Debt and negative equity - what would you do?

poppysarah

You need to cut the ties with this bloke - this financial cut out should take accoutn of the fact you've bailed him out.

Does he work?
I would try and get another solicitor who will push for a better deal for you and the kids maybe?

lincroft1710

If the house is as bad as you say, you may only get offers below £90K, so even more debt if you are able to sell, so stay put. By the time you've added EA and conveyancing fees, that's another £2K gone at least.

Is ex paying child support? Have you approached CSA? Or is he not working?

RAS

kersplatt wrote: »

I cleared his debts with loans because he kept running them up and leaving us financially stuffed. I did it for 12 years. He has so far not contributed towards these outstanding debts and as far as I'm aware, because they are now only in my name, I am completely 100% liable for them.

Hi

this is exactly the sort of thing that needs to be cleared up be the consent order; you argue these are debts of the marriage and that he needs to contribute to them.

Do you have a papertrail showing you taking out a loan and paying off his creidt cards? If so, use this opportunity to get him to take some responsibility.

With respect to the house, either sell and take the hit but factor in the reality as to what sort of property you could afford on LHA, certainly at the mo (2 bedroom) or ask for a deed of trust (meaning that what you pay in future goes to you not him) or convert to tenants in common with you getting 99%.

Be aware that the second option means you take all the loss rather than being jointly and severally liable for the loss with the ex.