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toomuchdebt
Starting Member
12 Posts |
 Posted - 15 February 2009 : 18:25:53
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| If my partner went bankrupt and as there is no equity in the house, would i be able to buy the title back and him continue to make the mortgage payments? |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 15 February 2009 : 18:41:09
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Hi toomuchdebt and welcome to the forum.
Yes, if there is no equity in the house you will be able to buy it for £1 + £211 fees. If the mortgage is in your partners' name he will still be liable for the payments.
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/
20 IPA payments made, 16 to go - on the home straight! |
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toomuchdebt
Starting Member
12 Posts |
Posted - 15 February 2009 : 20:21:00
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Thanks for replying
We are in a bit of a predicament really as we are not financially linked in any way and because he had around 33000 debt he had no choice but to go for an iva. That was in august and since the credit crunch royces have stopped all mtm(regular paid overtime) so we are now £300 down a month (after tax!!)
The problem we have (excuse me saying problem ) is that our eldest daughter is severely disabled so we are limited in every single thing we do. I can't work as i can't get childcare and i have around £8000 debt of my own which i'm paying out of the dla and care allowance and only just managing that. If our daughter needs anything we just can't afford to buy it. We also have a 4 year old who is normal with an attitude!!
So we are stuck. We are in a house that is he has a mortgage on that isn't suitable for our disabled daughters needs.We can't sell it,we cannot borroow money to extend it,we cannot get a dfg and ultimately we cannot afford to pay the iva. My partner is worried that at 37 if he goes bankrupt he will never be able to get a decent mortgage again but i think he also feels like a failure (i do not believe he is but thats him)
Wot do we do? If he goes bankrupt will they take into consideration that we have to pay my bills to on the personal expenditure. After we pay everything out we probably have around £200 a month for food and school dinners. We even had to give back the wheelchair accessible van because we couldn't afford to pay for it so now i have to lift a heavy ten year old into the car and lift the wheelchair in to the boot. We try to be positive but i think that is eventually going to turn to pure despair!!!
Kizzy |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 15 February 2009 : 20:29:42
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I'm sorry you're having such a rotten time Kizzy. Have you spoken to your IP about this?
I can't really offer you any advice, so hopefully one of the experts will be along shortly, but I can say that if your hubby goes BR your income won't be taken into account if he gets an Income Payment Agreement (IPA). The OR will need to know how much you contribute to the household, but that's it.
Your hubby would need £100 or more surplus income for an IPA, but then would only pay 50-70% depending on how much surplus there is.
Good luck, and please keep posting - there is usually someone around to help you or give you support x
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/
20 IPA payments made, 16 to go - on the home straight! |
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toomuchdebt
Starting Member
12 Posts |
Posted - 15 February 2009 : 20:51:48
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Hiya
I don't really contribute as every penny i get pays what i owe. Its actually made me feel better having this conversation as at least i know that if the iva goes belly up we can still stay in the house if i buy the title. Not that that will help with all the other issues but at least i won't have to find a hostel with a hoist haha You gotta laugh or you just end up in tears all the time ;0) |
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Sparkle83
Junior Member
258 Posts |
Posted - 15 February 2009 : 20:55:34
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| hi and welcome. I'm new here, and have no advice, but I wanted to wish you luck in whatever you decide, it sounds like you've been though the wars a bit *hugs* |
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toomuchdebt
Starting Member
12 Posts |
Posted - 15 February 2009 : 21:01:18
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Hi and thankyou,
I think our problem has been that we ahve always been honest and tried to pay our debts,unfortunately the wrong way, by using more debt but we will come through it one way or another. I'm not going to let it beat us,life is too precious to let debt drag you down ;-) |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 15 February 2009 : 22:03:30
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Well said toomuchdebt. Life is too short to spend it worrying about money!
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/
20 IPA payments made, 16 to go - on the home straight! |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 15 February 2009 : 23:36:33
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Just to let you know that if your partner is currently in an IVA then there is a certain procedure to follow to make yourself Br.
You need to have a letter of termination from the IP which means at least 3 months IVA payments missed and a creditors meeting to fail the IVA.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
http://www.revivauk.com
Real People ..... Real Debt Solutions
www.revivauk.com |
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toomuchdebt
Starting Member
12 Posts |
Posted - 16 February 2009 : 08:45:21
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| The problem is with my partner he will continue to pay the iva and will live on nothing for the rest of the month. I just don't seem to be able to get through to him that we cannot go on like this for 5 years. The iva took into consideration the loan that i pay which helps but they also took the child benefit into his monthly incomings but thats what i pay the loan with!!! Once i have finished paying my loan they take the £116 and add it on to the £200 that he is paying already,then when the car finance finishes they take the £115 from that and add that on. Fair enough but if we cannot afford to make the payments now and 5 years is a long time to see light at the end of the tunnel. They said that if i go to work they take a percentage of that too. My partner is just so stubborn. i have told him that if he is happy about living like this i will shut up but to remember that for 5 years this is how it will be!!! |
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toomuchdebt
Starting Member
12 Posts |
Posted - 16 February 2009 : 08:51:21
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Should i go bankrupt? I actually have no assets and only have my daughters Disability allowance, carers allowance and child benefit to live on and i am paying out for a loan,catalogues,credit cards etc? That would then release my income to help pay for the girls?(which is what the money i get is for!!!)
I'm not being flippant, just trying to find a way to live life a tad easier ;-) |
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RHB
Senior Member
1159 Posts |
Posted - 16 February 2009 : 09:09:22
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| Why not wait until these new debt relief orders come into being in April? |
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toomuchdebt
Starting Member
12 Posts |
Posted - 16 February 2009 : 10:09:33
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| Never heard of them!!!Just trying to figure a way through it all. I will probably set up as aa childminder and get no children haha Just my luck!!! |
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If my partner went bankrupt
