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Dec Bankrupt
Starting Member
United Kingdom
13 Posts |
 Posted - 24 November 2009 : 20:10:43
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Northern Rock Together Mortgage
I have re-started making full payments to my mortgage, previously made arranged reduced payments after stopping 2 payments to pay to go bankrupt, making sure the unsecured loan remains unpaid.
The mortgage and loan are currently in joint names with my soon to be ex husband who has in no way financially contributed since he left my daughter and I in September 2008.
I have always though along the lines of trying to keep the house, have already purchased BI from OR, but now am unsure whether this is going to be viable with the £30,000 unsecured loan and a £3000 loan guaranteed by my ex for his friend who has gone missing.
I have requested the paperwork to arrange for a change of parties but have been informed that this usually just removes a party from the loans, I ideally want the unsecured loan to be in his name rather than charged to the property, as adding that amount to the mortgage doesn’t make it viable to stay.
I suppose my questions are:
1) Has anyone successfully had a Northern Rock Mortgage and Unsecure loan separated?
2) With a month left of Bankruptcy do I need to give back/stop paying mortgage house before I am discharged?
3) Is divorce the best way to get the house/loan resolved? As ex says he just wants to walk away.
Thanks
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 24 November 2009 : 20:38:06
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Hi
If you have purchased the beneficial interest back from the official receiver then unfortunately the mortgage / house are now your responsibility. They cannot be included in bankruptcy by virtue of the fact that you have purchased the OR's interest.
The unsecured NR loan ( unless they have taken steps to secure it against the house via a charging order) has been included in your bankruptcy and it is illegal for you to make any payments towards this. NR are usually pretty slow on then uptake and several of their staff don't understand the different between a mortgage and a "together mortgage".
The problem you may have is if your ex hasn't gone Br and northern rock actively pursue him for the unsecured debt - which he would be still liable for. They could potentially charge this against his equity in the house.
I would suggest you take offline advice to discuss the exact situation as I fear you may have a problem here and have possibly acted too soon with the beneficial interet.
Paul Johns
Bankruptcy Specialists
Reviva UK
www.revivauk.com
Real People ..... Real Debt Solutions |
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Housing
Senior Member
United Kingdom
1399 Posts |
Posted - 24 November 2009 : 21:20:13
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Hi, Dec bankrupt,
Paul from Reviva is right - you need expert assistance here in what could be quite complex.
I suggest you speak to Paul or Melanie - it may need the eye of a lawyer too.I am positive they (or one of the other experts that post here) will be able to assist and steer you in the right direction
I am sorry I cannot give advice in a direct form as I do not hold any professional liability insurance.
Seek that advice as soon as you can - I wish you well, Richard
"There are no problems - only solutions..." |
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RHB
Senior Member
1159 Posts |
Posted - 25 November 2009 : 07:34:32
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| As well as talking to Paul, I would also recommend you get your financial situation sorted out regarding your divorce too, so that in future you only need to consider your own finances rather than your ex's. Most solicititors would offer an initial half hour for free to go through it with you. |
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Dec Bankrupt
Starting Member
United Kingdom
13 Posts |
Posted - 25 November 2009 : 09:58:30
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Thank you for your replies.
It looks like the hard work is now beginning...starting with saving for solicitors, this is all way more complicated than I first thought!
Oh well another challenge  life is definitely more interesting when you take your head out of the sand!
Thanks again. |
Edited by - Dec Bankrupt on 25 November 2009 22:09:32 |
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Northern Rock Together Mortgage
