A complete financial nightmare

Nursey1984

This is a bit of a long nightmarish story but ill make it as short as can.
A girl met a boy and got married and bought a house, boy was terrible with money and ended up going bankrupt,girl got an IVA to clear up her side. Girl realised boy was a nightmare so separated.
This comes to now.... I live in the house that we co own (he has recently been discharged from bankruptcy so official receivers still have a beneficial interest in the house).
We want to get divorced but he is not happy to remain on the mortgage. I have paid this on my own for the past 18 months and in a much more stable position now, and have a new partner with a good income and good credit rating, however I am fully aware that I will not be able to remortgage and get this mortgage on my own.
I am completely at a loss as what to do from here or even who to talk to. I have two children and want this house to be their home as its what they have always known. I work full time and have a decent income.
So, for one, who do I need to speak to? 2) will the official receiver just let him come off the mortgage like that, and would they still have an interest? (There is no equity in house now)
3) can I get a mortgage in an IVA? Should I speak to insolvency practitioner about situation) 4) what exactly are my options?
Please help, am totally at a loss
Xxx

adyj73

I have a joint mortgage with my ex wife. When she left (and left me with all the debt) I had to go into an IVA to keep paying the mortgage. She wants off the mortgage but the Mortgage company won't release her from it and put it just in my name 100% as they see it having two people they can go after upon default (even though I am actually more financially secure in the IVA).
To this end highly unlikely you will get a remortgage in the IVA but once IVA finished I intend to remortgage in my name only to release the ex and this is how I expect your situation to develop. There are SOME companies will give mortgages in an IVA but would cost a fortune. My advice sit tight and sort it out upon termination of the IVA and tell him he caused the mess and he will have to wait. Good luck :-)

cheesedoffwithdebt

HI-I strongly suggest you seek legal advice because-

1- joint ownership normally implies joint liability. The divorce will iron out as part of the financial settlement what happens with the future of the house etc but he cannot just opt out. It should also be taken into account that you have personally paid the mortgage in recent months, again because it's joint he actually is liable although it sounds like he has no money so what can be enforced in your favour is dubious.

2- when your IVA is close to it's 5th anniversary the IP normally (I believe) asks for a valuation of your property to see if any equity can be released. You really need to get this straight in terms of your own position.

I believe there are some lenders who will help with mortgage borrowings when you are in an IVA I would speak to your IP he or she may well know who is out there.

So in summary I would recommend you sort out your current situation well before you involve your new partner in anything financial. It is possible to sort it out but you need proper guidance based on your circumstances, it's not appropriate (and I am not a lawyer) for anyone to advise on something so complex on a forum like this.