urgent please help

MrC1977

Hi

Posted on here a few questions but now need urgent advise

I am just starting a DMP with Pay Plan.

I have a flat (mortgage), loan, overdraft in joint names with my ex. She was also going to a DMP but has now been advised to go bankrupt. (I also have my own debt as well)

Can somebody please tell me how this will effect me and what the implications are?

Chris

Sunnylooloo

Hi Chris

you may want to post this next door in the BALWI board.

As far as I am aware from what i have read there I **think** that if you ex does go BR you will be liable for any of the joint debts.

LL

podperson

If she goes bankrupt then all the debts in joint names will become solely your responsibility as the creditors will be unable to chase her for them but can chase you. Since you have joint credit your names will be financially linked and therefore it will affect your credit rating as well.
Also if you have a decent amount of equity in the property that may present a problem for her as some of the creditors may expect her to release it.
Does she have a large amount of debt purely in her name?

MrC1977

Sunnylooloo wrote: »

Hi Chris

you may want to post this next door in the BALWI board.

As far as I am aware from what i have read there I **think** that if you ex does go BR you will be liable for any of the joint debts.

LL

thank for the heads up

MrC1977

podperson wrote: »

If she goes bankrupt then all the debts in joint names will become solely your responsibility as the creditors will be unable to chase her for them but can chase you. Since you have joint credit your names will be financially linked and therefore it will affect your credit rating as well.
Also if you have a decent amount of equity in the property that may present a problem for her as some of the creditors may expect her to release it.
Does she have a large amount of debt purely in her name?

thanks - thats what i am worried about - will they come after me for her share of the debts as well

No equity in the property as when it is sold it will cover the mortgage.

After the mortgage is paid - we have about £27k in joint names and i think she has a further £10k in her own name

so basically if she goes bankrupt i will be liable for the joint debts?

Chris

Marisco

Hi Chris, yes you will, as they cannot chase her so, as your name is on it as well they'll go after you.

MrC1977

Marisco wrote: »

Hi Chris, yes you will, as they cannot chase her so, as your name is on it as well they'll go after you.

thanks for clarifying.

fantastic - just what i didnt want to hear! back to square one now! just when i thought i was making progress.

Marisco

It does seem very unfair!!! I don't know much about the rules of bankruptcy, maybe if you asked some questions on the bankruptcy board, they might be able to tell you what you can do (if anything!!)