Terrible mess.

Bad_Timing

mattannar wrote: »

How long has your husband lived with you in that house?

Since we got married in 97

Bad_Timing

I must say it really is good of you all to answer me. I do appreciate it x

izools

Given that you are the sole owner of the property and he is the sole account holder with Black Horse Loans they can't touch the house.

debt_doctor

Hi again,

As you are in receipt of pension guarantee credit you could (via the CAB or National Debt line) offer black horse an affordable monthly amount from £1 pm upwards.
This offer would be done on a Common Financial Statement (CFS) which gives you protection from being refused thanks to the recently beefed up OFT Debt Collection Guidance (DCG).
Due to the OFT DCG as an adviser I don't really have to worry much these days as to whether my offer will be accepted, because the DCG and it's relationship with the CFS is a very powerful tool.
The offer comes with a request that interest and charges are stopped, which usually happens.
Should the creditor not accept (unlikely) then that would bring a complaint to the ombudsman who is very likely to agree with the DCG.
As the house is in your name only and the black horse finance is not in your name then a charge on the property is not a viable option for the creditor.
I see people (who do not own property, as in your husbands case) pay £1 pm for years on end with no real issue, I suggest you try it before considering insolvency.

From what I am aware of, I do not see this as a "terrible mess", I see it as a completely manageable situation with the correct help and guidance.

DD

mattannar

Surely as the husband has lived in the house for 16 years then the OR can claim that he has gained BI.

debt_doctor

mattannar wrote: »

Surely as the husband has lived in the house for 16 years then the OR can claim that he has gained BI.

Firstly, I don't see why there has to be an insolvency at all, certainly a creditor who sees no property on a land registry search wont do it, and secondly - we all discuss on here how folk might gain a beneficial interest in a property owned by someone else but I have to say that since doing this job full time since 2006, neither my 7 full time colleagues or myself has ever seen an OR attempt to gain interest in the house of a non bankrupt. This is despite putting through a fair few clients who could well have established an interest, in some cases in properties that were owned outright by the non BR and lived together for up to 20 years!
Not over scientific I know, but I really would like to know if any non bankrupt person has had a claim made against an alleged beneficial interest from an OR. (not for a transaction at undervalue or a matrimonial claim)
In the OPs case of course, it wouldn't matter anyway as there appears to be little equity and an interest in not much is not much.
As an adviser I shall continue to mention beneficial interest because I must, but I always balance it with our practical experience of it happening, which is currently, nil.

DD

Bad_Timing

Debt Doctor. Thanks so much. I need to focus on finding work and this incident has been a terrible body blow to both of us. You are right, it is manageable and we will get through it. I really appreciate your help.

Bad_Timing

what is an OR?

alastairq

Official Receiver.

The Government official who takes charge of all a bankrupt's finances following the BR petition...to realise assets for the benefit of creditors.