£100,000 Debt "club"

kickingkay

ha ha im 32 and sometimes i feel 16 and others 60 lmao, your french is very fluent lmao, if my memory serves me right then the CAB have specialist people in on certain days that give advice in their field, i had a bad experience once with them when taking my employer to a tribunal, im not saying that they are all bad at all , but they are so busy i think it can be easy for them to not be able to give 100% all of teh time due to their work load and staffing issues, i would talk to a financial advisor at your locval bank if money is tight they are free and will be honest dont be lead into borrowing more against the house though ideally see a solicitor you will need one when selling your house anyway so you can through in the question you need answering then so you dont inccur more charges
when the time comes shop around for agents prices how they charge how long tied in for and penalties should you take it down early do the same with solicitors, they all charge differently so fore warned is forearmed (?)
klare x

Debtomaniak

kickingkay wrote:

ha ha im 32 and sometimes i feel 16 and others 60 lmao, your french is very fluent lmao, if my memory serves me right then the CAB have specialist people in on certain days that give advice in their field, i had a bad experience once with them when taking my employer to a tribunal, im not saying that they are all bad at all , but they are so busy i think it can be easy for them to not be able to give 100% all of teh time due to their work load and staffing issues, i would talk to a financial advisor at your locval bank if money is tight they are free and will be honest dont be lead into borrowing more against the house though ideally see a solicitor you will need one when selling your house anyway so you can through in the question you need answering then so you dont inccur more charges
when the time comes shop around for agents prices how they charge how long tied in for and penalties should you take it down early do the same with solicitors, they all charge differently so fore warned is forearmed (?)
klare x

Many thanks again. I actually work for an estate agent, but thinking about selling it on one of the web sites recomended in Money Wise magazine thanks to Martin and colleagues for advertising it. Hopefully will save some money there.

chivers1977

Hi,

I don't believe that unless you have bought the property together that you are entitled to a share at all I am afraid. I work for a lender and unless a specific legal agreement was set up that he agreed that 50% of the equity would go to you, there is no way that it can be split like that. I don't even think that that sort of agreement would be enforceable anyway. As you have discovered, noone will even talk to you about the mortgage as if the mortgage and title registered at Land Registry are in his name only, then you do not have a right over it. I think that what is getting confused here is Matrimonial Rights in terms of a divorce and then in that case I do believe that you might be entitled to half. If your lender did things right, then they may well have asked you to sign an occupancy form to sign your rights away to the property in case of possession. I am really sorry to be the bearer of bad news but I want you to be prepared.... ((((((hugs))))))

Prudent

I really feel for you. I was married to someone with very high debt. Alrhough on a couple of occaisions he told me the full scale of it, he was not reallly interested in tackling the problem. I used to lie awake worring while he slept soundly. We split up (not because of the debt) and I have much more peace of mind being in control of my own finances.

It sounds like you are trying really hard to be supportive, but there is a huge strain on you too. I hope he has a lighbulb moment and you are able to begin resolving he debts.

Debtomaniak

chivers1977 wrote:

Hi,

I don't believe that unless you have bought the property together that you are entitled to a share at all I am afraid. I work for a lender and unless a specific legal agreement was set up that he agreed that 50% of the equity would go to you, there is no way that it can be split like that. I don't even think that that sort of agreement would be enforceable anyway. As you have discovered, noone will even talk to you about the mortgage as if the mortgage and title registered at Land Registry are in his name only, then you do not have a right over it. I think that what is getting confused here is Matrimonial Rights in terms of a divorce and then in that case I do believe that you might be entitled to half. If your lender did things right, then they may well have asked you to sign an occupancy form to sign your rights away to the property in case of possession. I am really sorry to be the bearer of bad news but I want you to be prepared.... ((((((hugs))))))

Thank you. I am trying to get my H to call CCCS tomorrow, just to make an appointment, hopefully they will be able to see us within 4-6 weeks. Guess work is getting me nowhere. Do not know why that debt expert said that 50% would be mine. My H and I thought it was great news at least we have some money safe.

Debtomaniak

Prudent wrote:

I really feel for you. I was married to someone with very high debt. Alrhough on a couple of occaisions he told me the full scale of it, he was not reallly interested in tackling the problem. I used to lie awake worring while he slept soundly. We split up (not because of the debt) and I have much more peace of mind being in control of my own finances.

It sounds like you are trying really hard to be supportive, but there is a huge strain on you too. I hope he has a lighbulb moment and you are able to begin resolving he debts.

Thank you. So sorry you went through this. My H keeps saying to me that I will get fed up with him and leave him. Silly sod. I know he is worryed about this problem because a few times he just got up at night sleepless, sitting downstairs starring into an empty space. He is not the same as when I met him. He was so cheerful and happy, used to make me laugh so much my tummy would hurt. I know he regrets getting into this debt and feels guilty. I just hope we can start solving this ASAP.

Debtomaniak

:T :T :T
Hi everyone, think we are on the way. My hubby promissed to call CCCS tomorrow asked for their tel number. By the time I come home we hopefully might have an appointment day. Fells sooooo much better already!:rotfl: :dance:

newleaf

Debtomaniak, I have little to add but want to give you the (((((biggest hug))))). I have read the whole thread and have been reduced to tears by some of the responses you have had.
One thing I'd say is that home ownership isn't all it's cracked up to be. It's a peculiarly British thing - most people in other countries rent. If you rent your property, and you fall on hard times, you can always get help. There is no shame in paying off your debt and renting for a while. You can think about buying again later, if you feel you must.
Keep posting, and let us know how tomorrow goes. I have everything crossed for you. :grouphug:

Verbatim

I used to work for the CAB,
before the ark but then and probably now a wife ( must be legally married) could register an interest in the property that was the "marital home". This was to prevent the roof being sold over her head due to husband's debts. It would equally apply to a husband where the wife owned the property.

Debtomaniak

newleaf wrote:

Debtomaniak, I have little to add but want to give you the (((((biggest hug))))). I have read the whole thread and have been reduced to tears by some of the responses you have had.
One thing I'd say is that home ownership isn't all it's cracked up to be. It's a peculiarly British thing - most people in other countries rent. If you rent your property, and you fall on hard times, you can always get help. There is no shame in paying off your debt and renting for a while. You can think about buying again later, if you feel you must.
Keep posting, and let us know how tomorrow goes. I have everything crossed for you. :grouphug:

Thank you so much. I feel very lucky to get so much kind response from everyone. Every time I read someone's reply I nearly cry myself. Thank you for your hugs as well. Can not wait till my hubby tells me about the phone call and the news, will let everyone know ASAP.