beneficial interest in partners house.

Puppy_Boy

hello,

i have had advice from several different people (not on this forum)about the best way for me to sort my debt problems out. i owe £30,000.00 on unsecured debts (credit cards and loans).

i don't know whether i am going to try for a br, iva or dmp yet.

my biggest worry is that my partner's house could be at risk, as i have been living with her for 7 years (co-habiting) and she has lots of equalty in it. i am not on her mortgage but help to pay the bills.

she is ill and has'nt worked since april 2000 and is on incapacity benefit and she is signed off work indefinately.

i have thought about moving out and renting somewhere else to use as another address, but have been told that i could still have a beneficial interest in my partner's property.
nobody has come up with a monetry value of what my beneficial interest is, if any. if i have got any, and that it's thousands of pounds she would not be able to buy me out, or re-mortgage the house due to not working and being on long term incapacity benefit and is petrified that the or will inform her that she will have to sell her house. it is putting a tremendous amount of strain on our relationship.

we have been told that we are in a very difficult situation. we don't know which way to turn.

if anyone can give me any advice it will be much appreciated.

RAS

Hi

Welcome

have you talked to any of the debt charities yet, rather than fee paying companies? http://www.moneysavingexpert.com/loans/debt-help-plan#help

If you want to protect the equity, one option might be a DMP, but until you have some more advice, and we see a Statement of Affairs (income and expenditure) it is hard to tell whether your situation would enable this to work.

barnaby-bear

Puppy_Boy wrote: »

hello,

i have had advice from several different people (not on this forum)about the best way for me to sort my debt problems out. i owe £30,000.00 on unsecured debts (credit cards and loans).

i don't know whether i am going to try for a br, iva or dmp yet.

my biggest worry is that my partner's house could be at risk, as i have been living with her for 7 years (co-habiting) and she has lots of equalty in it. i am not on her mortgage but help to pay the bills.

she is ill and has'nt worked since april 2000 and is on incapacity benefit and she is signed off work indefinately.

i have thought about moving out and renting somewhere else to use as another address, but have been told that i could still have a beneficial interest in my partner's property.
nobody has come up with a monetry value of what my beneficial interest is, if any. if i have got any, and that it's thousands of pounds she would not be able to buy me out, or re-mortgage the house due to not working and being on long term incapacity benefit and is petrified that the or will inform her that she will have to sell her house. it is putting a tremendous amount of strain on our relationship.

we have been told that we are in a very difficult situation. we don't know which way to turn.

if anyone can give me any advice it will be much appreciated.

Paying the bills isn't an interest in the house. Paying the mortgage would be (especially if came directly from your accounts)- a lot of people protect themselves by giving their partner a lodgers argeement - usually to stop a gold-digger nicking half their house rather than this situation. To be honest it doesn't sound like you'd have a good claim if you were a gold-digger let alone that your creditors do... are you sure you haven't got an old lodger's agreement kicking around?

tallyhoh

I have been worried about this myself as I own my property & the OH owes loads.
I did get some advice off the bankruptcy board as it had happened to a couple on there.

It wasnt good news I'm afraid but each case is different & I was told I should take legal advice to protect my interests.

It might be worth posting this on the bankruptcy board.