Just one thing...

threeofus · 18 September 2017 at 4:49PM

yes he was discharged after a year, but was really difficult about the order, the trustee had to chase him, the altered his earnings, he changed the date - he ended up having to go to court, changing the court date three times - incurring huge legal costs so in the end the cost of the bankruptcy will be double the amount he owes. he really didn't help himself at all, its sad really but he did bury his head in the sand and thought he was invincible! He even said that the law didn't apply and he had ways to get around things - he didn't obviously!

silvercar · 18 September 2017 at 5:21PM

Are you living together?

If so then the OR will look at his share of the rent, rather than expect him to pay for all the increase in rent (over what the mortgage was).

You say that you are clearing arrears on the mortgage etc, if you are going to have to sell up, then you won't see the benefit of all the payments you are making. When you repay some of the mortgage, you increase the equity. On sale the OR will take your partner's share of the equity; so some of your repayment will go to the OR.

FlowerGirl27 · 18 September 2017 at 5:33PM

Right.
I'm sorry you're in the position you're in.

threeofus · 18 September 2017 at 8:24PM

I'm clearing the arrears so I have a change to remortgage....I've got to try that for the sake of £780 haven't I xx

We are apart at the moment, but I'm not sure what the future holds..but now I feel betrayed.have to see what happens I guess...my income is included then? That's a worry too so it seems that whatever I do he has ruined me financially, doesn't seem right

TakeAwayKing_2 · 18 September 2017 at 9:03PM

If you can take some advice from someone who has seen the process first hand, get the house on the market now. Show the trustee that you aren't going to be obstructive and keep a little control over any viewings and then the sale. The last thing you want is for the trustee to get to the point that they just want a quick sale and to be done with the case as they will accept a much lower price than you would want them to which will affect any equity lump to you.

threeofus · 18 September 2017 at 9:26PM

I appreciate that, but if I don't try and raise the money I will never own a property again, I will be stuck in rented accommodation with no security and nothing for the children's future. Wasting everything I've worked for paying someone else's mortgage.... I won't obstruct the trustee and have been emailing the solicitor with updates. I'm being proactive and doing what I can, I have to try in the first instance and if I can't then I will have to look at my options then - a quick sale isn't an option either as I will need to get as much as possible so I'm aware I will have to be honest and work with them. As much as it pains me, and however wrong it seems.

threeofus · 18 September 2017 at 9:41PM

Having people 'view' my home would be too painful &#55357;&#56866;

silvercar · 18 September 2017 at 10:11PM

brightonbelle wrote: »

I'm clearing the arrears so I have a change to remortgage....I've got to try that for the sake of £780 haven't I xx

We are apart at the moment, but I'm not sure what the future holds..but now I feel betrayed.have to see what happens I guess...my income is included then? That's a worry too so it seems that whatever I do he has ruined me financially, doesn't seem right

You are definitely the one caught in the middle.

If you do repay the mortgage arrears you stand a chance of remortgaging. If you don't then you could be saving as much as you can in preparation for a move. Bottom line is that if you are forced to sell any payments you have made will be split 50/50 (or whatever split is agreed) with the OR. So if your arrears and mortgage repayments adds up to £10k, the OR could end up with £5k of it. Start squirreling away now and all the £10k is yours.

We are apart at the moment, but I'm not sure what the future holds..but now I feel betrayed.have to see what happens I guess...my income is included then? That's a worry too so it seems that whatever I do he has ruined me financially, doesn't seem right

His SoA, from which his IPA is calculated is based on his share of the bills for where he is living. If he is living with you then your income also goes towards joint bills. If he lives elsewhere then he has his own living costs that he pays 100% of plus any maintenance due to you for the children.

Given that you will have some equity from the home, if it sold, that may be enough for you to buy a home of your own in due course.

It may be worth seeing a mortgage broker to see if you can get a mortgage in your name but based on both your incomes.

threeofus · 19 September 2017 at 2:15AM

It's that 2am anxiety wake up....just mulling things over. The plan stays in the hope that I can remortgage - it will still be cheaper than renting. If I do the latter any money I did get from the sale would be lost in a few years, I couldn't buy anywhere else around here, indeed within a five mile radius. I'd have nothing, it seems even if we get back together I'd be bailing him out as I'd be paying the rent from my money so he could pay the trustee how is that even lawful, he lied to my face again tonight, so I doubt that's going to happen!

silvercar · 19 September 2017 at 9:18AM

I'd have nothing, it seems even if we get back together I'd be bailing him out as I'd be paying the rent from my money so he could pay the trustee how is that even lawful,

That is standard and reasonable. If two people are sharing a home and both earning, then it is a reasonable assumption that both should contribute to the rent/ mortgage.

The level of his IPA takes into account the amount he needs to pay for living expenses.

You or he need to calculate which would be more sensible financially. Him having an IPA based on living alone and paying maintenance or him living with you, paying his share of the family living costs and an IPA based on that.

Given that your primary concern is keeping your home, I would see a mortgage broker and find out the max mortgage you could get based on (a) your income alone but including maintenance and (b) a joint income, mortgage in your name with his income taken into consideration. That will tell you what remortgaging would get you. Then you also ask your current lender what they will consider under both scenarios.
If one of those options gives you enough of a mortgage to pay off the OR and buy back the BI then you are secure.

Just one thing...

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