My mortgage and debt pickle :( HELP!!

crippy21

Hi
I will try and make this as short as possible

I have a mortgage with my ex-partner who left 3 years ago and hasnt contributed at all to the mortgage repayments since he left.
It is an interest only mortgage and is fixed until November 2015.
I have not missed any mortgage payments. I have £17,000 of debt spread over 5 credit cards in my sole name from the renovation of the property when we were together and also due to keeping the mortgage payments up.
I have recently written to my ex-partner asking him to pay his half of the mortgage and renovation costs from the last 3 years which amounts to around £15,000, suggesting that we put it on the market once this has been paid and split the equity 50/50. I have said that if he doesnt agree with this offer then i will have to go bankrupt.
He has recently inherited a large sum of money and property.

Could somebody help me with advice as to what my options are?
Ideally i would like to maintain my credit rating so im able to get a mortgage in the future.
I would also like to know if i have to go down the house repossession route would they seize my ex-partners assets to cover the mortgage debt as i dont have any assets.

Thanks

Thrugelmir

I would suggest that you take advice on your personal situation. Your ex is under no obligation to reimburse you.

How much equity is there in the property?

mrginge

Sounds a bit like blackmail to me.

crippy21

Hi
Thanks for your reply. I have £30,000 equity in the property.

Can I ask, so he is legally doesn't have to pay for his half from the last three years?

Would it not be in his interest to pay me the £15,000 that he owes because if I go Bankrupt surely his assets would used to pay the outstanding mortgage balance?

Thanks

mrginge

crippy21 wrote: »

Hi
Thanks for your reply. I have £30,000 equity in the property.

Can I ask, so he is legally doesn't have to pay for his half from the last three years?

Would it not be in his interest to pay me the £15,000 that he owes because if I go Bankrupt surely his assets would used to pay the outstanding mortgage balance?

Thanks

Have you paid him rent on his half of the house for the last three years?

Thrugelmir

crippy21 wrote: »

Would it not be in his interest to pay me the £15,000 that he owes because if I go Bankrupt surely his assets would used to pay the outstanding mortgage balance?

Thanks

If you received 50% of the equity in the property if were sold. Then you've no need to go bankrupt. Better to offer a sensible compromise than threaten this. As you are more likely to receive a response from your ex.

As there's equity in the property then your ex's liability would be discharged if the property was sold.

Suggest a 70/30 or 65/35 or 60/40 split of the equity in your favour perhaps.

crippy21

The property may take 6-12 month to sell and i simply cannot afford to carry on paying the mortgage etc on my own any longer.
If he decides that he doesnt want to pay anything at all and i decide to stop paying the mortgage then what would happen next? Would they seize his assets because he has enough to cover the mortgage debt? Or does the debt get split equally between us?
I understand the idea of the split of equity but dont feel that this would be a fair option as my share would mostly cover his debts and he would walk away with cash

Thrugelmir

Life isn't always fair. Emotion tends to over come rational thought when relationship break down meets financial matters.

If you are unable to afford the mortgage. Then the arrears will mount. Your lender will seek repossession of the house through the courts. Sell the property and pass any remaining proceeds back to a solicitor to distribute to the parties. The parties will need to agree before distribution is made.

So you ex doesn't have to do anything.

Repossession will incur you more far more in costs than a voluntary possession, i.e. handing the keys back. Though the lender may well auction the property. So the full value may not be achieved.

Initial step is to try and sell the property yourself.

ViolaLass

crippy21 wrote: »

The property may take 6-12 month to sell

Drop the price.

cath708

Hi I've been in a similar position. For the past 3 years he will not owe any motgage cost to you, if he does pay this then you have a nice ex! However any joint debt up until then should be split (although as my split debt was in my name I had to learn a valuable lesson and I had to pay it all back).
Generally house prices have risen a small bit since 3 years ago, have the house valued for any % he wants at a price back when he went. I would certainly not give a 50% 50% share due to that reason. If he does want a share of the equity then he should be helping towards costs to sell the property.

Try and be as civil as possible in all of this, no matter how hard, i certainly wouldnt mention going bankrupt . It seems he has nothing to lose whilst you do. It maybe that he wants a quick get out now the opportunity has come along. Good luck!

TrickyDicky101

If there's equity in the property (your unsecured debts in your name are not his concern) then he has nothing to fear from you attempting to play the bankruptcy card. VL makes a good suggestion - drop the price so you get a quick sale.