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Dez
New Member
United Kingdom
87 Posts |
 Posted - 25 October 2009 : 16:19:29
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Can you answer these 2 questions for me please?
1. My wife and I took out a secured loan on my house and then we lost the house through repossession. The mortgage was in my name only meaning the house was all mine, but picture made us put both of our names on the form and on Tuesday I have a B/R meeting would the O/R write all this debt off or will my wife still be liable for it. My wife has no income?
2. If I get the chance to work overtime after I go B/R what will the O/R take of this?
3. My B/R meeting his on Tuesday when would I have to go and see the O/R? And do I see him in person?
I hope you will be able to help me out.
Many thanks
Derek |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 25 October 2009 : 17:24:03
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1. I'm not 100% sure, but I think if the loan was in joint names your wife would be liable for the full amount.
2. It depends if it's regular overtime or not. If you are earning a regular amount each month as overtime the OR will most likely take a percentage, but if you only get overtime now and then they may not be interested.
3. Once you have been made BR you will get a phone call from the OR to arrange a meeting. Unless you have a business it's normally a phone interview, but some people are called for a face to face interview.
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/
27 IPA payments made, 9 to go - in single figures! |
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Dez
New Member
United Kingdom
87 Posts |
Posted - 25 October 2009 : 18:02:13
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| Thanks for your reply getting really nervous and worried about Tuesday now |
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In 2 Deep
Junior Member
United Kingdom
161 Posts |
Posted - 25 October 2009 : 21:38:33
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Hi Dez and welcome.
Picture Finance - now Target Loan Servicing will pursue your wife vigorously, as your wife will become liable for all joint accounts once you are declared BR.
They will take action to repossess your property as they have a 2nd charge, which will then become you wife's debt once you are declared BR.
Good luck and let us know how you get on.
quote:
Originally posted by Dez
Can you answer these 2 questions for me please?
1. My wife and I took out a secured loan on my house and then we lost the house through repossession. The mortgage was in my name only meaning the house was all mine, but picture made us put both of our names on the form and on Tuesday I have a B/R meeting would the O/R write all this debt off or will my wife still be liable for it. My wife has no income?
2. If I get the chance to work overtime after I go B/R what will the O/R take of this?
3. My B/R meeting his on Tuesday when would I have to go and see the O/R? And do I see him in person?
I hope you will be able to help me out.
Many thanks
Derek
Treat EVERY Penny as a prisoner. |
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Dez
New Member
United Kingdom
87 Posts |
Posted - 26 October 2009 : 03:22:54
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Hi
Thanks in 2 deep I lost my house about 18 months ago we live in rented house and with my wife having no income what can picture do? My wife is a little worried now. |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 26 October 2009 : 06:47:06
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I'm afraid they will come after her for the whole amount even though it will come under your BR. You are both liable for the entire loan.
Your wife could go bankrupt as well, then it would be totally written off. Otherwise she would have to make an offer of repayment, which she obviously can't do if she isn't working.
The glimmer gets brighter all the time
Jan
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In 2 Deep
Junior Member
United Kingdom
161 Posts |
Posted - 26 October 2009 : 09:47:47
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Dez,
As Kallis states, your wife would have to make a gesture of payment. Seeing as she is unemployed, and you are in rented accommodation I would seriously consider BR in your wifes siutation. Please consult one of the forum experts like Melanie who posts on this site, before your wife makes the next move.
Gd Luck. quote:
Originally posted by Dez
Hi
Thanks in 2 deep I lost my house about 18 months ago we live in rented house and with my wife having no income what can picture do? My wife is a little worried now.
Treat EVERY Penny as a prisoner. |
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madwithworry
Starting Member
United Kingdom
19 Posts |
Posted - 26 October 2009 : 16:52:22
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| Hi I went bankrupt today because my husband was declaring himself bankrupt. I was told that I would become entirely liable for all our joint debts. As I too have no income I had no choice but to follow him into bankruptcy. Katie (to find out how it went see my earlier post) |
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Can you answer these 2 questions for me please?
