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mintyduck
Starting Member
United Kingdom
2 Posts |
 Posted - 03 August 2009 : 09:23:10
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Bankrupting.
Hi
Here's my questions sorry to be a pain but this is a complex affair :)
Right , I was living with my partner and we bought a house via Northern Rock with an extra 30,000 on top. The total debt is 115,00 or which 25,000 is unscured.
I have a loan for about 14k and a credit card of 1,000.
My ex-partner has a loan for aprox 17,000 and a credit card for 10,000 and 2,000.
I am out of work currently with no income. I am trying to get a job but even then the amont of debt is huge.
The property is going up for sale but we have been advised it will probably only sell for -10,000 over what we paid.
I no longer live at the propery or pay any bills for it , partner had an affair....
I am looking at bankrupting myself and wondering what you think?
Thanks
Paul |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 03 August 2009 : 15:17:14
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Hi
first things first - you need to sell the property and clear the mortgage, estate agent and soliciors fees.
Assuming you are going your separate ways then you may well share the equity. The NR together loan would then become unsecured and they will continue to collect monthly repayments.
If however you work together and there is sufficient equity you may be able to negotiate with NR for a lower one payment offer.
Bear in mind that if you were to go Br then your ex would be liable for all of the NR loan.
Sounds like you need to have a chat with someone so that you can go through all your options and get a plan together.
Paul Johns
Bankruptcy Specialists
Reviva UK
www.revivauk.com
Real People ..... Real Debt Solutions |
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mintyduck
Starting Member
United Kingdom
2 Posts |
Posted - 03 August 2009 : 15:27:17
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Hi Paul,
Thanks for the reply. We may not be able to sell the proprty(been on the market for 3 months)to cover the mortgage never mind the unsecured.
Am I still able to bankrupt? I am not interested in the impact on my ex-partner. She says she is happy to take all the debt etc.
As I am also currently unemployed I don't see many alternatives?
Paul
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 03 August 2009 : 23:29:12
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Bankruptcy is a big step so you need to understand all the options and give yourself time to think and review your position.
If you were earning your expected salary could you affordto make the payments? If so you may decide to give yourself 5 months to get a job and after that look at Br.
Alternatively because there are now 2 households the costs of living have increased so between your ex and you it may not be possible to maintain the debts. Therefore you need to review a debt solution now.
If you are not working then a DMP and an IVA are very unlikely so Br is probably the way to go.
Please review your assets such as car etc as specifically with a car if you are not working it is often difficult to justify the need for one so the OR may elect to take this asset.
Paul Johns
Bankruptcy Specialists
Reviva UK
www.revivauk.com
Real People ..... Real Debt Solutions |
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Bankrupting.HiHere's my questions
