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House Owner
freccle
Posts: 770 Forumite
I own my small house outright. Not worth much - maybe about £65000 now.
I have debts of around £13000 on a loan and on credit cards. We only have a total monthly income of £433.33 for my wage and £356 working tax credit. My partner is self employed but with the recession is earning nothing. (Hi debts are £20,000+ but they are all in just his own name. He has been in touch with a credit agency and got them to agree to accept just £1 per month for at least the next 6 months, in the hope that the tide turns with the business. If it does not, he will have to go bankrupt).
The house is totally in my name and he contributes nothing to the day to day running of the house - all the bills are in my name, so I know the house won't be affected if HE goes bankrupt but I am finding it harder and harder to pay my credit cards and still pay for food etc. I think after Christmas I'm going to have to do as he has done and contact a credit agency and try to arrange a repayment plan. But then once I've done that, if things don't improve they can force me to go bankrupt can't they - which means taking my house! Is there any way this could be avoided? What about putting it in my daughters name? Are there any alternatives? I just feel as if I'm sinking lower and lower and lower and never going to get out of this mess
I have debts of around £13000 on a loan and on credit cards. We only have a total monthly income of £433.33 for my wage and £356 working tax credit. My partner is self employed but with the recession is earning nothing. (Hi debts are £20,000+ but they are all in just his own name. He has been in touch with a credit agency and got them to agree to accept just £1 per month for at least the next 6 months, in the hope that the tide turns with the business. If it does not, he will have to go bankrupt).
The house is totally in my name and he contributes nothing to the day to day running of the house - all the bills are in my name, so I know the house won't be affected if HE goes bankrupt but I am finding it harder and harder to pay my credit cards and still pay for food etc. I think after Christmas I'm going to have to do as he has done and contact a credit agency and try to arrange a repayment plan. But then once I've done that, if things don't improve they can force me to go bankrupt can't they - which means taking my house! Is there any way this could be avoided? What about putting it in my daughters name? Are there any alternatives? I just feel as if I'm sinking lower and lower and lower and never going to get out of this mess
There will always be:
A “LIE” in BELIEVE, an “OVER” in LOVER, an “END” in FRIEND, an “US” in TRUST , and an “IF” in LIFE
A “LIE” in BELIEVE, an “OVER” in LOVER, an “END” in FRIEND, an “US” in TRUST , and an “IF” in LIFE
0
Comments
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Firstly, if your partner does go BR, if he has lived in your property for a significant period of time and has paid towards the expenses of it then technically the OR may claim he has a beneficial interest in it and try to claim that. So that would need looking in to before he makes such decisions, something he needs to discuss when he has legal advice before making choices.
Secondly. it is unlikely that BR is the best option for you. More likely it would be better to take out a small mortgage to pay off your debts. You would have to declare anything you have given away in the last few years and they can claim back what you have given. Not delcaring it would be illegal and fraudulent and you could end up in serious legal trouble. I would seek financial advice."Our prime purpose in this life is to help others. And if you can't help them, at least don't hurt them." Dalai Lama0
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