what way to go

monko

Dont really know where to start and i know this will be a rambling post that might not make sense!! But hopefully some people out there can pick the bones out of it and we can go from there. Bought a house with my ex however about 3 years ago we spilt and she moved home, i couldnt afford it on my own without living like a hermit so moved home to. Rented it out and made up the shortfall to northern rock every month. We also had a loan with natwest that she was ment to pay most of as a lot of it was for a car that she took.

However its always been a faff on getting her to pay what was due and the loan has now defaulted. We have lost the tennets and are struggling to get new ones. The mortgage is about 5 month behind as a personal problem ment that i couldnt pay and iv just totally lost contact with her for what she is ment to pay.

Im about to move in with my current gf ( she has just bought a house herself)

So what im asking is what is my best bet? Any questions fire away and thanks in advance

monko

Anyone got any advice?

coolcait

I'm really not sure what you're asking...

Advice on what? Best bet - in what sense?

Gimpsdad

Get much further behind on the mortgage and you will inevitably lose it. You need to work out what your assets are against your liabilities. If your liabilities are significantly higher, and there is no way you can claw it back, then you need to consider insolvency. Whether that be IVA or BR would be a choice for you to make. Get some professional advice, or visit CAB for a chat.

monko

Sorry i knew if would be a bit mumbled. I mean to pay off the debt, if i were to hand the keys back in/sell at auction im likey to have 40k of debt including the loan!! Would what my gf earns affect what i have to pay back? Il be getting rid of my car as its stupid having 2 but hers is on fiance can i pay half of that as a expense from me and the insurance etc? stuff like that i mean. will a iva be best or would i be able to work something out with northern rock

friendlyface1

I would suggest you get in touch with someone like CCCS straight away. They have a tool online where you can anonymously detail your situation and it will give one some pointers on your options.

After that ring them up and discuss your options in more detail.

I was in a similar situation to you recently (certainly in terms of the amount of debt involved) and CCCS and Northern Rock worked together brilliantly and between us all we came up with a solution which has made such a difference to my life.

Gimpsdad

Working something out with NR and CCCS will inevitably lead to a DMP which could take you forever and has no legal guarantees at all. None. I am not saying you should do an IVA, if you have no assets and lots of debt then a bankruptcy is almost always cheaper than an IVA, but if you don't want a potentially never ending DMP and you want to meet your creditors halfway then it may be right for you.

Have a chat with a few people, CCCS included, and explore your options. As a rule of thumb, where there are no assets, if a debt is going to take longer than 7 years to clear on a DMP then you are on the wrong solution so be careful on timescale.