Advice needed for making a settlement to debt agency

westcountry

Hello

Please can anyone offer any advice??

My ex partner ran up a £3800 debt on a credit card (following our seperation in 2010.) The credit card company have been unsuccessful in retrieving any of that debt and passed it onto a third party collection company in 2012. This debt collection company have also been unable to collect any money from my ex. A restriction was placed against my ex's name on our jointly owned home.

I am in the process of divorcing him and he has aggreed to transfer the property into my sole name.
FYI-There is no equity in the house but it is not in negative equity either.

He has not made any financial contribution to the mortgage since 2010 and is 4k in child maintenance arrears.

He won't pay (or is unable to pay) the debt and so it looks like it is down to me, to make an offer to the debt collectors in order to get them to remove the restriction.

Does anyone have any experience in making an offer (on behalf of someone elses debt)- and what might be accepted?

They haven't got anything from him until now and are very unlikely to in the future. He goes from being self employed to claiming benefits and as he is now claiming, I have just started to receive £10 per fortnight in maintenance.

All of my financial resources are tied up payingthe household bills, mortgage and providing for our daughter etc so any settlement I offer will mean pushing myself into debt and borrowing from friends/family etc.

Also- It is so frustrating to have to clear up his debt when he is not taking any responsibility for his own actions.

I want to move on and make a clean break but this restriction on my home needs to be sorted before I can move forward.

Sorry for the long post and thank you in advance for any help you can give me. x

gizmo111

Have you agreed this transfer with the mortgage co?

harrys_dad

I think you need some legal advice here. What sort of "restriction" are they talking about? Is it a charging order? Does the transfer of joint ownership to sole ownership mean the house is being "sold"? How can a charge come into effect if there is no equity anyway?

Apologies for lots of questions but no answers, hopefully others will be along soon.

Even so, it seems to me that borrowing money to pay someone else's debt is not the way to go forwards whatever the circumstances.

westcountry

Hello & Thanks for your reply Gizmo.

The mortgage company have told me that they can't do a change of parties until the restriction has been dealt with.


As soon as we split up in 2010, I transferred the monthly mortgage repayments (and allhousehold bills) from a joint account to an account that is solely in my name. FYI- I have not missed any payments on the mortgage or any bills.

gizmo111

westcountry wrote: »

Hello & Thanks for your reply Gizmo.

The mortgage company have told me that they can't do a change of parties until the restriction has been dealt with.


As soon as we split up in 2010, I transferred the monthly mortgage repayments (and allhousehold bills) from a joint account to an account that is solely in my name. FYI- I have not missed any payments on the mortgage or any bills.

But have they agreed a 100% mortgage? becuae with no equity that is what you are asking for.

westcountry

Hi Harry's Dad

I know it sounds like a bad idea but I'm worried that if he remains on the mortgage, that he could incurr further debts and put further financial pressure on me.

On the land register, it says ...
Restriction: No disposition of the registered estate, other than a disposition by the proprietor of any registered charge registered before the entry of this restriction, is to be registered without a certificate signed by the applicant for registration or their conveyancer that written notice of the disposition was given to MBMA Bank LTD at Restons Solicitiors LTD, being the person with the benefit of an interim charging order on the beneficial interest of (ex's name) made by the Kings Lynn county court on 19th Sept 2011

westcountry

gizmo111 wrote: »

But have they agreed a 100% mortgage? becuae with no equity that is what you are asking for.

The mortgage company have a dispute marker on the mortgage but said they'd need the change of parties form before they would consider it.
My brother would be prepared to act as guarantor on any mortgage. My solicitor has said that the mortgage company can use their discretion and take payment history into account.

I hope to cross that bridge when I come to it.

gizmo111

westcountry wrote: »

The mortgage company have a dispute marker on the mortgage but said they'd need the change of parties form before they would consider it.
My brother would be prepared to act as guarantor on any mortgage. My solicitor has said that the mortgage company can use their discretion and take payment history into account.

I hope to cross that bridge when I come to it.

They van - but you need a firm offer before you start paying off someone elses debt and tehn find out they will not remove him from the mortgage.

westcountry

gizmo111 wrote: »

They van - but you need a firm offer before you start paying off someone elses debt and tehn find out they will not remove him from the mortgage.

Thanks! That is a very good point indeed.
It's so frustrating to be in this situation that I can't seem to see the wood for the trees.
I'll speak to my mortgage company again.