Can anyone help?

sjw1101

Hi there,

I was declared bankrupt in January 2006 and discharged October 2006. All my debts bar one went into my bankruptcy and that was a loan from my parents to buy our business...I say our, my ex husband who is now refusing to pay anything towards the massive £455 a month I have to pay on my parents mortgage! I have two jobs and it is killing me! Is there anything I can do? The remortgage is worth £55k and is with a company called Kensington in my retired parents names. I don't want them to lose the house but I am seriously at my wits end as I haven't a property and realise that this amount is phenomenal for a personal, unsecured loan!

Please can someone give me a pointer?

Broken_hearted

If the loan is in your parents name then they will have to pay it. Not sure you could force any money out of the ex.

Dez-Titute

If the debt is the only secured lending on your parents property then maybe it could be worth looking at remortgaging with a different lender on a better deal.If nothing else it might reduce the monthly payment.

Cheers DEz

tigerfeet2006

bumpity bump

Richard_S

Hi Sjw,

Borrowing money from friends and relatives is fraught with potential difficulties, as you've found out to your cost. We also borrowed money from a relative, and it's a moral commitment that bankruptcy has no bearing on.

All I can suggest, which is pretty much the same as Dez, is to see whether you can get more favourable terms by extending the life of the mortgage, putting it on interest only, or shopping around to see if you can get a more favourable deal; not going to be easy given the state of the mortgage market.

Could you move back home? to reduce your outgoings. Could your parents move to a smaller house and release some equity to repay the loan?

I really can't see any easy answers I'm afraid.

Richard

Richard_S

Broken_hearted wrote: »

If the loan is in your parents name then they will have to pay it. Not sure you could force any money out of the ex.

Good point Broken hearted.:beer:

Sjw, your ex has a liability the same as you; what are his financial circumstances?

Richard