation and Br other than your solicitor?
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
08454 751 851
Real People ..... Real Debt Solutions
www.revivauk.com |
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RHB
Senior Member
1159 Posts |
Posted - 09 February 2009 : 07:17:57
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| You need to get the divorce & finances sorted out, it will help your sanity believe me!!! I think forcing a sale of the properties is a good idea, your ex may suddenly find some money then, which will enable you to sort oput your debts. Stay strong! |
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movin on
Average Member
United Kingdom
946 Posts |
Posted - 09 February 2009 : 10:12:25
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Hey wildthing and a warm welcome to the forum
Why dont you give Paul a call - He is always available for a free initial chat and will definitely be able to go through all your options when he knows the ins and outs of your situation.
Good luck and take care.
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wildthing46
Starting Member
4 Posts |
Posted - 09 February 2009 : 12:46:04
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| YEAH BUT I don't have any money and being on ssp is awful, you need money to get help and if you have none what do you do? |
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movin on
Average Member
United Kingdom
946 Posts |
Posted - 09 February 2009 : 12:59:46
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I completely understand what you mean about no money, and if i have offended you in any way them im very sorry.
I do know that Paul (as well as alot of other experts) will give you that initial chat at least for FREE.
I also know that the helpline staff on this forum will call you back if you leave all your details with them.
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gally
Junior Member
114 Posts |
Posted - 09 February 2009 : 13:03:30
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| if you go br you will lose the car as pointed out already so you could trade down to something less valuable and use the spare cash to pay br fees and living expenses i am sure the or would understand selling the car for this purpose just keep the sale receipt |
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Topic |
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I am stuck...totally confused:own 2 houses-
