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  • Hi,
    I recently learned that my former partner had breached a Court Order, instructing the removal of my name from mortgage and deeds. In the meantime, arrears have accrued on the mortgage account, and I have been informed by the lender that repossession order was obtained on Nov, 2017.
    The property has been abandoned and it would appear from neighbours that the property is derelict and no maintenance has been done. I expect that there will be negative equity on the property as a result of this wilful neglect.
    The problem I have, is if I move back into the property and resume the mortgage payments and come to an arrangement - the mortgage is on a mortgage interest only basis - leaving me effectively nine years in which to stump up the remainder - if I decide to remortgage or sell at a later point - does this mean that I will need the former partner to consent in order to do this? I am also a full-time student at uni, so will the lender consider me viable?
    The alternative is that I await the repossession, already knowing that I anticipate a considerable debt and the liklihood that the provider will look at me as the soft target as I have a child to consider and cannot disappear!

    Would value your advice.

    Alison
  • Hi Ron

    Thank you for your post and welcome to the forum.

    I’m very sorry to hear your wife has passed away. I can certainly appreciate that keeping on top of debt repayments is harder now you’re only receiving one pension.

    As you live in Brittany we can’t offer any advice. This is because we’re a UK debt advice charity and we don’t know enough about laws and regulations in other countries to provide appropriate advice.

    For advice managing your debts I’d recommend you speak to a debt advice agency in France. You can also find more general advice about loans on the MSE website, here’s the link.

    All the best,

    Linsi
    Ron_Shiel wrote: »
    Hi there
    I am 73 living in Brittany
    I own my house outright for 11 years. Currently for sale with 4 estate agents fot 90,000 Euros (Which is what I pasid for it in 2006.
    3 years ago we ordered double glazing then my wife died following a fall. So only one pension coming in and funeral and credit card bills to pay. I had loan from bank and have used credit card to pay 2 years later for car repairs. I want to borrow 12, 000 to clear all debts to be repaid with interest from proceeds of house sale. This will save me 400 Euros a month in debt repayments. Can you help me please
    Regards Ron Shiel
    [EMAIL="ron.shiel@orange.fr"]ron.shiel@orange.fr[/EMAIL]
  • Hello,

    Thanks for posting and welcome to the forum.

    I’m sorry to hear you’re struggling to pay more than the interest on your credit card.

    Not been able to borrow more is probably a blessing in disguise. We often find that taking out additional credit leads to higher repayments, more interest and usually more debt then you had to begin with.

    To find the best way to manage your debts I’d recommend you speak to Business Debtline. They provide tailored advice and recommend solutions to help the self-employed managed their personal debts. As they’re a charity the advice they provide is also free and impartial. Here’s the link.

    All the best,

    Linsi

    Megcake wrote: »
    Hello,

    Please can you help me.

    I have a personal loan with £10000 left to pay, I pay it by direct debit each month and have never missed a payment, The rate is 7%apr. I also have a credit card with £8900 on it and an apr of 29.9% and have only been paying the interest lately as that's all I can afford. I am self employed and so is my husband, altogether we make £33000 before tax. We have two children.

    I have tried the loan and credit card eligibility calculators and it says we wouldn't be accepted for any. I was thinking of adding the credit card amount onto my loan but that's not possible according to the bank. What else can I do so I'm actually paying off the credit card and not the interest please? Also, we are meant to be paying hmrc back for overpayments of tax credits years ago, which we do monthly and we can hardly manage to afford to do that, is there anything we can do? We are basically paying back every sort of benefit entitlement we have ever received 😫 any help would be appreciated! Many thanks.
  • Hi Alison

    Thanks for your post and welcome to the forum.

    I think it would be best to seek legal advice about this property. If a court order was made to remove your name from the mortgage and deeds you may not have the right to move back into the property, even if your former partner didn’t update the mortgage provider.

    If you don’t have a legal interest in property then you also shouldn’t be liable for any shortfall incurred after the sale.

    If you are able to move back into the property and want to remortgage, a lender will take your financial situation into consideration. They’ll also want to make sure you’ll be able to afford the monthly repayments. I can’t say if a lender will consider you viable as it will depend on your situation and their criteria.

    You can use the Law Centres Network to find legal advice in your area. Here’s the link.

    I hope this helps.

    Linsi
    alison08jb wrote: »
    Hi,
    I recently learned that my former partner had breached a Court Order, instructing the removal of my name from mortgage and deeds. In the meantime, arrears have accrued on the mortgage account, and I have been informed by the lender that repossession order was obtained on Nov, 2017.
    The property has been abandoned and it would appear from neighbours that the property is derelict and no maintenance has been done. I expect that there will be negative equity on the property as a result of this wilful neglect.
    The problem I have, is if I move back into the property and resume the mortgage payments and come to an arrangement - the mortgage is on a mortgage interest only basis - leaving me effectively nine years in which to stump up the remainder - if I decide to remortgage or sell at a later point - does this mean that I will need the former partner to consent in order to do this? I am also a full-time student at uni, so will the lender consider me viable?
    The alternative is that I await the repossession, already knowing that I anticipate a considerable debt and the liklihood that the provider will look at me as the soft target as I have a child to consider and cannot disappear!

