Disc. B/rupt wife wants separation neg equity

Brokenback_2

Hi Sizzler,

Still in early stages she only told me on Friday that she wants to seperate but be close by. She wants us both to rent even tho i suggested a few weeks ago us selling and renting together as a way of us sorting out some of the debt problems but it was a little too late. She wants us both to Rent as we would not be able to buy, that would be the only solution as regards accomodation. I have not talked to the mortgage company yet, sods law really just managed to get a tracker mortgage for 2.99% over 2 years saving me 210 pounds a month but even thats not enough for her to stay.

Mrs_Malaprop

Could you afford to live in the house and pay the bills on your own?

My apologies for my dig earlier on, it was out of order considering I didn't have the full facts. Assuming now that the secured loan is due to gambling debts.

If you were to seperate who would have the children living with them?

Brokenback_2

No need to apologise Mrs Malaprop, it has been extremely difficult for her and she has stood by me but it seems as tho she cant see a light at the end of the tunnel and the only way to get rid of the massive debt is to force me into selling the house and just to clear the decks , my impression is she would feel so much better. I think it would be extremely difficult for me to afford to stay in the house atm the second loan is 711 and the morgage is 342 which after those payments i would have approx 900 pounds at my disposal and no doubt my wife would want some support for the kids [2 by the way] but if she is so desperate to get away from the house it may be an option i havent looked at the figures closely enough but certainly will do. sorry forgot to mention as my eldest has an eating disorder she is 16 and would be closest to me so my guess is that she may go first with her mum but i know it wouldnt be long before she was with me and the younger one she is 9 goin on 19 and would stay with mummy but she is also very close to me so she could give mummy a hard time unfortuneatly.

Mrs_Malaprop

Well looking at what you have written the only wat she is going to get rid of the debt is to go bankrupt herself unfortunatly.

If the 2nd loan people block a sale then you would have to go for repossesion I would think, if you really wanted to get rid of the house. But as has been pointed out she would be responsible for repaying the debt so bankruptcy may be a good option for her as well.

Brokenback_2

I know she wont want to have repossession or bankruptcy on her cv so the best solution is she move out and we try and work out if i can run the house until it gets into positive equity which will be sometime . i reckon i could have 850-900 disposable income other outgoings would be in region of 400 so leaving 450-500 for food/petrol/other expenses so would be tight but i may be able to get help from my family, as regards my wift i believe she would have approximately 1450 pounds per month to rent somewhere pay bills and live so if she rented somewhere for 450-500 we would really be in similar positions and if my eldest did come and live with me it would be fairly equal on the expenditure front.

Cash_Waster

Mrs_Malaprop wrote: »

Well looking at what you have written the only wat she is going to get rid of the debt is to go bankrupt herself unfortunatly.

If the 2nd loan people block a sale then you would have to go for repossesion I would think, if you really wanted to get rid of the house. But as has been pointed out she would be responsible for repaying the debt so bankruptcy may be a good option for her as well.

Thats the only advise, basically if she wants to seperate and sell up, so be it. but she will get the £30,000+ debt whether thats fair or not is another matter. Dont forget if you are BR then you are not allowed to take on new debt over £500 anyway. As for your family paying, sod that, they are not your carers.

Just out of interest, if there is £40000 equity in the house, why hasn't the reciever forced sale?

Brokenback_2

hi cashwaster,

There wasnt 40000 equity in the house when i went bankrupt as i was 36000 neg equity no disrespect to my wife but her understanding of financial matters is not great. she has im my opinion overlooked the little fact that the 2nd loan was a secured loan against the house. And i will most certainly not be letting my family bail her out even tho i do feel bad about how the debt was made it was at a very low time in my life which my wife cant or doesnt seem to want to understand or agree with.

sizzler

Just out of interest, if there is £40000 equity in the house, why hasn't the reciever forced sale?


Intresting point.

Hope you get sorted. BR and losing partner you have my thoughts with you.

Let us know how you get on.

Regards sizzler

Mrs_Malaprop

But there isn't £40k of equity in the house. That is what the wife thinks and she hasn't taken into account the secured loan.

sizzler

I was busy typing from quote when I realised. sorry having a dizzy day.

Sizzler