Head is battered

04624181

I posted a thread about a week ago telling you that my husband has been served a statutory demand for £17000.00+ pounds. The mortgage is in my husbands name and two secured loans are in joint names. We are in negative equity with the house. My husband has unsecured debt of £35k including the statutory demand from marlin and i have £8000 unsecured debt. The car is in my name and my hubby is self employed and i work for him as admin. We are currently paying other debtors of unsecured debt of with agreements of mostly a few pounds a month and everyone has been really understanding apart from marlin. We are behind with mortgage and loans as sometimes hubby hot getting a wage. We contacted payplan for help and to see if we can do an iva. We cannot do iva as we only clear £453 each so cannot afford it. They advised my husband to go bankrupt and maybe transfer his interest to a beneficiary to prevent losing house. If he goes bankrupt we lose the business and if he transfers the house to me can the debtors come to me for payment? the debt with marlin was originally a joint loan with hsbc an they have only come after my husband.Will they come after me if he is declared bankrupt? We have no equity and nothing worth any money so cannot see why marlin would want to make us bankrupt as they will not get anything as we have really old tvs and dvds and an ancient computer.

So_Sad_Angel

Hi 26 ( thats all your numbers added up together!!....)

Welcome Honey & good to see you asking for advice.

Any joint debt ....upon BR to one party ....will fall to the remaining party to repay. I think you should speak to the debt charities about your position in this....see top toolbar for CCCS, Nat Debtline or CAB....see what they suggest re YOUR position here.
My OH went BR & its been a nightmare for me having to pick up the joint debt liability!!!!

Take care, Angexx

blind-as-a-bat_2

If you have no equity and both go BR , you may not lose the house, but there are many factors in that eqation.

any secured loans will still remain after BR but all unsecured will have gone, including the one that was served a stat demand, as that in no way secures it

So the first question is could you manage the mortgage and SL if you both went BR?

If only one of you goes BR (your OH i would presume) wold you be able to cope with the joint loans that then fall to you and mortgage+SL

If the business isnt supporting you, is it really a factor if you do lose it?

Sorry if that sounds a bit cold, i am answering on what you have posted above alone

Marlin may nott make you BR at all 99 times out of a hundred it is just a scare tactic, no more, but you should deal with an SD as if it was for real non the less

So_Sad_Angel

blind-as-a-bat wrote: »

,

So the first question is could you manage the mortgage and SL if you both went BR?

If only one of you goes BR (your OH i would presume) wold you be able to cope with the joint loans that then fall to you and mortgage+SL

& thats the scary bit ! Although the OR will be keen to ensure your OH pays his `contibution` they can also say that local `rent` would be a cheaper option.

Rare that a creditor will `make` your OH bankrupt as it costs them money without any return.!!

Angex

Rightinit

I was under the impression any secured loans with the exception of your mortage became unsecured on BR?

tigerfeet2006

Sorry Rightinit Secured loans are by their very nature secured on the house. If you give the house up and go BR when the house sells then the SL become unsecured and are included in your BR.

Hope that makes sense.