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aycliffeguy

She has taken the home and assets but as mentioned in one of my earlier posts there will be an equity payout due to me when it's all resolved

[Deleted User]

That's then, not now.

I take it you have had to pay out for furniture, kitchen appliances, bed and bedding, etc. at the place you are currently living?

Did you wife pay toward those items?

Are you paying toward the mortgage/rent on the matrimonial home and, if so, is your wife paying a similar amount toward the mortgage/rent on the place you live?

BTW. £4,000 doesn't seem much, for a half share in a house.

Is there only about £8k or £10k of equity in it?

aycliffeguy

I am renting a fully furnished house share until I figure out the best way to go forward with things

Tixy

From what you have posted I cannot see that bankruptcy looks like the right option for you.

Your surplus would mean a large IPA to be paid for the next 3 years, potentially as much as your existing debts.

Do get some advice from one of the debt advice charities where you can chat through things in detail with them. It looks like you should be able to manage without such a drastic step as bankruptcy if you can negotiate repayment plans either with just the payday loans, or with all creditors.

National_Debtline

aycliffeguy wrote: »

Hi National Debtline, thanks for the link ref payday loans. Could you give me some more info on the Bankruptcy Restriction Order and the limitations it brings.

Hi again Craig

More info on bankruptcy restrictions (BROs) as requested from our factsheet:

https://www.nationaldebtline.org/EW/factsheets/Pages/01 EW Bankruptcy/Page-08.aspx#quicklink1

You won't necessarily get one of these just because it's a repeat bankruptcy. It's more based on your conduct leading up to the bankruptcy, whether it's your 1st or your 21st.

Again though, at this stage I would suggest that it doesn't look like the best fit for you.

Regards

Dennis

@natdebtline

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aycliffeguy wrote: »

She has taken the home and assets but as mentioned in one of my earlier posts there will be an equity payout due to me when it's all resolved

Sorry mate, I need to point out the now ominous elephant in the room that's currently trampling over my dinner plate....

I'm gonna say it straight and I doubt you're going to like this, so apologies in advance. From what I've read, it sounds like she's completely screwed you over. She's taken your home and your assets and claimed only half the debt she made up whilst leaving you with the rest of it.... please don't tell me that the bulk of the debts that have landed at YOUR feet are HER doing.

I obviously don't know the ins and outs of your marital relationship and I'm sorry to hear it came to an end, but when it comes to the point that you're wondering if you've got enough money to put food on your table (and the cat's bowl) every night, when she's got the house and everything in it.... I'd say that's about the time to stop playing Mr Nice Guy, put yourself and your survival at number one priority, with everyone else bar immediate family such as parents and siblings a distant second.

Feel absolutely free to tell me if I got any of that wrong.

marliepanda

It depends.

If they only have 8-10k equity, (as indicated by OP's second post) and a lot of debt together, she's not screwed him out of much, as he says hes getting the 4k when it is released.

There dont appear to be many assets to be screwed out of.

What he should do is only take responsibility for his debts (and joint debts, which is unavoidable)

Powered_By_Pies

To be fair I was basing it on the overall household value at being more then 8-10k, not just the equity, so I may have thought there was more value than the amount was listed at.

OP, would an IVA not work? I can't remember the thresholds required to qualify....

[Deleted User]

marliepanda wrote: »

If they only have 8-10k equity, (as indicated by OP's second post) and a lot of debt together, she's not screwed him out of much, as he says he's getting the 4k when it is released.

Actually she is screwing him over, in the sense she is living in the matrimonial home, while he is paying £315pm, to rent somewhere to live.

Leaving that aside, for the moment, are they each paying half of the payments, to ALL the debts, or is the OP paying toward his wife's debts, while also paying his own debts, by himself?

marliepanda wrote: »

What he should do is only take responsibility for his debts (and joint debts, which is unavoidable)

Agreed.

If his wife has taken out debts, which he didn't know about (and presumably hasn't benefited from) then, legally and morally, they aren't his responsibility.

Also, does he actually know the debts exist, and how much the monthly payments are, or is he merely giving he wife 50%, of what she has told him the payments are?

marliepanda

Bedsit_Bob wrote: »

Actually she is screwing him over, in the sense she is living in the matrimonial home, while he is paying £315pm, to rent somewhere to live.

I don't see any mortgage payments in his SOA, so I assume she is paying that?

So still not being screwed over if they are both paying their respective housing costs.