40K Shortfall

SeniorUnit1

Hi everyone.

I have a shortfall of 38k. It is a shared shortfall - the other person has vanished.

I have agreed a payment to pay 5 GBP a month with the debt agency acting on behalf of the lender. I filled in a budget sheet before they settled for the 5 GBP. Now after six months I need to fill in the same budget sheet. Stupidly I didn't make a copy of it.:o

I live in the EU not in the UK. I have a mortgage with my wife (before we got married). The house is in my wife's name only but the mortgage is in both of our names.

I'm going to make a similar offer to the company of 5/10 GBP but I have to fill in the budget sheet.

At the moment they believe I rent - because I told them ( at the time I did). Should I tell them I have a mortgage or continue to tell them I rent? I spoke to national debt help line and they advised to write down "rent" in the budget sheet but I'm scared that if they find out im in big trouble - and that they might take my wife's house.

Is it possible they can take the house in my wife's name if the debt was mine before we married, we met and is in my name? I have no idea if beneficial interest is applicable here. I'm going to find out.

I keep up with my payments they have agreed to.

can anyone please help?

longtermplanner

Yes beneficial interest is relevant here. We really can;t guess from what you have said if you have a beneficial interest in your wife's house.

Even if you did, the chance of the UK lender (a) finding out and (b) going through the procedures to make your bankrupt in an EU country are small.

I would follow National Debtline's sensible advice.

jamesd

They can't take your wife's house if it was in the UK. The most they could do is place an entry in the Land Registry in the UK, if is was in the UK, that would give them a right to money out of the proceeds of the sale. I don't know whether such a facility is provided for in the law of whatever country your wife's property is.

SeniorUnit1

Morning.

thank you for your reply's

"Yes beneficial interest is relevant here. We really can't guess from what you have said if you have a beneficial interest in your wife's house."

I have a joint mortgage with my wife on a house solely in her name. House value 45k.

I pay these guys back and I'm prepared to keep doing so. I'm was nervous about putting down rent or mortgage on the form. The price of renting is the exact same as paying a mortgage so the form will look the same - I guess Ill follow national debt helplines advise.

Surely if I'm paying them back they would be happier to keep receiving money from me rather than make me bankrupt?

again - thanks for the reply s.

longtermplanner

As I said, the chance of the lender making your bankrupt are very small.

However, this isn't because you are "paying back" - the lender is unlikely to regard £10 a month as at all reasonable - it is because it would be too much hassle to try to pursue you abroad for this debt..

SeniorUnit1

ok right I see.

They know where I am. I tried to be honest with them. maybe I could offer more and see if I can do this for the next year rather than 6 months.

is that a good idea do you think?

jamesd

Any increase would be welcomed by them but if your incoming money and outgoing costs of living haven't changed they wouldn't expect that. It's unclear whether the benefits are new but the child and need to care for it is. If your net money is the same, offer them the same. If it's lower, offer them less. A new child is a pretty clear reason why your costs will have gone up.

SeniorUnit1

I want to claim my mother or uncle are helping me. They only accept payment from a UK account - they said they would only accept card transactions or transfers from a UK account.

I want as little problematic time as possible - I can spare a 50 gbp a month and I think that's a decent amount to pay back and hopefully stop them rethinking plans to get more money or to hunt me down. Its also absolute maximum for me.

longtermplanner

Honestly they aren't at all likely to hunt you down.

I didn't say that £10 a month wasn't much to try to get you to pay more. I think you would do better to save up the extra £40 a month as an emergency fund

suziqqq

1 year paternity ! thats how I know you don't live in the UK

SeniorUnit1

suziqqq wrote: »

1 year paternity ! thats how I know you don't live in the UK

And I wrote it above.