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Hello to all and a question for a friend...
MammaCas
Posts: 312 Forumite
Hello all 
Some of you lovely regulars may remember me - was discharged Oct last year, am officially on the 'happy' side of BR and am so relieved its all over.
I have a friend in financial problems who is not considering BR because of an awkward situation:
he and his partner split up, his name is still on the shared ownership mortgage although he isn't making payments and the house is in negative equity AND they have a joint bank account which has a £2K overdraft on it. He is about to re finance his personal loan with said bank and pay this off. If he were to go BR in the future what would the position be regarding the house (he doesn't want to affect ex partner's credit rating and would rather she didn't find out if he went BR) and the loan in his name to pay off the joint overdraft? :eek: Too confusing for me...can anyone help?
MC X
Some of you lovely regulars may remember me - was discharged Oct last year, am officially on the 'happy' side of BR and am so relieved its all over.
I have a friend in financial problems who is not considering BR because of an awkward situation:
he and his partner split up, his name is still on the shared ownership mortgage although he isn't making payments and the house is in negative equity AND they have a joint bank account which has a £2K overdraft on it. He is about to re finance his personal loan with said bank and pay this off. If he were to go BR in the future what would the position be regarding the house (he doesn't want to affect ex partner's credit rating and would rather she didn't find out if he went BR) and the loan in his name to pay off the joint overdraft? :eek: Too confusing for me...can anyone help?
MC X
0
Comments
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He is already connected to his ex, so if he ever gets into trouble its going to affect her rating regardless - this remains whilst they have any joint debts.
If he were to go BR in the future, the OR will have an interest in the joint property and all the joint debt will fall solely to the ex.0 -
Sky has answered your query MC but i just wanted to say:hello:,good to see you:D.DxFree impartial debt advice available from: National Debtline - Tel: 0808 808 4000 | The Consumer Credit Counselling Service (CCCS) - Tel: 0800 138 1111 | Find your local Citizens Advice Bureau
Laugh at yourself and others laugh with you.Laugh at others and you laugh alone. BSC No 107:D0 -
aww thanks D, hope you are doing ok, long time no 'speak'. I was once on this board 12 hours per day...was a life saver x0
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Yes MC(and still that tune haunts me.lol:rotfl:) good to know you can still turn here when in need,thats the beauty of this site.DxFree impartial debt advice available from: National Debtline - Tel: 0808 808 4000 | The Consumer Credit Counselling Service (CCCS) - Tel: 0800 138 1111 | Find your local Citizens Advice Bureau
Laugh at yourself and others laugh with you.Laugh at others and you laugh alone. BSC No 107:D0
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