Need advice

debakepodebakepo Forumite
1 Post
MoneySaving Newbie
Finally admitting I can no longer service my debts. Feel so worried. Just really looking for peoples thoughts and advice. I currently owe £45k (nothing to show for it but bad money management, living costs, easy access to credit and some stupid gambling debts) I am fully up to date with all payments apart from one. I am a single Mum who works part time and is in receipt of HB and tax credits. My huge worry is I am still on the mortgage with my ex boyfriend (father of my child) We bought a property together in December 2007, by July 2008 I had left. I never once put any money into the house and can prove this. I have not paid a penny since into the house. In 2010 I signed an Affidavit to confirm I have no financial interest in the property at all. I am now looking at trying to do an IVA or go bankrupt but am worried that they may see the house as an asset. My ex is now married and lives there with his new children. Just don't know what to do..I have about £160 a month I can pay into an IVA which I would rather do but don't know if the creditors will accept that? Anybody have this amount of debt and been accepted for an iva with such little to pay?

Replies

  • luvchocolateluvchocolate Forumite
    2.6K Posts
    Ninth Anniversary 1,000 Posts Name Dropper Home Insurance Hacker!
    ✭✭✭✭
    I had a property in my sole name. 
    My ex partner lived there I never did. We had a declaration of trust giving him beneficial interest and he had to mortgage etc. 
    A trustee was appointed in my BR and they took him to court..the Declaration of trust won and my trustee could not claim anything. 

    So unfortunately for me 8 years later I still have a mortgage. This will be with me for another 12 year..interest only. I will be 80!
    I would have preferred it dealt with at the time of BR. 
    Please be careful 
  • Ronii10Ronii10 Forumite
    6 Posts
    First Post
    MoneySaving Newbie
    Can anyone pls help/suggest:
    My husband was declared bankrupt in 2010 due to a single unsettled debt. Following, a trustee was appointed. In 2011 my husband was discharged from the bankruptcy. We both had jointly owned properties. The trustee has taken possession of all the properties and recovered the funds. We have lost everything (my share too) we had worked for during our lives, our livelihood and home. There were large amounts of equity in the properties. We do not know how the funds have spent. 
    The business was a Limited Company however, we personally have been made to cover all the costs and expenses of the bankruptcy? We are now renting. The trustee sold our home after seven years into the bankruptcy when a trustee only has three years to sell the family home?
    We are 68 and 63 years of age. We have been suffering for all these past years. 
  • luvchocolateluvchocolate Forumite
    2.6K Posts
    Ninth Anniversary 1,000 Posts Name Dropper Home Insurance Hacker!
    ✭✭✭✭
    Please start your own thread. 
    It's confusing answering multiple posters. 
  • Ronii10Ronii10 Forumite
    6 Posts
    First Post
    MoneySaving Newbie
    Sorry it was an error
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