Crisis with partners loan

greenmillie64

I have a real problem, a year ago my partner, (not husband) took out an unsecured loan from the Halifax for £5,500, and to cut a long story short did something very very stupid, he did not make any payments and also ignored all the mail (I found the letters stashed away unopened).

I found out about this when, on a day off work I got a letter saying that the bank was attaching an order for £13.500 onto the deeds of my house! How on earth can they add roughly £7,000 in charges in a year and ineffect steal the equity from my house when the loan was unsecured!

Any advice would be much appreciated, I have contacted my solicitor but she has not got back to me. My partners court case in on March 7th

My partner has been very reckless last year he not only ignored this loan he also failed to pay the mortgage and did the same thing hiding his mail (and mine).

We now have a suspended possession order on our house. I have 3 children one with autism and work part time, the mortgage payments now go from my bank account and i have taken control of the money.

I feel so worried and absoultey gutted that I paid the deposit on this house (out of my own money) and my partner has not paid the mortgage as was the arrangment as I pay all the bills. I put his name on the deeds upon the condition he would pay the mortgage, as I paid £30,000 deposit on the house. He has a very very well paid job And now I risk losing so much and basically be lumbered with a debt which is not mine. Can you help me?

Bossyboots

The attachment to the house for the loan can only be attached to his share of the property. In the absence of documentation to the contrary, this would be assumed to be 50% although if you were to split and agree a different percentage, it would attach to that.

Astaroth

The charge against the property would be for the full cost of the loan including interest, late payment fees, court costs etc.

An unsecured loan requires the lender to go to court to get an order to place against a property - for a secured loan the process is much simpler.

It is exceptionally uncommon for a court to award the next level of order which is a forced sale so it is simply something that will sit over the property until you either sell it or the debt is paid off in full.

hopeless_case_2

if it is a secured loan what happens then as the mortgage company have the first charge on the house

Bossyboots

hopeless_case wrote:

if it is a secured loan what happens then as the mortgage company have the first charge on the house

It is placed as a second charge on the property.

greenmillie64

Since this I have got a solicitor to draft a document to send to the land registry, what I have to do is get my partner to sign a document signing his share of the equity over to me.

I then have to go to court on 7th as an interested party and insist that they attach the loan payments onto his earnings and not onto the house, my argument being that he has been so irresponsible, and easily earns enough to pay them back £50-£100 a month

I am posting this as it may help someone in a similar situation the cost of lodging my objection at ther Land Registry and the Cost of the drafted document will be in the region of £140 which is a cost I am willing to pay to stop my partners debts being placed onto the family home.

Especially as he is quite a rude and unplesaant person.... sadly to say.

greenmillie64

PS Thank you every one for your replies

Rusco

This partner of yours, what’s the deal there - is he a gambling addict, where has the money gone?

That is some serious deceit going on there, I'm absolutely amazed at that story

greenmillie64

Well, others have suggested this, but i think he just drinks it and joins expensive golf trips etc

Ia m gutted to ne honest as I rean £850 a month and he earns £1600 a month

And he is complaining at the moment that i am acting frosty and detatched.

I am peed off and you are not the first person to suggest he has as ecret gambling problem.

Grippy

my argument being that he has been so irresponsible

It's not really my place to comment but his behaviour is not so much irresponsible as uncaring.

People like that make my blood boil :mad:

Bossyboots

I am not convinced that signing over the house to you is going to have any weight. The creditors are simply going to argue that it was done to deprive them of a security and they are likely to win an argument to have the attachment done on the house anyway while the issue is battled out. There would be nothing stopping them registering an interest by way of restriction on the basis that your partner would have an interest in the property even if it is in your sole name in these circumstances. I am very surprised at the advice you have been given.

Asking them to attach to his earnings rather than the house is a good idea.