advice needed!

davidjay85

Hi guys after some advice

Bought a 2 bedroom flat in 2008 with my girlfriend-at-the-time. However, we broke up 4years later, we both moved out and we have been letting the property out since.

We bought the property on a promotion where David Wilson paid 25% of the value of the property and we have to pay 25% back when we come to sell it.

Since we bought the place the house market whet downhill rather rapidly and the property has no equity in it so we have just been letting it out, waiting for the house prices to rise again before we can sell it.

Now my ex-girlfriend has come to me, telling me that she is £11,000 in debt from credit cards, loans, pay-day loans, etc and she is being threatened with court action etc. she cant pay the debt back.

She wants to get an IVA.

If she does get an IVA will this affect me as I am financially linked?

My parents have offered to take on her half of the mortgage so that we can write her out of it. Is this the best thing to do? And if so, how do I go about doing this?

I am very confused by the whole thing and not sure what to do. Any help advice will be greatly appreciated.

Thanks,

ch3101

I think that when someone has a joint debt and then becomes bankrupt or on an IVA, the other person becomes solely responsible for that debt.

Thing is, this is secured so the creditors may look to sell the house in the hope that they could get some money back.

What I'd do if I were you is see if there is a way for you to basically get her to sign the flat over to you first so that this headache may disappear.

Thrugelmir

If you cannot afford the mortgage in your own right. Consider selling the property and starting afresh.