Partners walks out leaving me with £1000 mortgage!!repossession or bankrupcy??

sueby78

Hi, just a word of sympathy & re-assurance really I guess.
My ex husband walked out on me for another woman some years ago (7ish) I had jsut gone back to uni so wasnt earning a great deal, we had a joint mortgagae and joint 2nd mortgage, all of which was his debt consolidation I signed my name too (stupid idea)...anyways 4 months later he left..refusing to pay any bills leaving everything to me. He then went bankrupt out the blue leaving me no real choice as house was total neg eq and left me in a real mess. The Mortgage company was great, the 2nd mortgage company not so, they refused to help and turned down an offer to buy the house from my dad which the first mortgage company had accepted. So I went bankrupt, devasted and frightened at the time but it was the best thing that I ever did or could have done in the situation. Over night the pressure was lifted, I had no one calling no one chasing etc and the house was taken, sold and they got less than my dad had offered meaning the 2nd mortgage company came out worse than if they had been helpful and accepted the offer.

Now 6 years on, I can get credit (for the past 2 years), the bankruptcy falls off my credit record 15th Nov which I think I will actually celebrate and I have never looked back so dont be ashamed, I know I was at the time, I was so embarrassed and scared at the time but it really isnt so bad and actually the people that put you through the bankruptcy are so helpful and understanding.

Hope all goes well and I wish I had an ex as loyal as you!!!!!!

One word of advise, at the time you are going bankrupt and during your bankruptcy...never sign a thing from your creditors, it was the best advice I was given, they are not meant to contact you but you may get letters that dupe you into signing an agreement to pay back even though you have been bankrupt, should you get any letters or calls from your creditors then pass them straight onto who is dealing with your case!! Your Insolvency agent if that is the right terminology.

GDB2222

sueby78 wrote: »

Hi, just a word of sympathy & re-assurance really I guess.
My ex husband walked out on me for another woman some years ago (7ish) I had jsut gone back to uni so wasnt earning a great deal, we had a joint mortgagae and joint 2nd mortgage, all of which was his debt consolidation I signed my name too (stupid idea)...anyways 4 months later he left..refusing to pay any bills leaving everything to me. He then went bankrupt out the blue leaving me no real choice as house was total neg eq and left me in a real mess. The Mortgage company was great, the 2nd mortgage company not so, they refused to help and turned down an offer to buy the house from my dad which the first mortgage company had accepted. So I went bankrupt, devasted and frightened at the time but it was the best thing that I ever did or could have done in the situation. Over night the pressure was lifted, I had no one calling no one chasing etc and the house was taken, sold and they got less than my dad had offered meaning the 2nd mortgage company came out worse than if they had been helpful and accepted the offer.

Now 6 years on, I can get credit (for the past 2 years), the bankruptcy falls off my credit record 15th Nov which I think I will actually celebrate and I have never looked back so dont be ashamed, I know I was at the time, I was so embarrassed and scared at the time but it really isnt so bad and actually the people that put you through the bankruptcy are so helpful and understanding.

Hope all goes well and I wish I had an ex as loyal as you!!!!!!

One word of advise, at the time you are going bankrupt and during your bankruptcy...never sign a thing from your creditors, it was the best advice I was given, they are not meant to contact you but you may get letters that dupe you into signing an agreement to pay back even though you have been bankrupt, should you get any letters or calls from your creditors then pass them straight onto who is dealing with your case!! Your Insolvency agent if that is the right terminology.

Sue, this is such good advice. I've never been there myself, but in my old job I had a few clients who went bankrupt.

One, in particular, was like a boxer on the ropes, dodging blows from one angle, only to get hit from another. He was paying a bit off here and there, but things weren't getting any better overall. He looked haunted. I have never seen a man as tense as him. Then he went bankrupt, and he was his old self again. All the debts were wiped out. All the problems were transferred from him to his creditors. They were the ones who had to worry about how they would get paid, not him.

This was nearly 20 years ago. He went to live in Ireland, set up in business there again, and he's just sold his house there for £3m.

charly007

Before i could even send the letter the ex has kicked off already. Not even got the heads up from the mortgage company to see if i can let it yet and she has called the agent explaining she is not happy with renting it out. Shouting at the letting agent and potential messing up any recovery with obtaining tenants etc for both of our names not to be effected. She reckons that she is having me done for fraud!!!I have not signed anything with the mortgage company or letting agent. Every thing is pending at the moment due to the choices on the table.

DOES SHE NOT UNDERSTAND!!!!

She lives me no choice but to now send the letter regardless which she would have had in a few days and inform her I will no longer be paying the mortgage. I will explain to the letting agent that I will not be renting it out now. She has made her decision and even though it will be a dragged out process with mortgage arraers etc she leaves me no choice!

Feeling frustrated and down at the moment. Its all so over whelming!!

sugarwalsh

Chin up, Charley.

Over the years I have found that my ex will blow up about all sorts of things. Just don't respond directly. Don't text/call/write. Just send her a letter saying you are no longer left with any choice and you will no longer pay the mortgage.

Keep calm, step away and remember it WILL alll get sorted in the end and you will be stronger at the end of it.

Megan

charly007

Ok more news, just found out she is not ont he title deeds of her new house and car. As she is married will this effect her partners assets? I was on the understanding they were in joint names but they are not!

Now she earns hardly anything and they will come after my good salary!!

Now bankrupcy does no longer seems very appealing!!

RAS

If you are bankrupt, they cannot come after your good salary. That is the whole point.

You will have to pay an IPA, as everyone has explained previously. have yopu been over to the BR forum and taken advice there as suggested?

charly007

yes went over the BR forum and got posted a load of links which arent giving me answers. My head is all over the place! I am now toying with the idea of teasing her with a removal off the title deeds. So ill re - post in that section.

RAS

charly007 wrote: »

yes went over the BR forum and got posted a load of links which arent giving me answers. My head is all over the place! I am now toying with the idea of teasing her with a removal off the title deeds. So ill re - post in that section.

So did you post up a potential SOA? becasue that is what you need advice on. You need to know what sort of IPA you would face if you went BR with Repro.

REnt?
CT?
Utilities
Comms?
Car?
Food?
Clothes?
Holiday?
Travel to work?

££££££££££££££

ruggedtoast

Putting two and two together its rather beginning to sound like she is sticking the knife in. She knows you cant stay afloat and presumably thinks her new assets with her new husband are safe. It doesnt sound like she especially cares about going bankrupt as long as you do too.

RAS

charly007 wrote: »

Ok more news, just found out she is not ont he title deeds of her new house and car. As she is married will this effect her partners assets? I was on the understanding they were in joint names but they are not!

If you go BR and she does not, they will chase her for the shortfall.

And if she has to go BR, then the fact that the house is not in her name may not protect the house in which she is living; the OR could decide that she has a beneficial interest anyway.