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Marriage split and debt
somersetgirl_2
Posts: 3 Newbie
Hi
I am having a major predicament. After much deliberation, I have decided to end my marriage as we simply do not love each other any more. We have a young child.
We currently live in a property which is mortgaged in both our names. We have a small amount of negative equity and we are also in a DMP with debts of aroung £45000. Not good!
How the hell do we go about sorting out the debt / house etc? I am seriously considering bankruptcy so that we can make a fresh start seperately, however I do not know how this would work as debts are joint and so is the mortgage. I cannot afford to pay the mortgage and bills etc without his help, and I suspect that he will want to be off the mortgage so that he can start his own life again. I also cannot afford to buy him out of the mortgage - no lender would give me that kind of mortgage on my own.
I have already found out what tax credits etc I am entitled to but this would still not be enough as I can only work at weekends when my husband has my son.
Please can anyone give any kind of guidance? Just writing this is distressing!!:eek:
I am having a major predicament. After much deliberation, I have decided to end my marriage as we simply do not love each other any more. We have a young child.
We currently live in a property which is mortgaged in both our names. We have a small amount of negative equity and we are also in a DMP with debts of aroung £45000. Not good!
How the hell do we go about sorting out the debt / house etc? I am seriously considering bankruptcy so that we can make a fresh start seperately, however I do not know how this would work as debts are joint and so is the mortgage. I cannot afford to pay the mortgage and bills etc without his help, and I suspect that he will want to be off the mortgage so that he can start his own life again. I also cannot afford to buy him out of the mortgage - no lender would give me that kind of mortgage on my own.
I have already found out what tax credits etc I am entitled to but this would still not be enough as I can only work at weekends when my husband has my son.
Please can anyone give any kind of guidance? Just writing this is distressing!!:eek:
0
Comments
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Hi, sorry no advice but you will get better advice if you post this on the debt-free wannabe board, they are much more knowledgable over there.
Good Luck0
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