Mortgage & Secured Loan Negative Equity And Divorce

DaisyDuke

Sorry if this post is in the wrong place, but I have so many things to cover.

My marriage has ended and largely because my OH wasn't able to live within his means. I earned good money and foolishly kept consolidating with most debt in my name.

Joint mortgage is £236K,
house value around £235

Joint Secured loan with First Plus £70k

Car owe £18k, value £12,500 (if I go Bankrupt I lose the car as in terms of contract) and I commute 1 and half hours to get to work daily.

I have a 17 year old child who receives the lower Disability living allowance but my husband is not her father.

My credit debt being handled with CCCS £38K

What the heck can I do, what is the right order to do things in and which professional body to I turn to?

Ideally I need to stay in the house because my daughter has a condition which requires stability. She has an apprenticeship position 2 miles from home and college is the same distance away. obviously with me working so far from home and on a good wage, I cannot consider a new job.

Our mortgage payment is lower than what it would cost to rent a 2 bed semi locally (currently in 4 bed detached). We have 2 dogs.

I could barely manage the house on my own but not with the secured loan.

Can anyone offer any advice here.

Incidentally my OH would lose his job if he had to go bankrupt as he works in top security roles.... however he doesn't earn enough to cover the joint debt on his own.. so if i went bankrupt I don't know what would happen to the secure loan...

Any advice would be appreciated.

I am seeing a maritial solictor in two weeks but I can't even afford that !

silvercar

Will you get spousal maintenance from your ex, do you get maintenance for your child?

If with your income and maintenance you could pay your mortgage and the secured loan then you could continue living there, even if the mortgage was in joint names. Even if you couldn't afford the secured loan there is a reasonable chance they wouldn't repossess if the realised there would be no money for them once the mortgage was cleared.

What would happen if you went bankrupt? You would lose the car, but then you can't really afford it. Your (ex-) would lose his job potentially, but does he contribute anyway? With no equity in the home you could buy the beneficial interest for very little. The secured loan people would have little option but to wait as repossessing wouldn't give them anything.