Would appreciate some help & possibly a little support too please

National_Debtline

Hi Nuttymut,

It can be difficult to deal with large debts, especially when they have originated from different sources (such as businesses or credit cards). It can also be tricky if they are at different stages of enforcement (such as negotiations and charging orders), so try not to be too hard on yourself about the situation. There is a lot going on in your situation and you may benefit from speaking to an organisation for more detailed, free and impartial advice, but there are a few key things that I think I can help with.

One of the issues that you have queried is what to do about the Firm 2. You have stated that you are hoping to vary the debt, either the repayment plan or the total debt owed, pending the sale of your joint property. I am sorry to say that it is very unlikely that you will be able to amend the balance that is owed because the restriction (on the property) will enable them to reclaim 100% of the money owed through the sale (a bit like a mortgage). However, you may be able to make a different repayment plan until the house is sold. You should consider whether this is worth doing, it may depend on what stage of a sale you are at.

In regards to Firm 1 and the credit cards these are all personal credit debts (with no security) where you may be able to negotiate monthly instalments or full and final offers (depending on the level of equity in the house). You should be aware that if the house is in joint names, with your ex-partner, then you will each have a 50% share of the equity to begin with. Restrictions can make the division of the equity more complicated and you may need some legal advice about this. I also understand that you may feel obligated to pay the credit cards, but it is important to state, that if you are not the first card holder named on a credit card, then you are not the legally liable party.

All debts are relevant. You mentioned that you have some debts that are of no consequence but it is important when seeking advice that you disclose all debts, whether they are causing concern or not, as they can affect your overall options. If you would like more information about full and final then you can follow this link to our factsheet - https://www.nationaldebtline.org/EW/factsheets/Pages/24%20EW%20Full%20and%20final%20settlement%20offers/Default.aspx


Laura
@ natdebtline