New here! Advice please!

lsangel

I have 2 bank debts, one personal account of £4.5K one business acount £30k. They were both joint accounts, but when I split from my ex I got all the money from the sale of the house (50K). We had an unofficial agreement that this was to be used to pay off the debts and rent a house for myself and 2 kids. However, at that time we had debts of around 70k, and the bank debts had kind of 'disappeared', we had not heard from them for a long time and stupidly we thought that perhaps they had written the debts off!! Doh - I know! :-(

So I worked through the other debts and pretty much lived off the money for 2 years, leaving around £7k in a savings account, for security for my kids. I am working, but only part time and claiming tax credit. I have a new partner now (total income around 16.5K).

So then the back debts 'reappeared',now I don't have the money to pay them! I have managed to negotiate paying both debts at £8 per month each, but obviously I am never going to be able to pay them off. I was wondering about declaring myself BR, but am still unsure what happens to the actual debts!? One of the problems is that they have stopped chasing my ex for any of the money because I am paying them something and I tell them I don't know where he is. But if I go BR, surely they will try to find him and get the money from him, then he will come back to me and say that I should have paid it out of the house money, that was the deal, and then I may end up having to pay the debt anyway!!!!!!!!!! AND I'll be BR!!!

Any advice gratefully received!!!!

Quick note - Ex partner is unreasonable, unpredictable and generally unpleasant!

Thank you

tigerfeet2006

Just a quick question: How old are the debts?

lsangel

Hi, thanks for the question. About 3 1/2 - 4 years old.

mightymouse

Hi

The debts are yours and your ex jointly and severally so yes you might resolve your situation by declaring bankruptsy but leaving your ex still liable.

I presume your current partner shares your rented accomodation and whilst the debt is nothing to do with him there are some minor impllications.

I note your ex will not be pleased but there is nothing really that can be done by him except to negotiate for himself.

If you do not intend to buy property or Invest in the near future then you do not actually have to do anything and the lender may or may not apply to make you and your Ex both bankrupt in due course.

tigerfeet2006

lsangel wrote: »

Hi, thanks for the question. About 3 1/2 - 4 years old.

Thanks for that was just seeing if it was statute barred but it ain't so we can't do that root, oh! well it was worth asking.

lsangel

Hi thanks for replies! That's the problem, was hoping at some point to move back into the housing market! There may be nothing ex can do legally, but he can be a nasty piece of work! :-(

To be honest I hadn't considered that they might try to make us bankrupt later!!! Both debts are now with agencies who have bought them, does that make any difference!?? Are they more or less likely to go for BR than the bank!!??

Small note - I have not got a clue what 'statute barred' is! Illumination gratefully received!

wherediditallgo

Hi, if a debt is "statute barred", it is a debt that has become non-recoverable because at least 6 years have passed since it was acknowledged by the debtor, either in writing, verbally or by the making of payments. Once a payment has been made or the debtor has in some way acknowledged owing the money, the 6-year clock starts over again.