Please Help

SteBrown

Hi All,

I would be grateful if anyone could offer me some advice. I am about to go bankrupt with aprroximately £65k worth of debt, £60k of joint debt with my ex wife as she had an affair and left me! I moved in with a new partner in June '12 and we are concerned that the recevier may take into account the equity my new partner has in the house which is substantial. I have spoken to the CAB and they called it a "muddy Puddle". I have not made any beneficial contributions to the house. I transfer an amount into my partners account to cover the bills and food etc. The other thing to factor in is that we're getting married in 7 weeks, so again is this going to affect the bankruptcy in the long term in terms of my partners assett?
Thank you in advance for taking the time to read and respond.

Ste

debt_doctor

Hi,

So are you saying that you have moved in to your new partners house, that is owned solely in partners name and has a fair bit of equity?
If that is the case, and your contributions have been nil / minimal then the OR would have no interest in that property.

DD

SteBrown

Hi DD,

Thank you so much for your help. Yes, I have lived here for 10 months and contributed less than £1k in mortgage payments. I have contributed a considerable amount more for bills and food etc. Is that the same thing?

Ste

Mouse1812

Agree.

Your new partner’s house is hers and even on marriage remains so unless she chooses to “give” you a share of it (not recommended).

There is much confusion about “beneficial interest” which is the right to a share in the sale proceeds. You have not contributed to the cost of the house or been there long enough to have accrued any such right.

I would advise however that on marriage you keep your financial affairs strictly separate, that is no joint accounts (bank, savings, investments etc)

Mouse1812

SteBrown wrote: »

and contributed less than £1k in mortgage payments.

most of which would have been interest, not capital. I would not worry about that.

SteBrown wrote: »

I have contributed a considerable amount more for bills and food etc. Is that the same thing?

it might have been if you had been there for years, but over just 10 months I doubt it

SteBrown

Hi Mouse,

Many thanks again. We do currently have a joint bank account with First Direct which my salary is paid into. My partner has her own separate account for her salary and all bills, hence why i transfer to her account each month. I have spoken to them today to have my partner removed, but they have told me I need to close the account and open a sole account. My concern with this is that my credit rating is very poor and they may not let me open another account.

Ste

SteBrown

Thanks Mouse,

I really appreciate your help.

Ste

debt_doctor

Barclays and COOP will give accounts to people who are about to go BR, Barclays will give accounts to those who are actually BR. Check out a new account and then close the other one.

DD

Mouse1812

SteBrown wrote: »

My concern with this is that my credit rating is very poor and they may not let me open another account.

They will close it on bankruptcy anyway, get a Barclays basic or CO OP cashminder one ASAP


edit to add, DD beat me to it

SteBrown

Thanks DD,


Ste

SteBrown

Thanks Mouse,

I'm on the Co-Op website as we speak!

Ste