Help needed

d1anac

Hello is there anybody who can advise me, My husband has debts of 45k which he is paying back very very slowly on a debt management plan with payplan, he is working, but can only afford a miminal amount to payback each month, which some of the creditors are not excepting, and we keep getting hassled etc etc. the house is in our joint names and the mortgage has been paid with no problems as we both pay it, all the debts are credit card debts and in my husbands name only, he is now wondering whether to go bankrupt, but i'm wondering what will happen to our home as i couldnt afford to repay the mortgage on my own, i think we could be in negative equity but not by an awful lot maybe a few thousand, and there's no way i could on my own get another mortgage on just my earnings. so any ideas on what is likely to happen if my husband does go bankrupt? any comments would be gratefully received.

banksshouldworry

Hi d!anac,

Get advice from free charities such as CCCS, CAB or National Debtline - they will give you details for your specific situation.

Even though your home may be in negative equity, the official receiver (OR) could still force the sale if your husband and family can rent significanltly more cheaply elsewhere. It's a grey area and up to the OR.

banksshouldworry

10past6

d1anac wrote: »

My husband has debts of 45k which he is paying back very very slowly on a debt management plan with payplan, he is working, but can only afford a miminal amount to payback each month, which some of the creditors are not excepting

We're also on a DMP with Payplan and have more debt than your husband, the creditors / DCA's have no choice BUT to accept what you offer, I would give very serious consideraton to going BR.

d1anac wrote: »

and we keep getting hassled etc etc

What hassle are you receiving?

dalip

Welcome in my sig you will find a few phone numbers ring them for advice. If they then reccomend bc come back to us. You must take free impartial advice first. D

maxmycardagain

d1anac wrote: »

i'm wondering what will happen to our home as i couldnt afford to repay the mortgage on my own,

you wont have to, not if hes working, he wont have to pack in work just cos he (or both of you) go BR

i think we could be in negative equity but not by an awful lot maybe a few thousand, and there's no way i could on my own get another mortgage on just my earnings.

if the house is in neg equity you ,may well not lose it

so any ideas on what is likely to happen if my husband does go bankrupt? any comments would be gratefully received.

i think your maybe in a panic, speak to CCCS and/or the CAB soon.

:A

Summer1969

Hi there D1anac. :hello: Wanted to say welcome. Please ring the CCCS or NDL firstly, your head is all over the place right now and we all know what that is like. After you have rung them, you will feel better because you will at least have an idea of what direction to take and please keep posting, so many helpful people on here! xxx

peachyprice

Hi d1anac,
Just because your OH goes BR it doesn't mean he has to stop paying the mortgage, as it's secured borrowing it won't be included in his BR and as long as you can afford it you can carry on as normal.

The fact that you are in negative equity is good news, you'll be given the opportunity for you to buy the beneficial interest (put simply your OH's share of the house) for £1 + £211 costs, this will protect you from the OR being able to sell the house, but makes no difference to the mortgage being in both your names.

Hope this puts your mind at rest a little

d1anac

thank you to everyone that has replied, we did at first go to the CAB and they put us onto payplan, and they couldnt answer my question about the house, and payplan told us we could do the debt management plan, at £150 per month dividing it between the creditors, some have accepted it, but the majority havent, even though they are taking the payments from payplan, nationwide have us on automatic redial so the phone goes at least 8 times a day, then when you answer it its a automated machine telling you to go through a series a button pushes....blimming annoying.. and the other creditors still ring asking us to pay more, we have lots of default notices etc... my husband is getting so fed up, and he works away from home, what with petrol going up... he has to do a 500 mile round trip every week, and i'm left dealing with the creditors, so he is seriously thinking of going bankrupt, i just dont want to face the prospect of losing the house, we will never be able to get back on the property ladder, and i love my home, even though it needs lots of work. and im getting to old to start all over again, i got my first granchild due in jan, and i want roots.
peachyprice thank you, your the first person that has told us that maybe their is hope of keeping the house.

maxmycardagain

STOP!

calm down!

list your incomes and outgoings

include any benefits and all secured/unsecured debts

post your house value and mortgage balance and any mortgage redemption fees if your on a low rate/fixed rate mortgage

car - value? HP? loan or cash? value it via parkers

its true value will be a bit less though

and calm down dear, its a commercial.....

d1anac

Okay .....okay..deep breath...

what post em on here? ok

Incomings
me £ 219 per week wages
me £140 per month csa & child benefit

hubby anything between £1400 to £1600 per month

d1anac

House was valued last year on a remortgage at £160,000 were still got 4 years left at a fixed rate @5.79% we have to pay big redemption fee to get out early, i think the house is worth about £155,000 at current climate