told remortgage not an option

middleclassbutpoor

How you going to pay your tax bill when that is due?

Do you understand what the consequences will be? Will that strengthen your marriage? I really hope you get yourself sorted but if you can't remortgage and then can't pay the HMRC bill , you could be in a similar position of having a ruined credit record which will then limit your options re mortgages for years to come.

You have the ability to;
- frame this as a fresh start - get all the financial woes and strains out of your life for good
- give you the ability to focus on getting your addiction sorted
- give you a chance to focus on rebuilding the trust in your marriage.

Only you know your circumstances so I get that this may not seem feasible but don't stick your head in the ground. Your desire to sort your life out whilst balancing everything is akin to those people who have lots of pates spinning on sticks. You may be able to keep them going but it will be hard work and more pressure is added to a situation that you may really not need to be in.

I wish you luck with whatever you do to resolve this and hope you find a way to get what you want.

carlrac

My wife is/was on board as regards remortgaging asnothing in her world would change,just the cost of the mortgage which would be well within affordability with the new job.
As regards the HMRC I don't know now other than selling the house to clear everything but really don't think she is on board with that idea.
My head is mush at the moment,I need to clear it somehow then think about the best course of action.Thanks once again for everyones thoughts.

carlrac

My wife is/was on board as regards remortgaging asnothing in her world would change,just the cost of the mortgage which would be well within affordability with the new job.
As regards the HMRC I don't know now other than selling the house to clear everything but really don't think she is on board with that idea.
My head is mush at the moment,I need to clear it somehow then think about the best course of action.Thanks once again for everyones thoughts.

whambar

Can you not transfer the house equity solely into your wifes name and your wife apply as a sole applicant for a mortage - borrow additional funds upto mortage limit for your wife and at least clear pending tax bill ? Whilst you remove your interest in the property as such there is £60k of debt there that isn’t hers

Thrugelmir

whambar wrote: »

Can you not transfer the house equity solely into your wifes name and your wife apply as a sole applicant for a mortage - borrow additional funds upto mortage limit for your wife and at least clear pending tax bill ? Whilst you remove your interest in the property as such there is £60k of debt there that isn’t hers

Covered by the Insolvency Acts. Creditors can apply to the courts to have the transaction in essence voided. Likewise with any attempt to conceal assets. With the OP wife's not fully on board. Exposing her to further personal reputational loss doesn't seem advisable.

Imma_Number

Is it possible to pay HMRC in installments?

minimike2

Imma_Number wrote: »

Is it possible to pay HMRC in installments?

Yes, they do allow this is some circumstances