newbie needs help

paul10

Hi all. Not quite sure im in the right section but im sure someone will point me the direction if im not!! Just looking for some advice on my best route forward. Sorry if i babble on, just trying to give as much info as possible. Had a house and a joint loan with my ex partner, loan was to pay off her debt my debt and to get a new car. When we spilt a couple of years back we decided to rent the house out and pay the extra to the morgage as we are in negitive equity and the selling market was very slow and she took the car so was therefore ment to pay more to the loan. Over the last couple of years iv had nothing but problems getting her to pay the ammount she is ment to and we now also have a overdraft of 750 quid that now also has to be paid off at £40 p/m.

Now had a bad bit of luck in that our tennets have left the place a mess and argued the toss about us keeping the depoist. In the end i have got it but waiting for it and the doing back up of the house so it can be rented out has left me 3 month behind the repayments.

The ex partner has again underpaid meaning this month the loan repayment has not been met. Its now at the point where i cant hadle her constant lies and underpayments of what she owes.

Iv spoken to both lenders in the past and they aint really been much help infact id go so far as to say natwest are just nasty.

If i need to let the house go to get a break from her im willing to do so now, currently living with parents so not like id be homeless

morgage payment £581
loan £372
overdraft £40

my take home pay after tax ni and my pension is around 1150 and no real chance of overtime

i have a couple of store cards in my name that i am easily keeping up with and they total around £700.

Just wanna know if anyone has any advice for me and what my best bet is. iv got the national debtline number here and i will be ringing them at somepoint this week. Feel its best to try to sort it as soon as i can. Thanks in advance people

paul10

Forgot to say, any questions just ask

Ineedaname

Hi there and welcome to you.

How much negative equity is there at the moment?

paul10

would be around 20 to 25k

NeverAgain_2

There's not much you can do about the negative equity, but what you don't want to do is take on any more personal debt to fund the mortgage.

The house must stand on its own two feet.

Does the rent cover the mortgage?

That's a good start if it does, but as you have discovered you will have void periods.

I think you could probably just about make this work on your own, but the ex-partner who is unwilling to keep her side of the bargain is a big fly in the ointment.

If you decide to call a halt, the mortgage company will chase you - and her - for any shortfall when the house is eventually sold.

You are going to struggle to repay £25K on £1,100 a month, so you may have to consider bankruptcy.

That would effectively wipe out all your debts, but your credit rating will be trashed for a long time to come, getting another mortgage would be difficult for at least six years, if not longer.

paul10

No after paying the letting agency its around 100 short, however this will drop to around 40 next month when it comes out of a fixed rate. I have sort of made it work for 2 years now but its just come to a point where i cant be dealing with the permanant hassle from her and the chase after her for her money. Id rather not go bankrupt like, tho i do understand that it may be my only option in time. I just want to pay the money i owe if that makes sense ( i know the law dont allow that) it was given to me in good faith and therefore i think it should be paid. Its just galling to think i would have to pay not only her debt whilst she gets away scot free but also keeps a 5k car ( price paid at the time)

tigerfeet2006

Ah! but any joint debts will go to her to pay in FULL should you become BR. They will be totally her responsibilty to pay. Where as you will be debt free.

I strongly suggest you ring National Debtline and go through your options with them. I think they are open till 9pm.

paul10

Yeah going to give them a tinkle tomorrow as i have the day off. Need to ring nr as well as i got a letter from them on monday about money owed

kepar

What sort of loan is the car on?

paul10

Just a joint unsecured loan from the bank. Got it to pay of a loan of mine 1 of hers and to buy the car for us

paul10

tigerfeet2006 wrote: »

Ah! but any joint debts will go to her to pay in FULL should you become BR. They will be totally her responsibilty to pay. Where as you will be debt free.

I strongly suggest you ring National Debtline and go through your options with them. I think they are open till 9pm.

Gave them a ring and talked about a few things wth them. He seemed to think that bankrupcy wasnt for me at the moment but that would change depending on what happened with the house.

He gave me a number to ring about the house but i need to wait a few hours to let my info get into there system.

When we done the numbers after i pay my board phone gym etc i have around 700p/m left he said if i went br i would have to pay my debtors 700 p/m for 3 years, is this correct?? shocked me a bit to be honest