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supagran
Junior Member
172 Posts |
 Posted - 11 April 2008 : 15:24:40
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I have been married for 5 years and my husband has his own finances. I have incurred unsecured debts from loans etc which I was able to pay quite comfortably until I was made redundant 6 months ago. My husband owns the property and pays the household bills but does not give me any money for my personal use. I am 59 years old and am unlikely to find a well paid job now so will retire in a year.
I was bankrupt due to a failed business approximately 13 years ago and have steadily regained debt supporting my son who was 10 at that time with no maintenance from his father. He has since left home.
My debts are approx:- £40,000 and I have no assets not even a car. I am very worried that my husband will be affected by this as we have never shared any finances as he made his money before we were married. He has no mortgage on the house and has money invested in shares of which I have no part - I do not know how much as he never tells me.
Please advise me on the above asap - thank you in advance
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 11 April 2008 : 17:07:22
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Hello supergran ( great name !)
welcome to the forum
there are quite a few things going one here and the main one the potential claim against the house. Are you currently on land registry as being an owner ?
I would strongly suggest you have a free conversation with an expert to give you some advice. The advice is free and impartial and would certainly help you with some peace of mind about the way forward.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
www.revivauk.com |
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supagran
Junior Member
172 Posts |
Posted - 11 April 2008 : 18:48:23
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Hi Paul
Thanks so much for your reply. In answer to your question - The house is soley in my husbands name as is everything else even down to the buildings and contents insurance! All of my debts are unsecured and in my name only. We have totally separate finances.
Regards
Supagran |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 11 April 2008 : 20:49:53
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Hi Supergran
sorry for delay in getting back to you ( children story time and I like to do it at least once a week if possible).
Would suggest that you have an indepth converstaion with either an IP or a bankruptcy specialist so that you can fully understand the implictions on the house and other situations.
Not trying to fudge the answers but these are really important issues and you need a good long conversation to help sort them out.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
www.revivauk.com |
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melanie_giles
Senior Member
1191 Posts |
Posted - 11 April 2008 : 22:20:45
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It will be tricky for a Trustee to argue that you have developed a beneficial interest in your husband's property, but this should not be ruled out and you ought to take legal advice on this matter before considering bankrutpcy.
Would your husband be able to help you out at all, as he seems to have liquid investments which could be used to make an offer of settlement to your creditors. I have put forward IVAs for clients with dividends of as low as 20p in the £, and this would avoid bankruptcy and the risk of your husband's property being attacked.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
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supagran
Junior Member
172 Posts |
Posted - 12 April 2008 : 11:36:53
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Thanks for the replies - I really need to try to sort this out without involving my husband who does not know the extent of my debts and would probably divorce me if he found out!
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 12 April 2008 : 12:20:26
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In that case supergran please give Melanie a call on Monday to get the professional advice you need.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
www.revivauk.com |
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Helpful Advice
Average Member
United Kingdom
646 Posts |
Posted - 12 April 2008 : 19:20:05
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Hi supergran,
As far as a trustee's claim over your husbands property, as Melanie says it sounds unlikely, but not impossible that they would try to make a claim.
Was the property owned by your husband prior to your marriage?
Had the mortgage already been paid off?
What (if any) contributions have you made to your husband towards bills etc for the property?
As Paul says I think a call to Melanie’s office on Monday would be beneficial to you.
Kind Regards,
Brett England
Bankruptcy Specialist
England,Jackman & Spacey
WebSite www.ejands.co.uk
View my personal story & blogs at:
http://brettengland.blogs.bankruptcyhelp.org.uk/ |
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advice urgently needed please
