Partners old debts

missstropy

Ive posted on this board for advice a couple of times now, and while I am trying to sort out my own debts and the fact that my partner has moved in with me and we are waiting for tax credits to come through and his wages at the end of the month and we are living on my child benefit for food at the moment I have just added another problem to our ever growing list.

Just had a letter delivered to my house saying to the occupier. From the Chealsea building society asking if I know the whereabouts or have a forwarding address for my partner. I only registered him here on 2nd september.

The letter my partner tells me is from when he had a mortgage with his ex wife over 10years ago when they had there house repossesed. Weve never really spoke about his ex wife as it was so long ago.

He said he has never had a letter before about his old house and this has come out of the blue.

I have enough problems at the moment with all my own crap going on. Could this turn on me and become a debt on my house. What should I do.

Im sure I read somewhere on this site i could be wrong that if you have old debts and they are over 6years old and you have had no contact with who you owe the money to then there are letters that you can print out and send back to the company.

Im getting more and more stressed every day since my partner came to live with me. I never had any money worries or worried where I was going to get our next meals from.

I dont know what to do. He will just tell me to ignore it. I dont do ignoring things and like to get things sorted out.

Please help someone. All this is making me sick.

milliemonster

Without reading too much into this, it sounds like there is a shortfall from the mortgage when the house was repossessed and sold and now they are coming to your partner for the shortfall.

I am not completely sure but I think the time limit for mortgage shortfall is 12 years, not 6 as it is for other debts, but I have heard somewhere that most lenders don't bother once 6 years is passed and the debt is written off.

However, this just depends on whether the lender has been making efforts to find your partner or whether they have just now deicded to chase for the shortfall.

But you are right not to ignore it, do you have any joint accounts or anything at the moment? it would be wise to keep your financial accounts separate. As long as your partner is not on your mortgage then they cannot secure his debts onto your home

I think the biggest worry though is you saying you are getting more and more stressed since your partner came to live with you, it's only been a month!, maybe you should sit down together and ask him to be open and honest about his financial status so you know where you stand

missstropy

We do not have any joint accounts Im glad to say. And Im getting stressed as since I reported partner as living with me I had all my money stopped . His wages just about covered the bills last month and left us a little bit for food. The tax credits are taking forever and I rang them yesterday and they said it could be another month in the process.

He has moved around quite a bit before settling in with me and he said hes never had any contact with the bank since he and his ex wife split up over 10 years ago. Hes now registered on the electoral now at my house and I think that is where they must of traced him from.

He doesnt even know how much is owed to this bank it was that long ago.

milliemonster

It sounds then as though they have been looking for him for some time, but you will only find this out by contacting them. Where is his ex in all of this? as if this was a joint mortgage then they would both be liable for the shortfall. Regarding how much is owed, he won't know until he speaks to the bank, they will no doubt have added interest onto the shortfall (plus fees) from the time of the sale of the property.

Your partner needs to contact them and let them know his contact details, but at this stage not acknowledge the debt and ask them to send the relevant paperwork proving what he owes

fermi

milliemonster wrote: »

I am not completely sure but I think the time limit for mortgage shortfall is 12 years, not 6 as it is for other debts, but I have heard somewhere that most lenders don't bother once 6 years is passed and the debt is written off.

Pretty much.

missstropy: There is some useful info on the legal position in the factseet linked to below.

Link: Factsheet | Mortgage Shortfalls

missstropy

Thanks, Im just holding on the phone for the natonal debt line to see what they say now.

missstropy

Apparently it is 12 years for the mortgage and 6 for the interest. At least they cant touch my home.

His ex wife changed her name and they havent been able to find her (although Im sure they could trace her if they wanted to) and that is why they are chasing him for the debt..