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What To Do! - Bankruptcy or IVA with ex-marital home in question
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Hello. need a little advice from you guys! Sorry its a bit of a story as to what I'm currently going through...
I have approximately, £80k unsecured debt, half this debt is from a failed business that I gauranteed with the bank many years ago, currently with a lot of pressure from creditors. I'm employed in a new job on £55k per year (permanent) as previously a self-employed contractor earning double what I am now, so paying these debts back previously was not a problem. Due to the current market status, i had to go into permanent employment and cannot keep up the repayments anylonger.
My debts are as follows
Lloyds Business Banking (Loan) = £30k
Lloyds Business Banking (Overdraft) = £12k
Welcome Finance (vehicle) = £19k
Inland Revenue (Personal Tax) = £13k
Thames Credit (old vehicle finance) = £5k
Having spoken to 2 of the creditors above about my circumstances, they were not willing to accept a lower repayment term other than the one I was on and stated "Due to current economic downturn, we are unable to accept any other repayment methods or figures". The continued to say that "you will have 60 days to repay the full amount before legal proceddings commence which will no doubt involve bankruptcy"
I have already considered an IVA or bankruptcy, but before I pursue one of these avenues, i have a question surrounding my ex-marital home!
I have been seperated for 9 years (i moved out of the marital home), divorced 5 years. I have 3 children that live with there mother. My ex-wife has paid the mortgage on "her" property for the past 6 years, and I have not. Within the divorce proceedings, a severance of Tenancy was completed, so my ex-wife was then responsible for the mortgage, however, I've just found out that my name still belongs on the Land Registry.
Q: If i pursue IVA or Bankruptcy, is she likely to lose the house.
Note: I am a private tenant and do not have a mortgage or any other assets.
I would appreciate your comments and thanks everyone!! ;-)
I have approximately, £80k unsecured debt, half this debt is from a failed business that I gauranteed with the bank many years ago, currently with a lot of pressure from creditors. I'm employed in a new job on £55k per year (permanent) as previously a self-employed contractor earning double what I am now, so paying these debts back previously was not a problem. Due to the current market status, i had to go into permanent employment and cannot keep up the repayments anylonger.
My debts are as follows
Lloyds Business Banking (Loan) = £30k
Lloyds Business Banking (Overdraft) = £12k
Welcome Finance (vehicle) = £19k
Inland Revenue (Personal Tax) = £13k
Thames Credit (old vehicle finance) = £5k
Having spoken to 2 of the creditors above about my circumstances, they were not willing to accept a lower repayment term other than the one I was on and stated "Due to current economic downturn, we are unable to accept any other repayment methods or figures". The continued to say that "you will have 60 days to repay the full amount before legal proceddings commence which will no doubt involve bankruptcy"
I have already considered an IVA or bankruptcy, but before I pursue one of these avenues, i have a question surrounding my ex-marital home!
I have been seperated for 9 years (i moved out of the marital home), divorced 5 years. I have 3 children that live with there mother. My ex-wife has paid the mortgage on "her" property for the past 6 years, and I have not. Within the divorce proceedings, a severance of Tenancy was completed, so my ex-wife was then responsible for the mortgage, however, I've just found out that my name still belongs on the Land Registry.
Q: If i pursue IVA or Bankruptcy, is she likely to lose the house.
Note: I am a private tenant and do not have a mortgage or any other assets.
I would appreciate your comments and thanks everyone!! ;-)
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Comments
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heya
cant help but if you asked your question in the bankruptcy board you might get a lot of help
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