urgent help please

MrC1977

Hi

Sorry just got some worrying news.

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 as the joint debts).

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

Chris

Sunnylooloo

Hi Chris

think this is the best place to post this one (hope you didn' mind me saying so)

as I said next door I **think** you will be liable for the joint debt if your ex does go BR.... but one of the other guys with more knowledge than me will be along soon.

Take care

Sunnylooloo

Chris sorry just a quick question, are you living in the flat? and do you want to keep hold of it?

MrC1977

Sunnylooloo wrote: »

Hi Chris

think this is the best place to post this one (hope you didn' mind me saying so)

as I said next door I **think** you will be liable for the joint debt if your ex does go BR.... but one of the other guys with more knowledge than me will be along soon.

Take care

thanks for the advice - i am just so confused by it all!!

Sunnylooloo

Someone has left a comment on the post next door which may help

Is there equity in the flat? Do you want to stay there or is she living there?

I know you have been posting next dood a litlte bit but maybe if you can give us a bit of background we can help?

MrC1977

Sunnylooloo wrote: »

Chris sorry just a quick question, are you living in the flat? and do you want to keep hold of it?

No, i am back living at my parents. My ex is at hers to. The flat has been on the market for a month but there has been no interest so far

Basically we split up a year or so ago. we rented the flat out but the tenant have just moved out. The flat was costing us more and more money and we were getting into more and more debt so we decided to sell. The problem is that I/we lose the income from the rent and therefore cant afford all our payments. To be honest i had been burying my head in the sand and i just got in so much debt. Last year i think i spent over £5k more than i earnt and have nothing to show for it.

I want to sort my debt out and am really trying (plus I want to pay back the money as I borrowed it) and have sorted a DMP that i can live on, although it will be hard. However my ex has been told that as she doesnt have enough money to pay her creditors she should go down the bankrupt route.

I just dont know how all this effects me for the joint stuff.

We have mortgage, 2 loans, and overdraft in joint names

Chris

MrC1977

Sunnylooloo wrote: »

Someone has left a comment on the post next door which may help

Is there equity in the flat? Do you want to stay there or is she living there?

I know you have been posting next dood a litlte bit but maybe if you can give us a bit of background we can help?

No Equity in the flat. It is valued at £148k although i dont think we will get anywhere near that. No one is living there - so we could go for a quick sale if that helps

mortgage is about £135k, 1 joint loan £20k, i joint loan £4k and a £3k overdraft.

I can do my part by DMP i think

sorry not sure what else to add

thanks for the help

Sunnylooloo

Hmm - I am sure one of the other guys will be along soon (as I am not actually BR yet) Is just Pay Plan you have dealt with?

What normally happens (someone correct me if I go wrong) is that if she goes BR the lenders will go after you for the whole debt. There is not a huge amount of equity in the flat but there is some so not sure if a sale will be forced or not. (but you are happy for the flat to go?)

Gosh I really don't know what else to say - let me see if I can get someone else here to help out

Sunnylooloo

I don't think there are many people about - but if no one else replies I will bump you up before i leave for the day and you will find a lot more people will be on later.

MrC1977

Sunnylooloo wrote: »

Hmm - I am sure one of the other guys will be along soon (as I am not actually BR yet) Is just Pay Plan you have dealt with?

What normally happens (someone correct me if I go wrong) is that if she goes BR the lenders will go after you for the whole debt. There is not a huge amount of equity in the flat but there is some so not sure if a sale will be forced or not. (but you are happy for the flat to go?)

Gosh I really don't know what else to say - let me see if I can get someone else here to help out

I was recommended Pay Plan by the mortgage lender and they have been very good. I think i will give them another call tomorrow once i have tried to research it.

More than happy for the flat to be sold - as that means the money for the mortgage will come off my debts.

If i get her share of the debts (14k) i reckon - it will set me back years and i, well i dont know, i guess i dont think its fair that i have to pay them.

thanks for your help

MrC1977

Sunnylooloo wrote: »

Hmm - I am sure one of the other guys will be along soon (as I am not actually BR yet) Is just Pay Plan you have dealt with?

What normally happens (someone correct me if I go wrong) is that if she goes BR the lenders will go after you for the whole debt. There is not a huge amount of equity in the flat but there is some so not sure if a sale will be forced or not. (but you are happy for the flat to go?)

Gosh I really don't know what else to say - let me see if I can get someone else here to help out

thanks for your help - i really appreciate it