Advice needed..please

Egypt191 · 9 April 2013 at 11:42AM

Hi, I've been using the MSE forums for a while and find them really helpful, but this is the first time I've had to post.

I'm hoping somebody has got some advice for me, and I've posted in the right place.

I split from my ex over 3 years ago, I live in the marital home and pay the mortgage etc..He's unemployed and has been since a few months after we split. He's now saying that he can't afford to live where he does ( 2 bed property, rented) and pay his debts, he's looked into an IVA? And was told it wasn't suitable so the only answer is to put a charge on the jointly owned property. I obviously have a problem with this and have no idea what I can do.
The debts are in his sole name and I'm in contact with a broker to see if it's viable for me to get a mortgage on my own earnings, but I honestly don't think I earn enough even though I pay the current mortgage no problem.

I also have 3 young children, if a charge is put on the property and he still doesn't pay his debts, would we be forced to sell? And (sorry, I know it's a lot of questions) I have a good credit rating, never defaulting, always paying on time etc. how will this affect me?

Sorry it's a long post, but any advice would be gratefully received

RAS · 9 April 2013 at 12:05PM

Are you married or no?

Egypt191 · 9 April 2013 at 1:08PM

Hi, still married, (sadly) but divorce is ongoing. The majority of the debts though aren't marital, and the other problem is that he is trying to get the charge put on the house before it goes to court for the divorce.

gardenlady_2 · 9 April 2013 at 3:01PM

My understanding is that if a charging order were applied to the property then it would just stay there until it is sold, and then his debt would be taken out of his share of the equity- your share would still come to you in full. As the property is jointly owned there would not be an order to sell the house, especially as there are children involved. However, I don't think this would be the case if he were to go bancrupt - you would always get your share of the equity though if the debts are in his name.

Your credit rating may be affected as you have financial association with him- the mortgage. You can write to the credit reference agencies and tell them you are getting divorced and trying to not have any financial association.

It may be a good idea to post on the mortgages board. You need a good broker, which it sounds k]like you already have

Egypt191 · 9 April 2013 at 7:58PM

Thanks for the reply gardenlady,
It was kind of what I thought, not sure I like the idea of staying here with a charging order over the house though.
I have got a good broker luckily, did my homework on the MSE site first

Advice needed..please

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