HELP PLEASE...Questions about going BR

kezxx22

Hi there I want to go BR. Feel there is no other option. However before I proceed I have a few queries:

a) I bought a house with my ex but in 2009 I signed over my interest in it. However my name is still on the mortgage. If I go br will the OR want to make claims on it? My partner and I parted on bad terms so last thing I need is him on my case!He is not in a good financial position and there is no equity in the house.

b) Last August I rearranged my loan of £10,000 to a £25,000 loan of which the £10,000 loan was automatically paid off if that makes sense. The money I had left over I used to try and pay off some debts and also gave to my ex as I owed him alot of money. Will the OR try to make claims on that?

Basically I want to go BR as I cant cope financially as it is with my job being unreliable and I have 2 kids and one on the way (long story - dont ask) so am panicking now.

Would appreciate any advice thanks in advance.

Ineedaname

Hi there and welcome.

The best thing you can do is to contact one of the free debt advice charities mentioned in the sticky thread "Look here first" and they will be able to help you decide if BR is your best option.

Regarding your specific questions:

1. As long as you have the paperwork confirming you signed the BI over to your ex that shouldn't be a problem for the OR. Was it in part payment of the money you owed?

2. This is a little more tricky. Part of going BR is that you must not have shown preference to any one creditor leading up to the BR. Did you manage to pay off all of your other debts with the additional loan money? Also, the fact it's only a few months ago and you are already not coping with the repayments, has something changed regarding your income that has put you in that position now?

mel12

a) I bought a house with my ex but in 2009 I signed over my interest in it. However my name is still on the mortgage. If I go br will the OR want to make claims on it? My partner and I parted on bad terms so last thing I need is him on my case!He is not in a good financial position and there is no equity in the house.

1. As long as you have the paperwork confirming you signed the BI over to your ex that shouldn't be a problem for the OR. Was it in part payment of the money you owed?

How much interest did you sign over?
I just wanted to query whether this would be affected by the rules on gift or sale of assets at undervalue?

b) Last August I rearranged my loan of £10,000 to a £25,000 loan of which the £10,000 loan was automatically paid off if that makes sense. The money I had left over I used to try and pay off some debts and also gave to my ex as I owed him alot of money. Will the OR try to make claims on that?

Potentially they may write and ask your ex for it back - theres been a few posters on here where thats happened.

I'm sorry I know thats not what you wanted to hear

mel12

ignore the first bit, I missed the bit about there being no equity in the house sorry.

Ineedaname

Mel - wouldn't have known that about the BI, learning all the time.

Suddenly occured to me that £25k is a big loan, is it secured on anything?

IF

kezxx22, Did you contact any of the Debt charity's as advised on your thread in 2008??

https://forums.moneysavingexpert.com/discussion/831461

bizarebazaar

Welfare rights....I think they are called community law service....this is the Northampton one....
http://www.communitylawservice.org.uk/
Go see someone there, not citizens advice as they have been unable to deal with potential bankrupcy cases.
The officer there was brilliant, one startling thing he told me was that I didnt have to go bankrupt!! To deal with any potential ''door knockers'' or bailiffs is to never answer the door.
But first of all you need to relax. Then you can put it in perspective sensibly instead of making a rash decision.
Delay action until you have thought about it without feeling pushed.
Forget IVA's this is nothing short of profiteering from people in unfortunate situations.
So there do those 2 things first!:)

HOLIDAYMAD_2

i think you have to be in receipt of income based job seekers allowance to get there help or something similar, ie the old style income support but not contributions based benefits, although some will do it for tax credits for those working but not in receipt as well with child tax credits. .