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protect home
Mason_Currey
Posts: 2 Newbie
Suddenly been hit with a large debt, which im very worried about.
If I need to go down bankruptcy route or IVA route:
1) We are currently half way into another house move (downsizing).
In order to protect our home/equity/money in the house, should we:
• Pull out of the sale and purchase and stay where we are?
• Sell only and hold the money/gift the money away to protect this pot of money/equity somehow?
• Continue as normal
2) Any other legal methods/strategies we can take now to protect the home, equity in the home in the worst case scenario
The above questions are quite urgent as the sale/purchase should complete in the next few weeks.
Notes:
Our residency is in my wifes name soley. It has been for the last 3 house moves (there is no mortgage, but there was a small mortgage joint names prior 2013)
I can’t get another mortgage to raise any money as my income is too low to get one.
If I need to go down bankruptcy route or IVA route:
1) We are currently half way into another house move (downsizing).
In order to protect our home/equity/money in the house, should we:
• Pull out of the sale and purchase and stay where we are?
• Sell only and hold the money/gift the money away to protect this pot of money/equity somehow?
• Continue as normal
2) Any other legal methods/strategies we can take now to protect the home, equity in the home in the worst case scenario
The above questions are quite urgent as the sale/purchase should complete in the next few weeks.
Notes:
Our residency is in my wifes name soley. It has been for the last 3 house moves (there is no mortgage, but there was a small mortgage joint names prior 2013)
I can’t get another mortgage to raise any money as my income is too low to get one.
0
Comments
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How much equity is in your home?I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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Who is at risk of bankruptcy.....you, your wife or both ?0
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Hi the house value is 320,000 so that's the equity. Bankruptcy would be mine not my wife's0
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Hi,
How old are you both?
DDDebt Doctor, Debt caseworker, Citizens' Advice Bureau .
Impartial debt advice services: Citizens Advice Bureau Find your local CAB *** National Debtline - Tel: 0808 808 4000*** BSC No. 100 ***0 -
Can you negotiate over this debt? Agree a repayment plan?
Would the creditor force you into bankruptcy? You may be able to to explain that bankruptcy would get them nothing if you have low income and the Official Receiver accepted that you have no equity in the property.
If this is one single debt and the only debt you have, it may be that your wife could take a mortgage to offer a full and final payment to be rid of the debt.
If you have no other debt, I don;t see a benefit in you making yourself bankrupt.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
Our residency is in my wifes name soley. It has been for the last 3 house moves (there is no mortgage, but there was a small mortgage joint names prior 2013)
Certainly if I were the OR receiver I would be all over this case on the basis of the information here and any additional steps to try and put assets out of reach is fraught with danger. The OP needs to be very careful here, perhaps taking professional legal advice.0 -
Most legal method and my own advice,
Do not sale.
Apply for bankruptcy only if you can't get a payment plan, if you are on a low income I can't see this being a issue.0
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