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Here's a turn up for the books...
MercMan
Posts: 460 Forumite
My ex has told me today that she will buy me out of my share of the house. So my name will be off the deeds and mortgage roll. This is good news. Also I can stay until I find somewhere to rent with my two dogs.
Here is the problem. How can I prevent (legally) the OR getting their hands on the cash when I go BR as I will need it to start again. 98% of the furniture is hers and she will be keeping it. We have a fitted kitchen so I will need all new appliances etc.
Here is the problem. How can I prevent (legally) the OR getting their hands on the cash when I go BR as I will need it to start again. 98% of the furniture is hers and she will be keeping it. We have a fitted kitchen so I will need all new appliances etc.
"What does not kill you makes you stronger"
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Comments
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Cant really help with your question but nice to hear you have a bit of goood news at last
ym0 -
The only legal way it to spend it, on essentials and be able account for all of it, other than that you can't legally stop the OR taking it.Accept your past without regret, handle your present with confidence and face your future without fear0
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My ex has told me today that she will buy me out of my share of the house. So my name will be off the deeds and mortgage roll. This is good news. Also I can stay until I find somewhere to rent with my two dogs.
Here is the problem. How can I prevent (legally) the OR getting their hands on the cash when I go BR as I will need it to start again. 98% of the furniture is hers and she will be keeping it. We have a fitted kitchen so I will need all new appliances etc.
You must make sure you sell your half for full market value, If you can get the money before you go BR then there is nothing to stop you furnishing your new place out of the money, The OR will want to know every place the money got spent and if any is left he will want that. Make sure you dont use it to buy items that cost over £500 each. If you dont get the money until after BR im afraid he will take the lot
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It wont be full market value but an amount agreed last year in a Tomlin Order. I'm hoping to get the money before the court date. However I may still be in house (although I will no longer have any BI in it) as finding a suitable property to rent may take sometime. Which is why I don't want the OR taking any of it. I guess if it was in cash it could be stashed with my friend and not in a bank account. Naughty I know but what can a person do? I need somewhere to live and the clock is ticking re the court date. How would the OR know that I just didn't sign my share over to her as a wedding present? She is getting married in August?"What does not kill you makes you stronger"0
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If the OR thought you'd just signed your share over to your ex as a wedding gift they would undo that PDQ, and slap you with a BRU for your trouble. Disposing of an asset is worse than spending the money on your new home.Accept your past without regret, handle your present with confidence and face your future without fear0
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Hi MercMan,
If I was you, my plan would be:-
Bite her hand off, find somewhere to rent....
Fit and furnish to cover everything.
Service the car.
Fill the food cupboards including dog food for a year.
Any routine vets visits done.
Buy some new clothes for work.
Put £495 carefully to one side.
File for BR.........
Don't hide, stash or lie...
Go for it!
SA2011 - New year, New start, New me[STRIKE]Planning on [/STRIKE] making my dreams a reality0 -
I have just had another thought.....
Will the settlement put you in a position where you can make full and final settlements to your creditors and avoid BR?
You only need offer a % and explain that this is all you have, take it or leave it.
Just an idea...
SA2011 - New year, New start, New me[STRIKE]Planning on [/STRIKE] making my dreams a reality0 -
Hi SA That sounds good. I had also thought of paying the rent for a year upfront plus the CT, TV Licence, insurances and water bills for the year.
That would take care of nearly all of it!
Ufortunately what she is paying would be about 25% of what I owe!"What does not kill you makes you stronger"0 -
In a past life (about 10 yrs ago) I had to settle my debts with a full and final made from the proceeds of selling my house after losing my job and divorce.
I settled at 50p in the £ in days and I realised they would have probably accepted much less.
You may be able to do it, or you can go with the BR and being comfortable route..... totally depends on you.
Good luck though and don't work too hard.
SA2011 - New year, New start, New me[STRIKE]Planning on [/STRIKE] making my dreams a reality0 -
I offered £20 pcm to one of my creditors and they laughed. They said they wanted the whole £10K and got a CCJ against me. I think BR is the only way forward once I've got a place to live etc.
Off to work now. Got to be a better day than yesterday!"What does not kill you makes you stronger"0
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