    Would value your advice.

    Alison
  • Hi, my husband has an agreement with SC with his 12m review due shortly. If I were to also enter an agreement would they be linked? Thanks
  • Me and my husband have an IVA. I am a SAHM while he goes out to work. I would like to go back to work as even with the IVA we are struggling financially. Our house is falling apart, my kids are missing out on family days out because we can’t afford them, there are activities my kids want to do that they can’t without funds and my mental health is suffering. But I’m also in 2 minds about leaving my kids.
    If I was to get a job would all of my wages be paid into the IVA or would we get a bit extra for us each month?
    I don’t want to miss out on time with my kids if we aren’t going to be any better off for it.

    Thank you in advance for your reply
  • StepChange_Allen
    StepChange_Allen Posts: 352
    First Anniversary First Post
    Organisation Representative
    Doodles975 wrote: »
    Hi, my husband has an agreement with SC with his 12m review due shortly. If I were to also enter an agreement would they be linked? Thanks


    Hi there

    Welcome to the forum and thanks for posting.

    It may be possible to add you onto your husband's debt management plan (DMP), it depends on the overall situation really. If he calls up and asks the advisor whether you can be added on, they can explain how it'd all work.

    If it's not possible or feasible, we can help you separately. You'd have the choice of calling our Helpline or completing our online Debt Remedy tool; all details of how to get started can be found on our website: www.stepchange.org/Contactus

    I hope this helps.

    Allen
    I work as a debt advisor for StepChange Debt Charity and have specific permission from Martin to post on these boards to try and help those in debt. Read more information on StepChange Debt Charity in the Debt Problems: What to do and where to get help article. If you find you're struggling with debt and you need further help try our online advice facility Debt Remedy.

    Don't be afraid of getting debt advice. We'll help you take one more step towards getting help with your debt.
  • StepChange_Allen
    StepChange_Allen Posts: 352
    First Anniversary First Post
    Organisation Representative
    MrsLCT wrote: »
    Me and my husband have an IVA. I am a SAHM while he goes out to work. I would like to go back to work as even with the IVA we are struggling financially. Our house is falling apart, my kids are missing out on family days out because we can’t afford them, there are activities my kids want to do that they can’t without funds and my mental health is suffering. But I’m also in 2 minds about leaving my kids.
    If I was to get a job would all of my wages be paid into the IVA or would we get a bit extra for us each month?
    I don’t want to miss out on time with my kids if we aren’t going to be any better off for it.

    Thank you in advance for your reply


    Hi there

    Welcome to the forum and thanks for posting.

    I'm sorry to hear that you're having a tough time and that your mental health is being affected.

    Because an IVA is legally binding we can't offer any advice on what you might want to do at this stage, so I'd encourage you to speak with your Insolvency Practitioner, or to check your IVA agreement. Either should tell you how any extra income would be treated in the IVA and help you to make a decision of whether to look for work or not.

    I hope things start to improve for you soon, one way or another.

    Best wishes

    Allen
    I work as a debt advisor for StepChange Debt Charity and have specific permission from Martin to post on these boards to try and help those in debt. Read more information on StepChange Debt Charity in the Debt Problems: What to do and where to get help article. If you find you're struggling with debt and you need further help try our online advice facility Debt Remedy.

    Don't be afraid of getting debt advice. We'll help you take one more step towards getting help with your debt.
  • hi, i've seen a recent post online about clearing debt and wanted to know if its true. It claimed you can clear debt passed on to debt collectors by disputing it as 'no contract' as the original company have now passed on the debt they cancelled their original contract with me, lots of people have responded saying they've tried it and it works but they're all american ! so not sure if its possible in the UK.
  • sourcrates
    sourcrates Posts: 28,723
    First Anniversary Name Dropper First Post Photogenic
    Ambassador
    Jspencer wrote: »
    hi, i've seen a recent post online about clearing debt and wanted to know if its true. It claimed you can clear debt passed on to debt collectors by disputing it as 'no contract' as the original company have now passed on the debt they cancelled their original contract with me, lots of people have responded saying they've tried it and it works but they're all american ! so not sure if its possible in the UK.

    Sorry to burst your bubble, it’s Utter rubbish.

    The sale of debts in the UK is perfectly legal, and all rights and privilege pass to the new owner.

    They must however, be able to prove your liability when asked, if they can’t, then the debt becomes unenforceable in court, until such time as they can comply.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
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