£100,000 Debt "club"

pjala

Sorry also, the above respondent is correct, do not transfer ANY of the debts into your name. This will completely ruin your record, and mean you will have to contribute to any settlement of the outstanding debts.
Read about an IVA, and seek professional advice yourself if your husband won't. It is vital that you do so now you know about the debt

Emmzi

Debtomaniak wrote:

Even if my name is not on the mortgage? If mortgage is in his name, technicaly why would I have to pay his mortgage out of my share?

I'm confused. The mortgage is only in his name, but the house is in joint names? That's very unusual. Is that right?

kickingkay

hi chick, can i just ask, if the mortgage is not in your name, then how can you prove that you are entitled to a share, its just the only way i see it is if you sell you will only receive a check for the remaining equity, in his name 1 cheque, which you creditors will see because there will be a mark on your credit score, showing mortgage paid off etc, they will automatically come after him and want proof how much he sold for etc so to be honest if you are going to def sell get it valued asap work out the min you could afford to accept, then go to creditors with the notion of making full and final settlement figures however what reduction could you get then what ever is left you restart, they might not accept reduced payments your house might takje months to sell either way dont put all your eggs into one basket xxx
sorry if that sounds a bit downer just dont want you to get excited if it doesnt come to plan it can be a real kick in the guts all over again
take care
klare xxx

Debtomaniak

pjala wrote:

Ok, if you go for an IVA, then his debt is his alone - he owns half the house so what you say would work.
On another note though, he needs to feel guilt etc etc, if he doesn't, then not only is he in denial, he will be dragging you down too. After all, it could very well be his fault that he has ruined your life - to put not too fine an edge on things.
Speaking positively on this, if you love him and he admits to it, then it is entirely up to you if you accept this situation. If you don't then no-one can blame you at all.

He does feel guilty. As shocking as it was to find out about amount of debt he had, you do not just stop loving and caring. His problems are my problems and of course I will stick by his side.
My question was that, would we be expected to pay his mortgage before we split the money or can we split the money first and then out of his share he can pay mortgage and the rest to the creditors. Because that way we would have my share of the house safe to use as a deposit for a flat or something. Sorry I am probably not making myself clear.

Emmzi

depends on lots of things.

whose name is house in?
whose name is mortgage in?
was mortgage only for purchase, or for other things? what things?
who paid what in when you bought it?
how long have you lived there?
who has contributed most to it?

etc etc

Debtomaniak

Emmzi wrote:

I'm confused. The mortgage is only in his name, but the house is in joint names? That's very unusual. Is that right?

Lets clear this one. A debt expert has told me that even though the mortgage is in my husband's name only, from the moment we got married and I moved in, I am entitled to 50% of the value of the house. Unless specific contract was drawn up, stating otherwise before marriage, which we did not. I did ask the expert again to make sure I understood him right and he confirmed the above. So I took his word for it. He did mention that many people do not realise that, until it comes to divorse. If anyone out there knows otherwise, could you please let me know? I will get back to that expert and see what he says then.

Debtomaniak

kickingkay wrote:

hi chick, can i just ask, if the mortgage is not in your name, then how can you prove that you are entitled to a share, its just the only way i see it is if you sell you will only receive a check for the remaining equity, in his name 1 cheque, which you creditors will see because there will be a mark on your credit score, showing mortgage paid off etc, they will automatically come after him and want proof how much he sold for etc so to be honest if you are going to def sell get it valued asap work out the min you could afford to accept, then go to creditors with the notion of making full and final settlement figures however what reduction could you get then what ever is left you restart, they might not accept reduced payments your house might takje months to sell either way dont put all your eggs into one basket xxx
sorry if that sounds a bit downer just dont want you to get excited if it doesnt come to plan it can be a real kick in the guts all over again
take care
klare xxx

I am confused myself now. What you are saying is making sence. Think the sooner he can make that b----y phone call the better it will be. Otherwise I am getting bits of info and confusing myself and others. Sorry.

Emmzi

Debtomaniak wrote:

Lets clear this one. A debt expert has told me that even though the mortgage is in my husband's name only, from the moment we got married and I moved in, I am entitled to 50% of the value of the house. Unless specific contract was drawn up, stating otherwise before marriage, which we did not. I did ask the expert again to make sure I understood him right and he confirmed the above. So I took his word for it. He did mention that many people do not realise that, until it comes to divorse. If anyone out there knows otherwise, could you please let me know? I will get back to that expert and see what he says then.

Ok, that makes more sense to me now.

However, I don't think the situation is as simple as you would like it to be.

Imagining I am a creditor.. why is there so much equity in the house? Because hubby's been paying the mortgage. How? By borrowing from me. So what you THINK is your share of the house, is really mine.

If you are going to argue for a share of the assets, I think you take a share of the liabilities, too. Because you have (perhaps) been living on the proceeds of the debts. Different if it's gambling debt, maybe.

I think your situation is too complex to go into the amount of detail needed on a public forum. Anything I offer will be my 'best guess.' Experts for you, I am afraid.

Debtomaniak

Emmzi wrote:

depends on lots of things.

whose name is house in? in his name
whose name is mortgage in? in his name
was mortgage only for purchase, or for other things? what things? mortgage was to buy a house
who paid what in when you bought it? he bought it, I have only been contributing (mortgage £450.00 p/m, shopping ave.£150-200, other bits and bobs) for the past 4.5 years.
how long have you lived there? 5 years
who has contributed most to it? In the last 4.5 years probably equally, but he must have put some deposit down when he took mortgage out.

etc etc

Not sure if that is enough info? So confusing.:mad:

Emmzi

Enough to tell me it won't be straightforward... his 'share' includes deposit too. You need an expert.. if you are going to CCCS etc, you need to be sure you get one of their really experienced specialists to talk to. You will have *some* interest in the house, but I would be surprised if it comes out at 50%.

I'm not making you happy this evening am I.