chased for mortgage shortfall what next BR

crowmans4

BR seems only way to get rid of this mess. is that correct. no matter what budget planner says?
should i stop doing extra overtime now and struggle with living just so they see my true earnings and i dont work all the hours i can get extra just so they can get their hands on it....

crowmans4

for talk sake because of this overtime say ive £400 left over after outgoings. what would they say is reasonable to take...bear in mind the 23k shortfalls in 2 names not just mine......
and also come january when the overtimes stopped and i dont have that £400 extra ......what then???

savingjenny

That is a lot of money. It doesn't seem likely you can pay it back in any reasonable timescale. Don't commit to a repayment now that you won't be able to make in Jan - you need a proper long term solution. Also its your debt not your new partners, so going bankrupt would sort out the debt and give you a clear start.

I don't know if the laws are different in NI. I know they are in Scotland. National Debt Line has this page of contact numbers for NI peeps http://www.nationaldebtline.co.uk/northern-ireland.php

crowmans4

my old partner doesnt want to know despite running it up in my name and the mortgage/shortfall also being in hers.....
she actually quit work to get out of it...
something i dont want to do tho same time why should i work my nuts of to try pay something back .....
yes now ive a bit xtra each month coz working 60 hrs plus each week but from jan on i wont have that extra so what will happen given your experience or anyone else on here please.....
ps
ive an appointment next week with debt advice northern ireland.....

silvercar

IMHO I would be offering token payments now and saving up any overtime you have. Then offer them a one off payment in full and final settlement of the debt.

crowmans4

silvercar wrote: »

IMHO I would be offering token payments now and saving up any overtime you have. Then offer them a one off payment in full and final settlement of the debt.

why should i though. my ex gave up work and lives better than i do with benefits and payments.
i work all hours i can to provide for the kids and try get my life back again.....
why should i now work to do this...i done all i can even paying mortgage for them to live there for years after we split while trying to rent myself.....

after paying a mortgage for 20 years of my life and adding to it over those years ive walked away with nothing....
she never paid one penny.....her names on it also......

shes more to spare per week with benefits and part time cash in hand work.........
so should i seriously now struggle even more to clear this shortfall and cards in my name she ran up

i think ive suffered enough without doing as you suggest dont you think............
had to go to courts just to see kids also so no way am i going to bail her out now working all hours to give her more....shes gets 20% of my wage now for kids as it is........
be better quitting work myself if thats the case...

silvercar

crowmans4 wrote: »

why should i though. my ex gave up work and lives better than i do with benefits and payments.
i work all hours i can to provide for the kids and try get my life back again.....
why should i now work to do this...i done all i can even paying mortgage for them to live there for years after we split while trying to rent myself.....

after paying a mortgage for 20 years of my life and adding to it over those years ive walked away with nothing....
she never paid one penny.....her names on it also......

shes more to spare per week with benefits and part time cash in hand work.........
so should i seriously now struggle even more to clear this shortfall and cards in my name she ran up

i think ive suffered enough without doing as you suggest dont you think............
had to go to courts just to see kids also so no way am i going to bail her out now working all hours to give her more....shes gets 20% of my wage now for kids as it is........
be better quitting work myself if thats the case...

Sorry, I didn't mean to cause offence, just trying to be practical.
I forget how sensitive an issue it can be when you are in the midst of it.


If you work the overtime and go bankrupt, the Official Receiver may have a claim on your excess income - so either way you could lose it either to the OR or the mortgage lender.

Of course you could decide to give up work like your ex - that is a choice you have to make. But do it because that is the best decision for you, not because you want to get at your ex.

Best of luck, whatever you decide.

crowmans4

no offence taken , no worries , you are trying to help and offer advice.......
all i mean is as of january there will be no overtime and no excess as after xmas,paying school fees and trips,and kitting my home out with essentials as i was left with nothing ,washing machine,cooker,sofa,bed tv etc etc. all overtime gained will be spent by time i do that and il be lucky if theres enough to cover.
so new year flat wage i just cover my outgoings and no more so what would be likely to happen.....
and without even thinking about EX it would cost less surely paying £700 to go BR rather than save to try make a token payemt or pay somthing back each month....
surely that would make more sense given theres other stuff lurking in background other than the 23k shortfall..............15k of her debt i now no of in my name......2k rates, and goodness knows what else i havent found out about yet....

dancingfairy

First off the creditors have no right to see any of your personal information (banks statements and the like) unless it goes to court. Obviously if you want to agree a payment arangement with them then you may want to provide your own budget statement to them. I would not be sending them copies of my bank statements though. If you do want to agree a repayment plan then I would use my own budget planner and not necessarily one they sent (as I think they can be biased).
Do you have any joint bank accounts? If so you will want to seperate yourselves financially otherwise it will affect your new partners credit rating as well.
You have 3 main options:
1) a dmp (Debt management plan)
2) a full and final settlement offer
3) bankruptcy.

If you do go bankrupt then the OR(official receiver) will want to go through your bank statements. You should be given the chance to explain that a lot of recent income has been overtime (but presumably you can't guarantee it will always be available? ) and that it was used to fund certain expenses (ie the new home, kids uniforms etc).
Do get some free advice and have a think through your options before making any decisions.
You can write to your creditors if you wish and tell them that you are seeking advice and will be in contact when you have sorted something out. You can always send a token payment of 1 pound if you desire.
df

adyj73

I would make token payments until January to protect your overtime and then go Bankrupt in January. Will give you breathing space to get over Xmas etc

It's only two months away and would take that long anyway to go BR

Just my humble opinion