Fathers obligations?!

fiscalfool

Thanks for the info. Luckily we won't have to go through divorce. But selling the house won't release any equity, and simply take it off our hands.

Well as a small update ... she said to me yesterday that she didn't think it was going to work. She's apparently been trying to make it work since March ... but I don't think she's wanted to try at all, simply hung around so she can say she has tried. I'm a bit gutted, but honestly think I will eventually be happier.

DUTR

Jarvy wrote: »

Thanks for the info. Luckily we won't have to go through divorce. But selling the house won't release any equity, and simply take it off our hands.

Well as a small update ... she said to me yesterday that she didn't think it was going to work. She's apparently been trying to make it work since March ... but I don't think she's wanted to try at all, simply hung around so she can say she has tried. I'm a bit gutted, but honestly think I will eventually be happier.

Sorry to learn that, remember time is a healer and that you will get no less or more thought of for doing as little as possible or doing as much as possible, don't put yourself out of the market for forming a new and more meaningful relationship with someone new :beer:

fiscalfool

Thanks for the lovely comments.

fiscalfool

Update:

Been spending all week decorating the place. Due to go onto the market next week. Hoping to get back what we bought it for, since we got it for a bit of a bargain ... so fingers crossed, it manages to survive the dip in housing prices.

Anyway ... plan is, sell the house, rent somewhere ... cut all financial ties ... and then investigate BR/IVA.

Issues:
1) As currently in DMP, need to reduce that back to absolute minimum to save for deposit for rental.
2) If I am considering IVA or BR, should I also stop paying the finance on my car, and the mortgage on my second home (which is currently rented out)? OR should I wait until I know which option I want to take?

Thanks

DUTR

Jarvy wrote: »

Update:

Been spending all week decorating the place. Due to go onto the market next week. Hoping to get back what we bought it for, since we got it for a bit of a bargain ... so fingers crossed, it manages to survive the dip in housing prices.

Anyway ... plan is, sell the house, rent somewhere ... cut all financial ties ... and then investigate BR/IVA.

Issues:
1) As currently in DMP, need to reduce that back to absolute minimum to save for deposit for rental.
2) If I am considering IVA or BR, should I also stop paying the finance on my car, and the mortgage on my second home (which is currently rented out)? OR should I wait until I know which option I want to take?

Thanks

Don't think there is a need for such drastic steps just yet, there are forums on here that can inform you better of the pro's n cons of each path .

fiscalfool

Ah well, mortgage is in both names and neither can afford on our own. So plan is to sell, and both move to separate places.

She will likely remain in a DMP. However for me, I think an IVA or BR may be the best bet. But I am open to advice etc.

RAS

Hi

If you go on an IVA or go BR, then all joint debts become her sole responsibility. How much joint debt do you have apart from the mortgage?

Also if you go BR or start an IVA whilst you still have any joint accounts with her including the mortgage, then you wreck her credit rating even more. It might be best to separate your finances first.

LovesDennys

IVA is a better choice if you are working. BR if you are not.

Sell the house FIRST & settle debts BEFORE entering IVA or BR.

fiscalfool

Which is exactly why we are selling house and cutting ties. As mortgage is only joint debt. Then she can continue with a DMP and I can investigate my options.

I don't think the advice of IVA for working; BR if you are not, is that clear cut.

Loopy_Girl

fiscalfool wrote: »

Which is exactly why we are selling house and cutting ties. As mortgage is only joint debt. Then she can continue with a DMP and I can investigate my options.

I don't think the advice of IVA for working; BR if you are not, is that clear cut.

There's a Bankruptcy section on here...I would go over there and post all your info and they can advise.

There's a wealth of info and they seem a friendly bunch