Debt Bomb shell dropped on me

Cottage_Economy

financialdisease wrote: »

Good I want him to know that these things aren't right for him, I truly believe from the information I have read since posting this that a DAS is what he needs its only going to get worse if the appointment tomorrow is all chatty chatty lah dee da we will fix it

I missed that bit...if you are considering the Debt Arrangement Scheme you must live in Scotland?

In which case, let me find the relevant links for the AiB, who deal with bankruptcies in Scotland. The information may be different...

financialdisease

Cottage_Economy wrote: »

I missed that bit...if you are considering the Debt Arrangement Scheme you must live in Scotland?

In which case, let me find the relevant links for the AiB, who deal with bankruptcies in Scotland. The information may be different...

Yeah we are in Scotland, I have tge aib site saved.

Cottage_Economy

Some info here...( you posted as I was writing ;-) )

http://www.aib.gov.uk/services/what-will-happen-my-house


Looks like similar limitations, although I thought this was interesting:

"Your trustee can agree to the joint owner buying out their interest in the house. This can be in a lump sum payment, regular payments or through a re-mortgage package."

If he undergoes insolvency proceedings, all of your husband's financial affairs are transferred to the IP (trustee), including his share of the property. He will have no control over his affairs, so you will deal directly with the IP.

Also (I think) it is not just you that can buy out the trustee's interest in the property - if you have parents or siblings or other relatives they can too, but I imagine relations with your husband may be frosty from then on if it all comes out.

financialdisease

Thanks the others possibly helping out is an idea to ponder

Cottage_Economy

financialdisease wrote: »

Thanks the others possibly helping out is an idea to ponder

If they do, I wonder whether they could sort something out whereby the share in the property they buy out from the trustee could be signed over to your kids instead of you? Sometimes that can take the sting out if doing it a little...

No idea if that is even feasible but if it is it would need to be a legal agreement I imagine?

I really feel for you, and in a way I feel for your husband too (which I'm sure I'll get flamed for).

At the moment he is desperate to get rid of the debt as soon as possibly and is casting around for the easiest option, hence him going to an IP. There is no easy option unfortunately and he is going to come back to earth with a massive, massive bang if and when it does sink in the debts will have to be contributed towards in some way. They can't be dumped and forgotten about so life can carry on as normal.

Maybe not all of the debt will have to be paid off, maybe some deals can be done with creditors along the way, but they are certainly not going to disappear as quickly as he thinks he can make them.

eyeopener2

If he'd listen, the DAS is ideal, far more protection than DMPs in England and Wales.

triple_choc_chip

financialdisease wrote: »

Its definitely not about hiding assets its about protecting me and d the kids, he has nk say in this I am telling him I don't trust with our future what is to stop him from borrowing against the house in the future if I don't force this on him. Every payment for the past 13 years has come out of my sole account from my salary cant I use that to show he has nothing to gain from the house

I just need to re-iterate, it makes no difference who physically pays what in a marriage, the starting point when divvying up is always 50/50, equal shares, of both joint liabilities and assets. And even if you carried on from now paying it alone, if you split in the future he could still claim 50% without having contributed.

It's always darkest before the dawn, keep strong, he might take it from the IP easier than hearing it from you and return with a plan.

financialdisease

Fingers crossed triple choc chip xxxx

Miss_Poohs

Your only joint liability is your mortgage though isn't it FD?
When this happened to me I wanted to know where I stood as to the debt he had ran up behind my back, and was told that it was his debt in his name and he would be held souley responsible for it.
The issue really is the house, and that's something you really need advice on.
You must be exhausted, I found it neigh on impossible to switch off from it all, but here I am and I'm fine, you will be too x

financialdisease

Miss_Poohs wrote: »

Your only joint liability is your mortgage though isn't it FD?
When this happened to me I wanted to know where I stood as to the debt he had ran up behind my back, and was told that it was his debt in his name and he would be held souley responsible for it.
The issue really is the house, and that's something you really need advice on.
You must be exhausted, I found it neigh on impossible to switch off from it all, but here I am and I'm fine, you will be too x

Yeab it's only the house we are joint on. I am extremely worried about loosing it not because of money but because its our home and I don't want to move okay because of money a little:cool:

Your so right about being impossible switch off from it my head has been whirring non stop since Friday I am dreading going back to work feeling like this. I can't comprehend how he managed to live with this in secret for 6 or 7 years.