some advice please...

xxxclairexxx

Hi all,

i was wondering if someone could give me some advice.
this is the situation...
my ex partner had his own business for a short while, which unfortunately went bust nearly 3 years ago, consequently we couldn't afford the mortgage costs so voluntarily gave the house back to the mortgage company, who kindly sold it at a loss, and we got a bill for £32,000 (including fees and charges etc)

as it was a joint mortgage, i was responsible for half, and because i had only just finished uni, and was also pregnant, and didn't have a job, the only option for me really was to go bankrupt, which i did, 2 yrs ago today infact, so have been 'discharged' for a year!

my ex on the other hand decided the only option for him, as he couldn't find a new job yet, was to 'disappear' - obviously not literally, but he lives with a friend, doesn't have his name on anything, uses his friends bank to get his wages paid in to - so he could never be traced through any of those means.

this is the reason why we split up, but we really want to get back together... but i won't as i'm terrified of him being traced, but i also couldn't live like that.

there was just one debt left from the business that he owned, which was £8000, and then the house was 16,000 - the option for him to go bankrupt is a definate no go as he is actually a qualified accountant, which he is back doing now.

my question is really what options has he got?

are there any options??

thanks for reading if you got this far!!

claire

Mrs_Jojo

Hi Claire, don't want to read and run, but I am struggling to offer helpful solutions to be honest... if your ex is working as a qualified accountant and only (I know, only is a relative term!) has £24,000 debt, why hasn't he sorted out a repayment plan - if he is living with a friend, then surely living costs are lower than a mortgage.... presumably you have a child with this man.... CSA?

Options as far as I see them are own up to his debts and pay them off.... that way you could get back together with him

Although. How far can you trust him? Just asking...............

DarkConvict

As an accountant, going BR was not an option for him unless he is self employeed. It is one of those careers where BR, Insolvency. IVA, CCJ's start to make you unemployable.

Mortgage shortfalls ( readme - http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=11_mortgage_shortfalls ) can be chased for 12 years, and they can just get a CCJ if they can't find him to secure it for life and use it as soon as they catch up. In all reality he will never be able to evade this for the rest of his life.

If you get together it is possible your credit files will link together and they may chase him. If he fails to pay they may force him bankrupt considering the size of the debt.

In reality his only option is to contact a debt charity and face up to the debt, but i am worried that you wish to go back to someone that has run away in such a drastic way

fatbelly

Your understanding of 'joint and several liability' is not correct - your ex owes 32k on the mortgage shortfall.

Options:
1. Repay in full
2. Repay by smaller lump sum in full & final settlement
3. Repay in instalments by debt mangement plan
4. Ignore and try to get to 6 year point (DC is correct about 12-year SB for martgages but CML policy is that they will not pursue for more than six years, see factsheet) without a ccj
5. Insolvency solution (Bk, IVA).

Might be others but that's all I can think of at the mo

FraudBuster

A qualified accountant trying to hide from his debts.................................


Make sure that he does not upset anybody.

BlueAngelCV

Is it really correct that they can't get a CCJ against him if they don't know where he is? That doesn't seem right somehow.

He can't keep living how he is. How is he dealing with NI contributions etc?

I know I don't know all the situation but I really don't know how you could trust him.