Is Bankruptcy the solution??

PippaGirl_2

Jimbo, it sounds like you are making good progress emotionally over it all and making balanced decisions. It is a hard walk but the journey will be worth it in the end honest.

freddy911

Hi Jimbo take tigerfeets advice and contact one of the free debt advice lines, I used CCCS and they were great, the car could be an issue, if it is unsecured and you tell the OR you partner has being paying towards it he may decide she has a beneficial interest in the car and he may look to claim it. Are you sure its unsecured? most car loans from car manufacturers are secured on the car, this would change things greatly as there would probably be no equity the car as the costs to settle would likely be more than the value of the car if it was sold. Whether the OR will agree to you partner paying for this is a totally different matter.

tigerfeet2006

The car won't be an issue if it is just used for his OH's business and the money comes from her business to pay for it.

freddy911

Following on from what I said above if the car loan is not secured on the car and he did decide you partner has a beneficial interest that he wants to release your partners mum would be left paying for the loan even though the car had been sold. You need to check the agreement. Theres specific questions on the forms not just about cars you own but cars you have a use of.

Jimbo_999

Ah thanks guys,

Yes Freddy, I believe it is secured against the car.

Tigerfeet, I would like to think that due to the car being for and paid by business use it would be ok. The OR couldn't really swap it for a different car without giving us an assett as this car is in the mothers name, although my patner has sole use of it. If they sold the car she would not have a business, so would not make sense to sell.

Pippagirl - Emotional progress, yes. Taking the plunge, nervous.
It needs doing, struggling month to month until all unsecured is paid off at this rate I think will take until about 2030, I'd rather lose the house and be able to live better, but just want these large debts cleared.

:A