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sirlancelot
Starting Member
United Kingdom
4 Posts |
 Posted - 01 October 2009 : 20:01:30
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Hi
I need some serious help please folks :(
I split with my partner recently and left my job after she was having an affair with a work colleague (back ground proabbly needed to explain my situation).
We bought a house for 92,000 with £30,00 secured loan ontop. This was the start of our financial problems. I also ended up with a loan of 10K and a credit card of 1k. I also owe a phone bill of aprox £600 as I had all her family on my mobile bill.
The house has gone up for sale and without my acceptance she has agreed to sell it for 85k. From the 30,000 secured loan we had to pay £5,000 deposit on the house - the Mortgage remaining is 87k aprox.
I have a job with the nhs but ony for 3 months till November - so i cannot afford the monthly debts at all. To make matters worse my father passed away and my mother is struggling with her money due to reduced benefits.
My Ex partner is sending me the bill for the sale of the house which I have not agreed and also advised me I cannot bankrupt on the shortfall on the mortgage of around 2k.
I do wish to bankrupt as soon as possible. I have started to get court letters from the debtors etc and wish to get rid of as much debt as possible.
The house sale has only been agreed today and will take 4-6 weeks to complete. How would bankrupting impact the sale of the house prior to final completion?
Thanks
Paul
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debtinfo
forum expert
2826 Posts |
Posted - 01 October 2009 : 20:59:57
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| hi Paul, first of all she cannot sell the property without your consent unless she gets a court order, she would also need the consent of the secured charges to sell for less than what is owed. Perhaps you shoud mention what is happening to them. Next bankruptcy would not stop the sale however all the debts left over would be included in the bankruptcy regardless of when the property is sold |
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Dave Perkins
Starting Member
United Kingdom
7 Posts |
Posted - 06 October 2009 : 14:52:05
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Hi Paul,
You seem to be having a rough time of it at the moment. Your partner has advised that you can not bankrupt on the shortfall of the mortgage - you can. You need to ensure that the mortgage and secured loan details are included in the Statement Of Affairs documents when you go to court and that the Official Reciever is aware of the full circumstances. You need to advise both the mortgage and secured loan companies of the situation, and that you are likely to be unemployed from November onwards. As the mortgage is (I assume) what is known as 'joint and several liability' (which means that if one party can not pay, the other has to) if you are unable to pay towards the secured debt, then the lenders will pursue your partner. Therefore if you were to declare yourself bankrupt, you would have no further liability towards the property.
Good luck, hope things get better for you.
Dave Perkins
**Company details removed** |
Edited by - Skippy on 06 October 2009 15:35:02 |
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sirlancelot
Starting Member
United Kingdom
4 Posts |
Posted - 29 October 2009 : 18:24:24
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Hi,
Your advice was spot on , my partner is now being pursude for all debts , I did try and warn ger but someone was telling her I was liable for everything as well.
thanks again , without your advice I wouldn;t have known what to do :)
paul |
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kentmikey
New Member
61 Posts |
Posted - 21 November 2009 : 12:47:23
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Proves what a great site this and it's sister site iva.co.uk is/are. Thanks to all involved.
Mikey |
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mistake09
Starting Member
49 Posts |
Posted - 15 March 2011 : 15:25:20
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| hi paul, it also goes to show my theory, trust yourself, never others, hope your keeping well |
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Help on Bankruptcy
