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Partners walks out leaving me with £1000 mortgage!!repossession or bankrupcy??
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WrongI wouldn't normally advise this, but STOP paying the mortgage, and stash the £1000 a month you save in a private bank account. Write to your ex as I suggested in my last post, but tell her that you can no longer afford the mortgage, so as of next month will no longer be paying it, and that unless she pays the £12000 she owes you for her half of the mortgage over the last 2 years, you will leave the house to be repossessed, and she and her husband will be chased for half the debt by debt collectors, which could mean losing their new home.
If the house is repossessed, the creditors will go after the ex for the WHOLE of the outstanding debt, not half.
That is the meaning of joint and several liability; you are both responsible for the whole debt.If you've have not made a mistake, you've made nothing0 -
my current partner who i am moving into has already got a mortgage so ill just keep paying her bills all in. Plus she shares with her father on the mortgage and we have all agreed that he can stay on there due to his contribution in the past and the fact id need 9k to buy him out anyone which i dont have!
I wont need to get a mortgage during this time, ill just rent if it does not work out with my current partner.
I am scared about having my money so restrictedif i have no choice but to go BR. How much on average do they give you for food etc.
If the debt is say £30,000 and it works out £15k each once the house is sold, would this be enought to go bankrupt and surely I would be better off to jsut get a one off loan?
Too many options and choices! Like one of you said i need a crystal ball! Its all ifs and buts! I guess i need to take one step at a time and see where the pennies lie!!
Bankruptcy forum is the place to go for advice about how much of your income the TIB will snaffle (if any), but the TIB will certainly leave you enough to live on. You won't starve.
There is some useful info here, if a little vague about what happens in practice. http://webarchive.nationalarchives.gov.uk/+/http://www.insolvency.gov.uk/freedomofinformation/technical/incomepaymentordersagreements.htm#1No reliance should be placed on the above! Absolutely none, do you hear?0 -
Wrong
If the house is repossessed, the creditors will go after the ex for the WHOLE of the outstanding debt, not half.
That is the meaning of joint and several liability; you are both responsible for the whole debt.
In which case, he'd have to hand over all his money to his girlfriend, or someone he's not financially linked to that he trusts?
Or an offshore bank account?
If he has no assets or money, then they'll chase the ex and her husband for the whole amount then won't they??Should've = Should HAVE (not 'of')
Would've = Would HAVE (not 'of')
No, I am not perfect, but yes I do judge people on their use of basic English language. If you didn't know the above, then learn it! (If English is your second language, then you are forgiven!)0 -
In which case, he'd have to hand over all his money to his girlfriend, or someone he's not financially linked to that he trusts?
Or an offshore bank account?
If he has no assets or money, then they'll chase the ex and her husband for the whole amount then won't they??
Are you advocating fraud then? Nice one. I'm sure that Martin will be well-chuffed that his website is being used for a spot of conspiracy.
Charley said right at the outset that he has no money left over each month after paying the mortgage and the CSA, nothing for food or petrol in the car.No reliance should be placed on the above! Absolutely none, do you hear?0 -
HMM... No because if he did that and went BR, the OR would throw the book at him and issue a BRU.If you've have not made a mistake, you've made nothing0
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they will chase both of them for the whole amount
sounds like OP has other debts which eat into the £700 pm spare that he has after paying the mortgage and CSA payments, also you dont know what travel costs he has to work (my OH pays over £600 for petrol to work each month), or what his contribution is to the new household bills etc etc, so its not like he has tons of money, it does sound tight. plus of course any maintanance for the house, repairs etc0 -
Apart from the common refusal to accept agreement in such situations, usually as a form of reprisal, is there not something in the LPA 1925 about forced sales.
However as you say you are in negative equity this results in a net loss for you both.
Perhaps if you agree to rent it out for the duration, or take in lodgers, to cover the expenses.Stop! Think. Read the small print. Trust nothing and assume that it is your responsibility. That way it rarely goes wrong.
Actively hunting down the person who invented the imaginary tenure, "share freehold"; if you can show me one I will produce my daughter's unicorn0 -
if OP rents it out, he would have to pay tax on the income, plus the letting fees0
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Are you advocating fraud then? Nice one. I'm sure that Martin will be well-chuffed that his website is being used for a spot of conspiracy.
Charley said right at the outset that he has no money left over each month after paying the mortgage and the CSA, nothing for food or petrol in the car.
Why is it fraud? If he's not going bankrupt, then surely they'd chase the person with the most assets, so if he had nothing, they'd chase the ex instead?Should've = Should HAVE (not 'of')
Would've = Would HAVE (not 'of')
No, I am not perfect, but yes I do judge people on their use of basic English language. If you didn't know the above, then learn it! (If English is your second language, then you are forgiven!)0 -
if OP rents it out, he would have to pay tax on the income, plus the letting fees
He would need to declare the rent as income but after the interest payments were deducted (plus any other fees), he would only have to pay tax if there was a profit, which I doubt.
Difficult to know what to do about renting because there is always the risk that the tenant proves to be a nightmare and then they are even more out of pocket with a load of legal fees and damage to repair, plus the rent arrears.
Also he would need consent to let from the mortgage provider (which may well be refused as there is negative equity) and from madame, plus a Gas Safety Certificate etc.If you've have not made a mistake, you've made nothing0
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