£100,000 Debt "club"

Debtomaniak

Justindebt wrote:

Have you any dependeant children, Debtomanisk?

That might make a big difference to how your circumstances are viewed.

No, we have noy got any children. I knew he had some debt, so always thought, I'd wait untill we clear that debt and then think of babies.

Debtomaniak

Justindebt wrote:

Here's a thought.

Maybe some of the folk hereabouts could advise on this.

If you were to sell the house before the posse catches you, and put the money in an account in your name only, I can't see them being able to touch that dough.

I might be wrong, but it would be good to know where you stood on that point.

That is an excellent though, probably too god to be true. Lets see what the expert says.

Debtomaniak

Just read the e-mail that I received from the adviser. This is what I understood. The thing to do is, to sell our house, say £250K, pay off mortgage of £83K, so we left with £167K, which we devide in 2 because creditors can not touch as it is pressumably my 50%, so his share is £83.5 to pay his £100K debt. Based on that, he or his debt agent writes to the creditors and offers them a final payment out of £83.5. If by magic his creditor agreed to that (providing my H is still unemployed and we live in rented accomodation) than that would be the end of it and we are left with my 50% wich is £83.5. Lets assume I can get a £50K mortgage in my name and that gives us a total of £133.5K to buy a new place.
Now that was just thinking loud, can anyone see gaps in that plan? Am I missing something or am I wrong?
Sorry I am being a pain, it is just until my H makes that call and we finaly get that advice I can't help myself but to keep thinking what we could do.

lynzpower

Sounds OK to me TBH lovey, Im not seeing any flaws in that plan ( aside from yes, youll have to pay for surveys on a new place, but not searches etc as the Home info packs are coming in middle of next year and thus the vendor would be paying for those)

Justindebt

The flaw, as I see it, and according to what the chap told me the other day, is that they will take all his cut off him and pay his debts so far as they can.

He will be left with nowt.

Are you working at the moment, Debtmaniak?

Another thing.

Have you an endowment policy on the house?

Or any endowment policy with his name on it?

I have been told this would be taken into account as well.

Debtomaniak

Justindebt wrote:

The flaw, as I see it, and according to what the chap told me the other day, is that they will take all his cut off him and pay his debts so far as they can.

He will be left with nowt.

Are you working at the moment, Debtmaniak?

Another thing.

Have you an endowment policy on the house?

Or any endowment policy with his name on it?

I have been told this would be taken into account as well.

I am working, my salary is £15K at the moment. My H is not working, he has been on benefits for about 1 month. He has an endowment policy, because we just claimed a compensation on it and it is in his name. What do you mean they will take it into account?

lswwong

Renting can make financial sense:

http://www.ft.com/cms/s/217f9438-11bd-11db-b1ff-0000779e2340.html

[Opppps sorry just realised above link can only be accessed by registered users of FT.COM]

The original article is called:
"To buy or to rent?
By FT reporters

Published: July 14 2006 15:15 | Last updated: July 14 2006 15:15"


**((BIGGEST HUG))** to the OP!!!

With regards to pre-employment credit checks, it is true that a lot of FSA regulated companies credit check their new employees to make sure that there are "no problems lurking". I worked in an investment bank as well as a commodities exchange between 2002 and 2004. Both credit checked me. But don't let it put you off. Best thing, and I hope other posters would agree, is to get hold of a copy of your own credit report.

All the best!

Justindebt

Well, they will take into account how much that endowment would be worth on surrender and add it to his share of the house proceeds.

This is why I am imploring you to give him a good boot up the !!!!!! and start making things happen.

Phone those CCCS people.

If the two of you have an icome they can put you on a DMP and you won't need to see your house or cash in your endowmwnt, which will be worth a lot more what with terminal bonuses on maturity.

You phone them and put the blooming phone in his hand.

Do sommat and do it quick, babe.

Help is at hand.

Emmzi

Justindebt wrote:

Here's a thought.

Maybe some of the folk hereabouts could advise on this.

If you were to sell the house before the posse catches you, and put the money in an account in your name only, I can't see them being able to touch that dough.

I might be wrong, but it would be good to know where you stood on that point.

It is called 'gratuitous alienation' and the court can order the funds be paid back. So no, it won't have the desired effect.

Justindebt

Thank you, Emmzi