roger here

dalip

I need some advice, this is my story,
I have got unsecured debts for about £28000,secured debts of about £27000 and i owe£77500 on my mortgage.About 70% of debts are due to gambling.And the house is worth about £95000.

I told my partner how much trouble i had got myself into,she was not a happy bunny,well anyhow we have decided to separate.

The mortgage is in joint names and so is the secured loan,now for the questions
1 what would happen if we sold the house to the secured loan, would that still stay in both our names or could i get it in my name, because i dont want her paying for my mistakes?

2 would i be better going BR

any advice please




There you go roger.:D

dalip

Roger i moved your post here,hope you don't mind.
First off we can not tell you wether bc is right for you or not,sorry.You need to ring one of the charity debt helplines for free impartial advice.If they then say bc is best for you we will help all we can with your questions.


I am not "up" on houses so will wait for others to give their opinion.

Good luck and hope you now get some answers.D

tigerfeet2006

Roger if you go BR then any joint debts will fall wholly on your other half to pay. Sorry to be the bearer of bad news. You will not be able to transfer it to your name and then go BR as he OR would not be happy and could reverse the action.

Please ring one of the debt charities and run through all your options with them as this is a complicated situation.

peachyprice

Hi roger,
Welcome to the forum.

If you sell the house you will have to make arrangements with the secured loan company regarding the shortfall, they can stop the sale going through if you don't. They may well be happy for you to transfer the £9500 into a personal loan in your name only, providing you can afford that. Once the house is sold the shortfall will no longer be a secured loan.

If you go BR and let the house repossessed, as tigerfeet says the £9500 shortfall will all go to your ex partner, together with any other joint debts you might have.

Hope this helps some.